Economy, Taxes & Spending

Pro-growth tax policy, restrained federal spending, and reforms that curb waste and protect taxpayers.

Advancing American Freedom on Economy, Taxes & Spending: 182 policy memos, 42 op-eds, 39 press releases, 20 legal filings.

Featured research

• The September 2026 Inflation Spike, Joel Griffith, October 14, 2026. American families are losing ground and inflation is re-accelerating. Since April, year-over-year prices have risen faster than paychecks, and the war-driven energy squeeze only adds to the existing inflation problem.
• Powering the AI Buildout: Measuring Data Center Demand and Reforming Energy Policy, Kevin Dayaratna, Ph.D., October 14, 2026. As the use of artificial intelligence continues to proliferate throughout society, affordable and reliable electricity is becoming increasingly central to U.S. economic growth and technological competitiveness.

AAF experts on Economy, Taxes & Spending

• Bryce G. Poole, Senior Legal Fellow
• Andrew Hale, Fellow
• David Burton, Senior Fellow in Economic Policy
• Joel Griffith, Senior Fellow
• Preston Brashers, Research Fellow
• Jace White, Manager of Government Relations
• Gadai Bulgac, Policy Analyst
• Kat Miller, Policy Analyst
• Zachary Cady, Ph.D., Senior Economist

Policy memos on Economy, Taxes & Spending

• The September 2026 Inflation Spike (October 14, 2026). American families are losing ground and inflation is re-accelerating. Since April, year-over-year prices have risen faster than paychecks, and the war-driven energy squeeze only adds to the existing inflation problem.
• Powering the AI Buildout: Measuring Data Center Demand and Reforming Energy Policy (October 14, 2026). As the use of artificial intelligence continues to proliferate throughout society, affordable and reliable electricity is becoming increasingly central to U.S. economic growth and technological competitiveness.
• Russian Diesel, Russian Blood Money (October 13, 2026). On October 9, President Trump announced that Russia would ship diesel to the United States, and Treasury issued a license suspending sanctions on it until April 2027. The U.S. already produces 40% more diesel than Americans consume.
• Tariffs Cut Canada Trade, U.S. Manufacturing Saw No Boost (October 6, 2026). U.S. goods trade with Canada has fallen $50 billion since the March 2025 tariffs, and U.S. manufacturing saw no boost.
• The Federal Debt’s Real Cost (October 5, 2026). Net interest payments now cost the federal government over $1 trillion annually – more than defense.
• Canadian Trade War May be Factor in Apprehensive Jobs Report (October 2, 2026). Payroll employment increased by 29,000 jobs in September, while the unemployment rate ticked up to 4.2 percent.
• Data Doesn’t Lie: Tariffs Increased Prices (October 1, 2026). Despite what some pundits may be saying, the “Liberation Day” tariffs increased prices for durable consumer goods, raised costs for U.S. manufacturers and reduced job opportunities for American workers.
• State Exposure in Canadian Trade War (September 28, 2026). U.S. consumers and industries depend heavily on trade with Canada and are highly vulnerable to a trade war with Canada.
• The Not-So-Free Cost of “Free” Health Care (September 28, 2026). The DSA platform calls for eliminating America’s existing health insurance system and replacing it with federally administered Medicare for All. In other words, total government control of your health care.
• The DSA’s Green New Deal (September 28, 2026). The DSA platform calls for a “Green New Deal” that would make energy unaffordable for American families and massively increase the national debt.
• The DSA Wants YOU to Fund All Abortion and Sex-Rejection Surgeries (September 28, 2026). The DSA platform calls for full taxpayer funding of abortion and sex-rejecting hormone injections and surgical mutilation.
• The Fed Raises Rates (September 22, 2026). The Federal Reserve’s Federal Open Market Committee (FOMC) recently voted unanimously to raise interest rates by 0.25 percentage points to fight inflation.
• Affordability 101: Foreword (September 17, 2026). Affordability is the defining economic issue of this Congress—and one of the defining political battlegrounds heading into November.
• Limit SSDI to Intended Population (September 17, 2026). Unintended use of Social Security’s Disability Insurance (SSDI) program increases payroll taxes and restricts income and output by reducing the workforce.
• Limit Welfare to Americans in Need (September 17, 2026). Congress should limit welfare to those in need instead of forcing taxpayers to subsidize ordinary expenses for nearly a third of the population.
• Equalize Medicaid’s FMAP Payments (September 17, 2026). The federal government shouldn’t pay states more for able-bodied, working age adults enrolled in Medicaid than it pays for traditional enrollees—children, pregnant women, the disabled, and low-income seniors.
• Give States Skin in the Game for Fraud (September 17, 2026). States—not federal taxpayers—should have to pay when they issue improper payments and enable fraud.
• End State Medicaid Money Laundering Schemes (September 17, 2026). Lawmakers should eliminate Medicaid provider taxes, which amount to legal money laundering of tens of billions of dollars annually by states at the expense of federal taxpayers.
• Site-Neutral Medicare Payments (September 17, 2026). Under the current Medicare system, the government often pays hospitals more than twice what it pays independent physician offices for comparable outpatient services. Congress should make payments the same across the board.
• Tie Funding to Measurement and Reporting (September 17, 2026). Taxpayers deserve a full and accurate accounting of how much of their hard-earned tax dollars the federal government spends on improper payments.
• End the Municipal Bond Exclusion (September 17, 2026). Congress should phase out the federal tax exclusion for interest income from state and local bonds.
• Stop ESG and DEI (September 17, 2026). DEI and ESG are racist and economically destructive.
• Limit Federal Reserve Assets (September 17, 2026). The Federal Reserve’s balance sheet should be limited to short-term Treasuries to prevent the Fed from steering credit to prop up politically favored sectors such as housing, corporate debt, or equities.
• Implement the Taylor Rule (September 17, 2026). The Federal Reserve should follow a transparent, rules-based framework like the Taylor Rule to anchor inflation expectations, protect wages and savings from erosion, and facilitate long-term economic planning.
• Reform Budget Scoring (September 17, 2026). The baseline assumptions of Congress’s scorekeepers: the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) favor spending growth and disfavor tax cuts. These biases should be eliminated.
• Allow a Private SSDI Option (September 17, 2026). The Social Security Disability Insurance (SSDI) program doesn’t serve individuals with disabilities or taxpayers well. There should be a private alternative.

