Garrett Watson
@GS_WatsonFederal Tax Policy @TaxFoundation. @StLawrenceU Alum. Arkansan. North Country NY Native. Aspiring aviation nerd. Married to @VictoriaBell. All views my own.
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NEW: Trump expected to pick Scott Bessent as treasury secretary, sources tell me & @jdawsey1 Story coming soon
News: GOP senators privately discussing their interest in viewing Tulsi Gabbard’s FBI file for previously unknown info like possible foreign contacts, citing her open hostility toward intel apparatus coupled w/embrace of Russian narratives on Ukraine/Syria punchbowl.news/article/senate…
I was excited to join @NTU's panel discussion on the Hill yesterday on prospects for tax policy changes in 2025 with @EPICforAmerica's Brittany Madni and @RepRonEstes
There is a myth going around GOP circles that expiring spending increases don’t cost anything to extend and so expiring tax cuts should be treated the same. This is not how the scoring rules work. It’s much more complicated. Just look at ARPA: the spending in that bill was…
Switching to a current policy, baseline would be a massive budget gimmick, given how TCJA was originally enacted. crfb.org/press-releases…
There are pro-growth policies on the table next year. Congress should prioritize those and not miss an opportunity for pairing fiscal responsibility with pro-growth reforms.
People would be surprised if they wake up in 2026 with a tax hike because Congress doesn't extend the Tax Cuts and Jobs Act. Most folks are likely to think in current policy terms, so this message can be effective like when there was bipartisan support for this approach in 2012.
Great reporting from @RichardRubinDC on how not all tax cuts are equal. Here's a @TaxFoundation chart to illustrate the point. You'll notice the bulk of the tax cuts up for expiration next year don't have a particularly impressive bang-for-the-buck. wsj.com/economy/why-so…
For all the talk about this & that & whatever with Trump, this is the real game/set/match for executive power: a SCOTUS ruling that the Impoundment Act is unconstitutional and that POTUS can refuse to spend appropriations. 1/
In a new WSJ oped, @elonmusk & @VivekGRamaswamy say they believe SCOTUS could open the door to unilateral spending cuts, without Congress, based on what they say is the unconstitutionality of the 1974 budget law Could be an absolutely massive, pivotal fight
In a new WSJ oped, @elonmusk & @VivekGRamaswamy say they believe SCOTUS could open the door to unilateral spending cuts, without Congress, based on what they say is the unconstitutionality of the 1974 budget law Could be an absolutely massive, pivotal fight
A 20% universal tariff would increase taxes on US households by $2,045 on average.
AEI's Yuval Levin on Trump's recess-appointment scheme for slew of Cabinet officers: "The whole idea is a constitutional abomination.... The very idea that the speaker of the House would collude with the president to undermine the Senate’s constitutional role and effectively make…
So, a few words about this new Russian nuclear doctrine, but here's the short version: It's not a doctrine, it's a ploy. /1
Fiscal pressures may push lawmakers toward tax reform that promotes economic growth and stability, or they could lead to harmful budget gimmicks. It’s crucial to prioritize sound reform over the latter. Read more: hubs.ly/Q02YBtCQ0 @EconoWill @ericadyork @GS_Watson
Sen. Crapo, incoming Finance chair, "not working" on that proposal. Sen. Johnson: “you gotta show me the numbers" Rep. LaHood: “I’d have to see the evidence on how tariffs pay for the tax cuts" Sen. Tillis: “unsustainable at scale" Full story: semafor.com/article/11/19/…
This piece inaccurately frames a destination-based cash flow tax as a tariff. "A border-adjusted tax falls equally on domestic and imported goods, in order to tax the amount of income people spend on consumption." - taxfoundation.org/blog/destinati… semafor.com/article/11/19/…
True.
New from me: All tax cuts are not created equal. When Republicans claim that tax cuts spur faster economic growth, it depends -- a lot -- on which tax cuts they're talking about. wsj.com/economy/why-so…
BREAKING NEWS -- TRUMP is expected to name HOWARD LUTNICK to be his Commerce secretary.
NEW -- INSIDE THE HOUSE GOP CONFERENCE -- STEVE SCALISE, the House majority leader, is talking reconciliation in the closed party meeting. Here are the pillars he laid out for reconciliation: - Taxes: lock in Trump's 2017 cuts - Energy: "unleash American energy to drive down…
Deitz Nuutzen (1687-1723) had quite the career.
How the hell did this 1721 painting by Deitz Nuützen predict the Trump-Elon-RFK McDonald's in-flight dinner???
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