April 17 is tax day – that morose time of year when procrastinators and libertarians alike must swallow their grudge against the government and write it a big check. Just two days later, however, taxpayers can take consolation in another holiday: Tax Freedom Day® – the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Based on the calculations of the nonprofit tax watchdog The Tax Foundation, this year’s Tax Freedom Day (April 19) falls three days earlier than last year. But before you get ready to celebrate, keep in mind that the government is spending more in 2018 than ever before. If we continue on our current path, Tax Freedom Day will come later and later in the year. Joe Bishop-Henchman, Executive Vice President of The Tax Foundation, joins the show to get both practical and philosophical about the tax system. Tax policy combines all of the essential questions about fairness versus freedom, along with technical economic questions of tax incidence (who pays?) and deadweight loss (how much value gets lost in the shuffle?). Bob and Joe will discuss what changed because of the recent Tax Cuts and the Jobs Act, and do a round-up of state-based reforms. Tune in to hear the silver lining on the cloud that is tax day.
- The Tax Foundation - TaxFoundation.org
- @JBHenchman on Twitter
- 2018 Tax Reform Calendar helps you determine how the TCJA will affect you
- Full Details and Analysis: Tax Cuts and Jobs Act - Tax Foundation - Dec. 2017