Policy memos on Economy, Taxes & Spending (continued)

• Shift to Flat Anti-Poverty Benefit for SSDI (September 17, 2026). Lawmakers should shift Social Security’s Disability Insurance (SSDI) program to a flat benefit, essentially eliminating poverty among SSDI beneficiaries and reducing payroll taxes for workers.
• Per Capita Caps on State Medicaid Funds (September 17, 2026). The federal government should fund the same amount of Medicaid costs for similar populations whether they live in Maine, Texas, or California.
• Stop Mandatory Spending Growth (September 17, 2026). Congress should convert appropriate mandatory programs to discretionary spending and require regular reauthorization so that more of the budget faces regular congressional scrutiny in the appropriations process.
• Comprehensive Medicare Reform (September 17, 2026). The Medicare trust fund is on track to become insolvent in 2033. Major reforms are needed to avoid insolvency while also improving health care affordability.
• Personal Savings Option for Social Security (September 17, 2026). Social Security is not retirement savings because 100% of workers’ taxes go immediately to retirees’ benefits. Today’s workers should have the opportunity to build personal retirement savings that they own and can pass on to their heirs.
• Enact Comprehensive Social Security Reform (September 17, 2026). Congress should enact comprehensive Social Security Reform to avoid large-scale tax increases, benefit cuts to those most in need, and a painful fiscal crisis.
• Reduce Federal Spending (September 17, 2026). Out-of-control federal spending has driven the Fed to rapidly grow the money supply to accommodate deficits, which, in turn, has driven persistent inflation.
• Reduce Tariffs on Business Inputs (September 17, 2026). Tariffs and other trade barriers on business inputs imported from friendly nations should be removed, including those imposed on steel, aluminum, copper, lumber, machine tools, auto parts, semiconductors, energy, fertilizer, and chemicals.
• Reduce Tariffs on Final Consumer Products (September 17, 2026). Tariffs and other trade barriers on final consumer products imported from friendly nations should be reduced.
• Reassert Congressional Power Over Tariffs (September 17, 2026). Congress should reclaim its exclusive constitutional authority over tariffs from the executive branch.
• Distributed Profits Tax Pilot for Shipbuilders (September 17, 2026). Congress should pilot a distributed profits tax with shipbuilders, which would allow companies to freely reinvest their earnings without penalty.
• Cut Harmful State Taxes (September 17, 2026). State lawmakers should reduce reliance on taxes with narrow or poorly defined tax bases and should avoid imposing too many taxes.
• Reduce or Eliminate Industry-Specific Taxes (September 17, 2026). Governments should rely less on taxes that are narrowly targeted at specific industries or products and should favor broad-based taxes instead.
• Eliminate the Death Tax (September 17, 2026). Congress and state lawmakers should eliminate the death tax (including estate taxes, inheritance taxes, and gift taxes).
• Reduce Capital Gains Taxes (September 17, 2026). Federal and state lawmakers should reduce capital gains taxes.
• Reduce Business Income Taxes (September 17, 2026). The federal corporate income tax rate should be reduced from 21% to 17%, along with other reforms to federal and state business taxes.
• End Penalties on Business Investment (September 17, 2026). Congress should reform the tax code to ensure that full and immediate expensing is permanently allowed for all forms of business investment.
• Remove Tax Penalties Against Foreign R&D (September 17, 2026). Congress should end the tax penalty against American companies that conduct research and development (R&D) outside the United States, except for in countries of concern like China.
• End Project Labor Agreement Mandates (September 17, 2026). By restricting competition, project labor agreements (PLAs) drive up costs, enable inefficiencies, and limit job opportunities.
• Ensure Competitive Government Contracts (September 17, 2026). Government contracts should be awarded through full and open competition so that taxpayers—not politically connected contractors—receive the best value.
• Repeal Davis-Bacon Act (September 17, 2026). Repealing the Davis-Bacon Act would reduce construction costs, expand job and income opportunities, and ensure taxpayers receive more bang for their buck.
• Add Flexibility to Overtime Pay Mandates (September 17, 2026). Overtime pay mandates can do more to limit flexibility and restrict output than they do to increase wages. Lawmakers should provide greater flexibility in overtime pay mandates to expand incomes and output.
• End Social Security’s Earnings Penalty (September 17, 2026). Congress should eliminate Social Security’s Retirement Earnings Test, which functions like an additional 50% tax on some working Social Security recipients’ benefits, causing them to work and earn less than they would otherwise choose.
• Adopt Right-to-Work Laws (September 17, 2026). Congress and states should pass Right-to-Work laws, which prevent workers from being fired from their jobs for refusing to pay dues or fees to a labor union.
• Reject Minimum Wage Increases (September 17, 2026). Lawmakers should avoid further increases in either the federal or state minimum wages, and state lawmakers should consider paring back recent increases or allowing sub-minimum wages for teens.
• Reject Carbon Taxes and Cap-and-Trade (September 17, 2026). Lawmakers should reject all carbon taxes and cap-and-trade schemes.
• Cut Red Tape and Onerous Restrictions on Oil (September 17, 2026). Lawmakers should repeal burdensome and unnecessary regulations and mandates that raise oil costs, and, in turn, the price of goods and services across the economy.
• Make Colleges Share Student Loan Risk (September 17, 2026). Congress should require universities to share in the losses on the degrees they sell and stop lending taxpayer money for degrees that don't pay off.
• Cap Deductibility of Untaxed Benefits (September 17, 2026). Congress should set a per-employee cap on the amount employers may deduct for untaxed non-monetary benefits. This would reduce an existing distortion in the tax code that discourages paying higher wages.
• Expand Pooled Health Insurance Access (September 17, 2026). Lawmakers should expand access to Association Health Plans so that more people in non-traditional jobs or with shared geography or interests can pool together to obtain more affordable health insurance.
• Expand Choice in Childcare (September 17, 2026). Unnecessary regulations drive up costs and limit the supply of childcare while ineffective federal spending reduces its quality and accessibility.
• September Beige Book Rundown (September 15, 2026). The Federal Reserve’s September 2 report on the state of the economy (the Beige Book) showed modest growth and elevated inflation.
• Another Good Post-IEEPA Jobs Report (September 4, 2026). Payroll employment increased by 162,000 jobs in August, while the unemployment rate remained unchanged at 4.1 percent.

