tariffs Archive
Is There an End in Sight?
December 21, 2022
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TweetShareSharePin0 Shares Since 2018, the tax world has seen multiple rounds of proposals to change how digital companies are taxed. The most common, the Digital Services Tax (DST), popped up as a European Commission directive and then made its way into the national laws of multiple countries across the globe. Ongoing international tax negotiations were
Section 232 Tariffs on Steel & Aluminum: Economic Impact
September 20, 2022
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TweetShareSharePin0 Shares Key Findings The Section 232 tariffs on imports of steel and aluminum raised the cost of production for manufacturers, reducing employment in those industries, raising prices for consumers, and hurting exports. The jobs “saved” in the steel-producing industries from the tariffs came at a high cost to consumers, at roughly $650,000 per job
Digital Services Taxes in Europe, 2022
August 9, 2022
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TweetShareSharePin0 Shares Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some
Push for Higher Taxes is Misguided Amid Inflation, Looming Recession
July 26, 2022
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TweetShareSharePin0 Shares Efforts to raise taxes on corporations and high-income earners recently hit a brick wall when U.S. Senator Joe Manchin (D-WV) once again expressed concerns about inflation and a potential recession. That would seem to be the end of the story, as there is no reason to think inflation will be going away anytime
Tariffs & Trade War Impact on U.S. Agriculture
July 25, 2022
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TweetShareSharePin0 Shares With inflation continuing to skyrocket, especially for food, which reached 10.4 percent in June, it is worth examining how the ongoing U.S. trade war with China and U.S. tariff policy overall has impacted U.S. agriculture and food prices. The economic literature shows that the U.S. import tariffs and subsequent retaliatory tariffs imposed by
OECD Pillar One: Questions Remain | Global Tax Deal
July 25, 2022
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TweetShareSharePin0 Shares The global tax deal that was struck last year continues to move along in slow and uncertain ways. While the global minimum tax gets much attention in the media (and in my own writings, to be honest), there is another significant piece to the deal. The global minimum tax (also known as OECD Pillar
US-China Trade War Hurt American Industries, Workers
May 13, 2022
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TweetShareSharePin0 Shares In light of high inflation and rising prices, the Biden administration announced it’s considering dropping its current tariffs on Chinese imports to ease inflationary pressures. The tariffs have indeed hurt both U.S. industry and workers. Another consequence of the U.S. imposed tariffs is that they invited retaliatory tariffs, primarily from China, on U.S.
Tariffs and the Trade War: Tax Foundation Analysis
April 4, 2022
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TweetShareSharePin0 Shares Key Findings The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.
Biden Tariffs & Trade Agenda Should End Trade War, Promote Free Trade
March 30, 2022
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TweetShareSharePin0 Shares After the failed approach of the Trump administration’s tariffs and trade war along with the current need to reduce inflation and increase productive capacity, we hoped the administration would reevaluate the tariffs. But under the Biden administration’s new trade policy agenda, most U.S. businesses will continue facing tariffs on billions of dollars’ worth
Made in America? US Manufacturing Tax & Industrial Policy
March 17, 2022
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TweetShareSharePin0 Shares Key Findings Policymakers on both the left and right have brought industrial policy back into focus after slow growth over the past few decades and growing concern over the state of America’s manufacturing sector. In the context of the tax code, industrial policy usually comes in the form of non-neutral subsidies for specific
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