Is the OBBBA a Step Back for Tax Simplicity?

In this episode of The Deduction, host Kyle Hulehan discusses the complexities of the US tax system with Alex Muresianu, Senior Policy Analyst at the Tax Foundation. They delve into the staggering 7.1 billion hours Americans spend on tax compliance every year, and explore the impact of the One Big Beautiful Bill Act on simplifying and complicating the tax code. Key topics include the permanence of the Tax Cuts and Jobs Act provisions, the introduction of new deductions, and the challenges and missed opportunities for structural tax reform. They also discuss the significant costs associated with tax compliance and suggest potential reforms for the future. Join us for an insightful conversation on the intricacies of the US tax system and the path ahead. 

Links:

https://taxfoundation.org/research/all/federal/obbba-income-tax-complexity-tax-breaks/

https://taxfoundation.org/research/all/federal/one-big-beautiful-bill-act-tax-changes/