Policy memos on Economy, Taxes & Spending (continued)

• What Happened at the Fed this Summer? (September 1, 2026). The Federal Reserve voted 9-3 in July to hold interest rates steady at 3.50% to 3.75%, despite inflation being above 3% since March.
• Basic Balance: A Desperate Attempt to Use an Old Statistic to Impose New Tariffs (August 21, 2026). The Trump Administration is attempting to use “basic balance” in court to retroactively defend the unlawful imposition of Sec. 122 tariffs. Their use of this figure has six major issues that are highlighted below.
• 10 Ways to Improve Affordability Now (August 18, 2026). Affordability is the #1 issue facing the American people. AAF’s solution is unleashing Americans by removing legal barriers to prosperity at every level of the economy.
• The Congressional Budget Office Long-Term Model: Questions, Assumptions, and Transparency (August 11, 2026). The CBO has never released a comprehensive package of the methodology, code, and data behind its long-term model, which makes its projections hard to critique and the critiques that are made hard to judge.
• A Deficit of Doctors and a Surplus of Talent: The Case for Provisional Medical Licensure (August 11, 2026). The U.S. physician shortfall could reach nearly 142,000 by 2035, even as at least 4,000 American medical school graduates a year fail to match into a residency. States can close part of that gap through provisional medical licensure.
• Troubling Signs for the Economy: July 2026 Jobs Report (August 7, 2026). July payroll employment fell by -23,000 jobs, while the unemployment rate edged down to 4.1 percent, from 4.2 percent in June (U.S. Bureau of Labor Statistics n.d.-a, U.S. Bureau of Labor Statistics n.d.-b).
• Easing Growth? June 2026 Jobs Report (July 22, 2026). June payroll employment increased by 57,000 jobs, while the unemployment rate edged down to 4.2 percent, from 4.3 percent in May.
• Tariff Lobbying Report Q2 2026 (July 22, 2026). President Trump’s still-evolving tariff policies fuel K Street profits while American families pay the price.
• What’s Missing from Reconciliation 3.0 (July 21, 2026). With Reconciliation 3.0 taking shape, Congress has a rare chance to enact priorities left on the table in OBBB — starting with a full, permanent defund of Planned Parenthood.
• Reducing Waste, Fraud, and Abuse in Reconciliation 3.0 (July 2, 2026). Congress can save taxpayers hundreds of billions in fraud and improper payments by applying the same scrutiny to spending that it pays to American families paying their taxes.
• 9 Things to Know About Social Security And The Trustees 2026 Report (June 25, 2026). The Social Security Trustees 2026 Report shows that Social Security is running out of time and money. Insolvency is coming.
• Tariffs Tank Employment: Assessing One Year of Liberation Day Evidence (June 15, 2026). One year after Liberation Day, tariff data shows significant employment declines across key American industries.
• AAF Jobs Report May 2026 (June 10, 2026). May payroll employment grew by 172,000 jobs while the unemployment rate held steady at 4.3 percent.
• Individual Income Tax Rate Extension (June 1, 2026). The OBBB made permanent the TCJA's lower individual income tax rates, preventing a massive tax increase on all American workers.
• Who Pays the Aluminum Tariff – A Data Driven Assessment of Section 232 (May 28, 2026). The Section 232 aluminum tariff produced no domestic supply response.
• Oppose the FLCA (May 27, 2026)
• April 2026 Inflation Surge (May 15, 2026). Energy-driven inflation is raising prices for American families and squeezing American businesses.
• Jobs Report: April 2026 (May 8, 2026). Payroll employment increased by 115,000 jobs in April, and the unemployment rate remained stable at 4.3 percent.
• Protectionism Fuels Privilege, Not Prosperity (May 7, 2026). Tariffs are a mess for Main Street and a kicker for K Street.
• 21 Priorities for Reconciliation 3.0 (May 7, 2026)
• Free Market Policies for Farm Relief (April 24, 2026). American farmers are being squeezed by regulatory red-tape, trade wars, and kinetic conflict in the Middle East.
• Make Trump Accounts Greater (April 24, 2026). Congress should strengthen incentives for very wealthy Americans to donate to “Trump Accounts” by creating an increased Death Tax exemption for large Trump Account donations that brings parity with other charitable giving.
• The Faster Labor Contracts Act (April 23, 2026)
• Say No to Government-Run Airlines (April 23, 2026). The Trump Administration is reportedly contemplating a $500 million bailout of Spirit Airlines and taking up to a 90% ownership stake in the company.
• 20 Priorities for Reconciliation (April 22, 2026)
• Congressional Testimony by Rachel Greszler: Building an AI-Ready America (April 15, 2026)
• Opportunity Zones (April 11, 2026). The One Big Beautiful Bill (OBBB) authorized Opportunity Zone (OZ) designations by state governors once every 10 years to allow tax advantages for investments in areas with high poverty rates or low median family incomes.
• FDII and NCTI (International Tax) (April 11, 2026). The One Big Beautiful Bill (OBBB) mitigated scheduled tax increases in the international tax code.
• Stopping Benefits for Illegal Immigrants (April 11, 2026)
• Remittance Tax (April 11, 2026). The One Big Beautiful Bill (OBBB) established a 1% excise tax on remittances out of the U.S. to persons in other countries.
• Scholarship Tax Credit (April 11, 2026). The One Big Beautiful Bill (OBBB) allows a $1,700 tax credit for contributions individuals make to (nonprofit) scholarship granting organizations (SGOs) that help fund K-12 educational expenses.
• Tax on “Excessive” Employee Compensation (April 11, 2026). The One Big Beautiful Bill (OBBB) expanded the tax on “excess” compensation paid by nonprofit organizations to highly paid employees.
• Tax on Large College Endowments (April 11, 2026). The One Big Beautiful Bill (OBBB) increased federal taxes on large private college and university endowments.
• Paid Family and Medical Leave Tax Credit (April 11, 2026). The One Big Beautiful Bill (OBBB) permanently extended the 2017 Tax Cuts and Jobs Act’s (TCJA’s) Paid Family and Medical Leave Tax Credit for employers who provide paid leave.
• Low-Income Housing Tax Credit Changes (April 11, 2026). The One Big Beautiful Bill (OBBB) expanded housing developers’ access to Low-Income Housing Tax Credits (LIHTCs).
• Increased Tax Credit for CHIPS Investments (April 11, 2026). The One Big Beautiful Bill (OBBB) increased the CHIPS Tax Credit for business investments in semiconductor manufacturing equipment and the construction of semiconductor manufacturing facilities.
• Rescissions of Climate Funding (April 11, 2026). The One Big Beautiful Bill (OBBB) rescinded about $20 billion in taxpayer dollars that would otherwise have been used to fund wasteful climate programs.

