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Redistribution in Reverse: The Macroeconomics of the OBBB
This policy brief evaluates key provisions of the House’s May 2025 version of the One Big Beautiful Bill (OBBB) Act. The bill would extend and expand provisions of the 2017 Tax Cuts and Jobs Act that mainly benefit the wealthy while cutting social programs and tax credits for green investment …
Assessing the Economic Effects of Extending and Increasing the QBI Deduction
The 2017 Tax Cuts and Jobs Act (TCJA) introduced a tax deduction of 20% of qualified business income (QBI) for pass-through businesses. This provision is set to expire at the end of 2025, but Republican lawmakers have proposed both extending it and increasing the deduction to 23%. This brief describes …
Preliminary Estimates of the Macroeconomic Costs of Cutting Federal Funding for Scientific Research
Federal agencies such as NIH and NSF are critical sources of funding for basic and applied scientific research. Recently, many of these agencies have seen their research operations frozen or downsized. This brief describes a new analysis of the macroeconomic costs of cutting federal funding for scientific R&D. The brief …
Assessing the Effects of Keeping Top Individual Income Tax Rates Low
The TCJA cut income taxes on top earners from 39.6% to 37%, among other changes. This brief assesses the macroeconomic impact of making the TCJA tax cut on top earners permanent compared to letting it expire and compared to raising it. IMPA’s assessment shows that permanent extension of the TCJA …
Technical Note on the Economics of Taxing Capital Gains
This technical note describes how, under the current system of capital gains taxation, capital gain income is taxed at lower rates than labor income—and only upon realization of the gains and with a step-up in basis at death. This system distorts the economy and contributes to inequality. Lower tax rates …
Taxing Excessive Profits: Designing a Pro-Competition Corporate Tax System
This brief, authored by Ira Regmi and Niko Lusiani, lays the groundwork for a pro-competition corporate income tax system, emphasizing the economic rationale for taxing the excess profits of large U.S. businesses. A preliminary draft was shared to kick off the IMPA-RI co-organized expert convening at American University in October …