Policy memos on Economy, Taxes & Spending (continued)

• Zeroing Out Firearm and Suppressor Tax (April 11, 2026). The One Big Beautiful Bill (OBBB) zeroes out the cost of constitutionally suspect taxes imposed by the National Firearms Act (NFA) on the registration or transfer of suppressors, short-barrel rifles, and short-barrel shotguns.
• Small Business Pass-Through Deduction (April 11, 2026). The One Big Beautiful Bill (OBBB) permanently extended the expiring pass-through deduction for mostly small business owners, avoiding a looming tax hike of up to 20% on business income.
• Farmland Sale Capital Gains Treatment (April 11, 2026). The One Big Beautiful Bill (OBBB) allows taxpayers to pay capital gains on certain farmland sales in installments over 4 years.
• Expensing for Research and Development (April 11, 2026). The One Big Beautiful Bill (OBBB) brings back full and immediate expensing of businesses’ research and development (R&D) expenditures to ensure the tax code doesn’t penalize innovation.
• Expensing for Factories (April 11, 2026)
• Expensing for Equipment and Machinery (April 11, 2026)
• Increased Death Tax Exemption (April 11, 2026). The One Big Beautiful Bill (OBBB) increased the amount of assets that are exempt from the 40% Death Tax from about $7 million to $15 million.
• Trump Accounts (April 11, 2026). The One Big Beautiful Bill (OBBB) created tax-advantaged Trump Accounts for children under age 18. It also provided $1,000 of seed money for the accounts of children born between January 2025 and December 2028.
• Health Savings Account Expansion (April 11, 2026). The One Big Beautiful Bill (OBBB) expanded access to tax-advantaged Health Savings Accounts (HSAs), promoting saving and investment and more cost-consciousness to help bend down the health care cost curve.
• More Flexible 529 Savings Accounts (April 11, 2026). The One Big Beautiful Bill (OBBB) gives families more flexibility in taking tax-free withdrawals from 529 savings plans for K-12 expenses, also allowing distributions for expenses related to obtaining professional licenses and credentials.
• Itemized Deduction Limitation (April 11, 2026). The One Big Beautiful Bill (OBBB) changed the limitation on itemized deductions so that it only applies to taxpayers in the top income tax bracket.
• Senior Deduction (April 11, 2026). The One Big Beautiful Bill (OBBB) provides a $6,000 tax deduction for taxpayers aged 65 and over ($12,000 in the case of married seniors).
• State and Local Tax Deduction (April 11, 2026). The One Big Beautiful Bill (OBBB) capped state and local tax (SALT) deductions at about $40,000 (single/married joint filers) for tax years 2025-2029 and $10,000 beginning in 2030.
• No Tax on Car Loans (April 11, 2026). The One Big Beautiful Bill (OBBB) allows borrowers to deduct interest payments for domestic car loans, colloquially known as “No Tax on Car Loan Interest.”
• Mortgage Interest Deduction (April 11, 2026). The One Big Beautiful Bill (OBBB) permanently extended the 2017 Tax Cuts and Jobs Act’s (TCJA’s) changes to the mortgage interest deduction, which included limiting the deduction to the first $750,000 of mortgage debt.
• Increased Standard Deduction (April 11, 2026). The One Big Beautiful Bill (OBBB) permanently extended the 2017 Tax Cuts and Jobs Act’s (TCJA’s) increase in the standard deduction and further added to it.
• Reducing Spending Growth While Funding Defense, Homeland (April 11, 2026). The One Big Beautiful Bill (OBBB) reduced the projected growth of federal spending and cut corporate subsidies in the tax code. At the same time, it increased funding for the military, homeland security, and the judiciary.
• Taxes and Economic Growth (April 11, 2026). High taxes impede economic growth.
• Tax Credits for Child and Dependent Care (April 11, 2026). The One Big Beautiful Bill (OBBB) expanded: (1) The Employer-Provided Child Care Credit, (2) The Dependent Care Assistance Program (DCAP) exclusion, and (3) The Child and Dependent Care Tax Credit (CDCTC).
• OB3-60 FAQs (April 11, 2026). Frequently Asked Questions Why was it important for Congress to pass the One Big Beautiful Bill?
• Provider Taxes and State Medicaid Abuse (April 11, 2026). The One Big Beautiful Bill (OBBB) reins in provider tax schemes, in which states exploit a loophole in the Federal Medical Assistance Percentage (FMAP) to funnel in extra federal tax dollars.
• Reducing Waste Fraud and Abuse (April 11, 2026). The One Big Beautiful Bill (OBBB) drastically restricts federal taxpayers’ tab for improper payments in the two largest state-administered federal welfare programs: Medicaid and Food Stamps (SNAP).
• Welfare Work Requirements (April 11, 2026). The One Big Beautiful Bill (OBBB) imposed new work requirements and expanded existing ones for able-bodied adults in the two largest state-administered federal welfare programs (Medicaid and Food Stamps) saving roughly $400 billion.
• No Tax on Overtime (April 11, 2026). The OBBB exempted overtime pay from federal income taxes, rewarding hardworking Americans who put in extra hours.
• No Tax on Tips (April 11, 2026). The OBBB eliminated federal income taxes on tips, delivering on a key promise to American service workers and hospitality employees.
• Expansion of Clean Fuel Production Subsidy (April 11, 2026). The OBBB phased out the clean fuel production subsidy, saving taxpayers billions in unnecessary green energy expenditures.
• Defunding Planned Parenthood (April 11, 2026). The OBBB blocked abortion providers from receiving Medicaid funding, directing those funds to comprehensive healthcare providers.
• Debunking the Tax Cuts for the Rich Myth (April 11, 2026). The evidence shows the One Big Beautiful Bill's tax provisions disproportionately benefit working and middle-class Americans.
• Child Tax Credit Changes (April 11, 2026). The OBBB expanded and made permanent the Child Tax Credit, providing meaningful tax relief to American families.
• Business Loss Limitation Extension (April 11, 2026). The OBBB permanently extended the TCJA's limitation on deductions for business losses, preventing wealthy individuals from avoiding taxes.
• Business Interest Limitation Extension (April 11, 2026). The OBBB fixes a feature of the tax deduction for business interest expenses that penalized companies for investing in equipment.
• Base Erosion Anti-abuse Tax (April 11, 2026). The OBBB mostly prevented a harmful increase to a complicated and inefficient extra tax on US multinational corporations.
• Alternative Minimum Tax Changes (April 11, 2026). The One Big Beautiful Bill permanently extended the TCJA's changes to the alternative minimum tax, preventing a tax increase on millions of Americans.
• Untangling the Tariff Refund Mess (April 9, 2026). On February 20, 2026, the Supreme Court held in Learning Resources, Inc. v. Trump that the tariffs imposed by the administration under the International Emergency Economic Powers Act of 1977 (IEEPA) were unlawful.
• Lower Individual Rates (April 9, 2026). The One Big Beautiful Bill (OBBB) permanently extended the 2017 Tax Cuts and Jobs Act’s (TCJA’s) changes to individual tax brackets. Almost all working Americans are in a lower tax bracket than if TCJA had expired.

Policy memos on Economy, Taxes & Spending (continued)

• The One Big Beautiful Booklet (April 9, 2026). The share of income taxes paid by taxpayers with low to moderate incomes will fall under the One Big Beautiful Bill, as happened with the 2017 tax cuts.
• Employer Educational Assistance (April 9, 2026). The OBBB expanded employer educational assistance, allowing more workers to access tax-free education and training benefits.
• Britain’s Sellout of Chagos Islands (April 8, 2026). The United Kingdom’s Labor Government’s proposed handover of the Chagos Islands to Mauritius threatens U.S. access to the joint US-UK military base on Diego Garcia -crippling American power projection efforts in the Indian Ocean.
• Jobs Report: March 2026 (April 7, 2026)
• One Year From Liberation Day (April 2, 2026). One year ago, President Trump unilaterally enacted the largest tax increase on the American people since World War II through his unprecedented Liberation Day tariffs.
• Is the White House Preparing $438 Billion in New Tariffs? (March 24, 2026). The Trump administration recently announced new tariff investigations on 16 countries and the European Union. If these investigations replicate the tariffs struck down by the Supreme Court, it will result in a $438 billion annual tax hike.
• Small Business Owners Survey (March 23, 2026). Small business owners strongly support the extension of the 2017 tax cuts with 60% saying that the “One Big Beautiful Bill” will help their business.
• Jobs Report: February 2026 (March 6, 2026)
• How Regulations Drive Up Consumer Prices (March 4, 2026). Affordability and inflation are the top issues facing Americans families in 2026. The easiest way to tame rising prices is to reverse the government overregulation that so often drives it.
• NRSC v. FEC Report (February 20, 2026)
• CBO Projects Social Security Insolvency in 2032 and 28% Benefit Cuts (February 20, 2026). CBO projects Social Security’s trust fund will be insolvent one year earlier—in 2032. Because Social Security cannot pay out more in benefits than it collects in taxes, that will trigger 28 percent benefit cuts unless Congress acts.
• Virginia is for Tax-Lovers? (February 20, 2026). Virginia's Democrat-controlled House and Senate are proposing dozens of tax increases, which could cost Virginian families billions of dollars a year in new taxes.
• AAF Analysis of 2026 NDAA (December 8, 2025). House and Senate leadership has published a newly negotiated version of the Fiscal Year 2026 National Defense Authorization Act, which could become law later this month.
• Farmers Are Reaping Trump’s Tariff Whirlwind (September 30, 2025). American farmers are being hammered by Trump’s tariff tax. From higher input costs (think fertilizer and equipment) to decreased access to markets amidst trade wars, American farmers are taking it on the chin.
• Don’t Let the Swamp Steal Christmas (September 25, 2025). Washington loves the annual Christmas spending bill. Why? Because they load it up for goodies for all the special interest groups, leaving the American taxpayers to pay the bill.
• The U.S. Government Doesn’t Need a Sovereign Wealth Fund (August 27, 2025). Despite the well-recorded history of the failures of central planning, the Trump Administration seems dead set on emulating the decadent “sovereign wealth fund” model of far less prosperous European and Middle Eastern economies.
• From Boston to Beijing: How Trump 2 Might Forfeit America’s Pharmaceutical Advantage (August 25, 2025). While President Trump’s first term reset the generational narrative on China, his second term is pushing America’s highly successful pharmaceutical industry into the arms of the Chinese Communist Party.
• AAF: How to Talk About the One Big Beautiful Bill (August 4, 2025). The One Big Beautiful Bill is a huge win for the American people.
• AAF: Why The Swamp Loves Tariffs (July 18, 2025). An arbitrary tariff exclusion process allows lobbyists to petition Washington bureaucrats for tariff exemptions for certain products.
• AAF: Senate Refines OBBB, Still Room For Improvement (June 18, 2025)
• AAF: Flawed CBO Revenue Estimates Should Not Set Terms For TCJA Reauthorization (June 4, 2025). The Congressional Budget Office (CBO)’s projections for the Tax Cuts and Jobs Act of 2017 (TCJA) have undercounted TCJA’s revenue generation by $1.5T so far and could end up being wrong by $3.2T or more when all is said and done.
• AAF Major Tariff Relief Memo (May 29, 2025)
• AAFF Liberation Day Report Card (May 2, 2025). President Trump announced America’s “Liberation Day” one month ago as he unilaterally enacted unprecedented reciprocal tariffs on China and American allies alike.
• Spoiling America’s Golden Age: Tariffs Could End America’s Golden Age Before It Begins (April 3, 2025). President Trump was elected to restore America’s economy after four years of Bidenflation.
• Frequently Asked Questions on Tariffs (March 31, 2025). Frequently Asked Questions on Tariffs What is a tariff? • A tariff (also called an impost or a duty) is a tax on an imported good. Who pays tariffs? • Americans. American importers—not foreign exporters—pay them to U.S. Customs.
• Tax Reform Priorities for 2025 (January 15, 2025). Congress must act quickly to make permanent the 2017 Tax Cuts and Jobs Act and build on its pro-growth reforms.
• Charting A Course for American Tariff Strategy (January 14, 2025). Charting A Course for American Tariff Strategy Political debates about tariffs have become all the rage in the Trump era. Some view them as anathema; others as panacea.
• AAF: Say ‘NO’ to Pro-Union, Pro-Choice Labor Secretary Nominee (December 12, 2024). President Trump has nominated a Randi Weingarten-endorsed and abortion turncoat candidate to serve as the next Secretary of the Department of Labor: Lori Chavez-DeRemer.
• AAF: Trump Is Right On China Tariffs (December 4, 2024). Yesterday, former Vice President Mike Pence delivered a speech to the China General Chamber of Commerce, laying out a blueprint for the United States’ engagement with the Chinese Communist Party in a second Trump administration.
• AAF: The Biden-Harris Union Strike Could Cripple the American Economy (October 3, 2024). Under the Biden Harris Administration’s watch, the Longshoremen’s Union, essentially the workers responsible for unloading ships at East and Gulf coast ports, has gone on a strike.
• AAF: Political Protectionism Costs Jobs (September 7, 2024). The Biden-Harris Administration is on the verge of blocking Nippon Steel’s purchase of U.S. Steel, costing thousands of good American jobs and closing factories across the United States.
• AAF: Debt, Border, and China Hawks Should Support Ukraine Aid (September 3, 2024). Most Americans support Ukraine against Russia’s invasion, but the Right is split on whether the U.S. should continue to provide lethal aid to Ukraine amidst the Biden-Harris Administration’s domestic disasters.

Policy memos on Economy, Taxes & Spending (continued)

• AAF: The Biden-Harris Inflation Reduction Act (IRA) is Devastating Seniors (August 13, 2024). The Biden-Harris IRA has been an abject disaster for the American people, particularly senior citizens and those most reliant on new drugs getting to market. 2/3rds of Americans say IRA has not helped them.
• Confronting our Debt Crisis: A Guide to Cutting Federal Spending (July 31, 2024). non-defense spending between 2025 - 2030 would force Congress to prioritize spending and save $246 billion. • End Shutdown Theatrics: Shutdown threats have been repeatedly used to force Republicans into bad deals.
• AAF: Calling Balls and Strikes on the RNC Platform (July 10, 2024). July 9, 2024 AAF: Calling Balls and Strikes on the RNC Platform GOOD: Calls for making the Trump-Pence Tax Cuts permanent, unleashing American energy, securing the border, and ending overregulation.
• Protecting American Taxpayers: The Conservative Blueprint to Preserve Tax Relief and Prevent the Biden Tax Increases (June 18, 2024)
• AAF: Biden’s 20% Inflation Is Crushing American Families (May 15, 2024). President Biden’s failed economic policies have crushed American families under the weight of higher prices on everything from food to housing to transportation.
• Rise Of The Regulatory State: The Growing Maze of Red Tape Straining Our Economy (May 13, 2024). Rise Of The Regulatory State: The Growing Maze of Red Tape Straining Our Economy For decades, bureaucrats in Washington D.C. have grown the regulatory state at the expense of American families and businesses.
• AAF: Setting Bloomberg Straight on Tax Cuts (May 10, 2024). Only in Washington is it ‘bad’ for Americans to keep more of their money.
• AAF: Medicare and Social Security Cuts are Coming (May 7, 2024)
• AAF: American Families Won With the 2017 Tax Cuts (May 7, 2024). TCJA resulted in higher incomes for American families and created instantaneous income growth. • Between 2017 and 2019, household income grew from $72,090 to $78,250. • That is an increase of $6,160 or 8.5%.
• AAF: Mandatory Spending and Interest Put National Debt on Autopilot (April 3, 2024). AAF: Mandatory Spending and Interest Put National Debt on Autopilot With FY24 appropriations finally finished, conservatives are right to point out that the process is dysfunctional.
• AAF: Calling Balls and Strikes on the $1.2 Trillion Spending Bill (March 21, 2024). – The so-called ‘minibus’ contains thousands of pages of text and supporting documents.
• AAF: Win-Win Proposal for Debt and Defense Hawks (February 23, 2024). America faces two existential crises: $34 trillion in debt at home and totalitarianism on the march abroad.
• AAF: Emergency Aid to Israel Should Be Offset (February 6, 2024). The United States must remain steadfast in its support of Israel’s war with Hamas, even while ensuring that all emergency spending is completely paid-for.
• AAF: Say No to Unlimited SALT (January 31, 2024). AAF: Say No to Unlimited SALT The State and Local Tax deduction (SALT) is a tax cut for the 13% of Americans wealthy enough to itemize their taxes. The 2017 Trump-Pence tax reform created a $10,000 cap.
• Debunking Strawmen Arguments for Wyden-Smith (January 26, 2024). Debunking Strawmen Arguments for Wyden-Smith Yes – Illegal Immigrants Receive the Child Tax Credit. They Should Not • The Child Tax Credit (CTC) has always had an illegal immigrant problem.
• Calling Balls and Strikes on the Wyden-Smith Tax Bill (January 24, 2024). Calling Balls and Strikes on the Wyden-Smith Tax Bill The Good — Cuts Taxes, Helps Beat Back China, and Holds The Line on SALT • Promotes business competitiveness by cutting taxes on R&D & pro-growth investments.
• United States Must Pursue Free Trade with Free Nations (January 8, 2024). As the United States wakes up to decades of Chinese trade abuse, policymakers need to balance newfound protectionist instincts with a recommitment to free trade with free nations.
• Trump Tariffs Would Lead To Another Economic Disaster (September 28, 2023). Trump Tariffs Would Lead To Another Economic Disaster In 1929, as the United States was headed into an economic downturn, a progressive president poured gasoline on the fire by raising the tariff rate on imports by nearly 50 percent.
• Biden’s Campaign Against “Junk Fees” Is Junk Economics (June 9, 2023)

Op-eds and commentary

• Social Security's Cost-of-Living Adjustment Will Soon Become a Cost-of-Insolvency Adjustment, Rachel Greszler, National Review (October 19, 2026)
• Europe Risks an Economic War Over Israel and the ICC, Eugene Kontorovich, The Wall Street Journal (October 14, 2026)
• Only Congress can cut the diesel tax, Joel Griffith, Washington Times (October 12, 2026)
• Virginia Question 1 could force taxpayer-funded abortions, Rachel Greszler, Washington Examiner (October 8, 2026)
• The Fourteen-Year Labor to Try the 9/11 Case, Bryce Poole, Civitas Outlook (September 28, 2026)
• We are caught between a debt crisis and an inflation crisis, Richard Stern, Washington Examiner (August 27, 2026)
• Trump Seeks a Tariff Do-Over in Court, Marc Wheat & Richard Stern, The Wall Street Journal (August 23, 2026)
• Why tariffs can’t hide a $77 billion reality check, Joel Griffith & Marc Short, Washington Examiner (August 7, 2026)
• Trump’s tariff 'Plan B' has arrived, J. Marc Wheat, Washington Examiner (August 5, 2026)
• The case for Trump's tariffs doesn't survive contact with the facts, Preston Brashers, David Burton, Washington Examiner (June 18, 2026)

Press releases

• AAF Foundation Senior Economist Reacts to Federal Reserve Hiking Interest Rates (September 17, 2026)
• 21 Priorities for Reconciliation 3.0 (May 7, 2026)
• AAF Foundation Welcomes Senior Economist Dr. Zachary Cady to the Team (May 5, 2026)
• 20 Priorities for Reconciliation (April 22, 2026)
• AAF Leaders Respond to SCOTUS Tariff Case Decision (February 20, 2026)
• AAF Hires Former Heritage Foundation Legal, Economic and Data Directors (December 22, 2025)

Legal filings and amicus briefs

• AAF Files Amicus Briefs Against Unconstitutional Section 122 Tariffs (May 19, 2026)
• AAF Files Amicus Brief Against Tariff of the Month Club (March 13, 2026)
• AAF Fights Illegal Tariffs… Again (March 13, 2026)
• AAF Stands Against Greater Economic Regulation (December 23, 2025)
• Statement on SCOTUS Tariff Case Oral Arguments (November 5, 2025)
• AAF Fights Unconstitutional Tariffs in the Supreme Court (October 24, 2025)