TaxProf

FEDWATCH: “The pass-through of tariffs has been twice as fast for producer prices as for consumer prices, and this PPI August report shows an acceleration in that pattern. Margins in machinery, equipment, and chemicals fell by close to 4 percent .., competitive pressures are building due to tariffs.

I am now the proud owner of intel 😒

The Trump administration has doubled down on its rejection of what could become a world-first international agreement on carbon pricing, saying that the United States will not accept a burdensome framework and may pursue retaliatory measures.

Read more: www.taxnotes.com/tax-notes-to...

“.. Small businesses especially are grappling with the ability to stay in business.”

@bloomberg.com
www.bloomberg.com/news/article...

Nvidia, AMD agree to pay U.S. government 15% of A.I. chip sales to China The arrangement is highly unusual as U.S. tech export controls are usually based on national security imperatives rather than whether they can raise funds for Washington.

Nvidia and AMD have agreed to pay the U.S. 15 percent of their revenue from sales of AI chips in China, a highly unusual arrangement that some experts warn may be unconstitutional.

Or… he is an idiot 🤷🏻‍♂️

All of a sudden they aren’t so “textualists” anymore 🤷🏻‍♂️

Trump administration illegally axed NIH grants, government watchdog says The U.S. Government Accountability Office can file a lawsuit in an attempt to restore the grants, though the agency has not yet opted to do so.

The GAO just found the Trump admin illegally delayed/cut $8B+ in NIH research grants—blocking Congress-approved funds, harming medical research, and violating the Impoundment Control Act. Science, equity, and accountability are on the line. Congress must act. www.highereddive.com/news/nih-cut...

1/ - Trade Policy in 2025 -

Step 1. Donald Trump invents threatened new tariff rates on your country based on some combination of the trade balance, vibes, personal grievance, vibes, how much he likes you, vibes, or a Peter Navarro formula so stupid it made Lesotho enemy #1.

Also vibes.

Trump threatens 100% tariffs on computer chips for companies that don’t build in U.S. President Trump said companies will pay double for computer chips unless they build in the U.S. Apple secured an exemption and promised an extra $100 billion of U.S. investment.

Breaking news: President Trump said he would place a 100 percent tariff on all computer chips imported to the United States, but will exempt companies that commit to “building” on U.S. soil like Apple.

Why the B.L.S. Regularly Revises Jobs Data

Data revisions are a normal, necessary part of trying to measure a $30 trillion economy in real time. They can also be jarring, especially for people who don't obsessively scrutinize every jobs report.
So I dug into the how and why of revisions. A few big takeaways:
#EconSky

CAVALLO: “.. Tariffs are already driving up prices — especially for furniture and household goods.”

www.pricinglab.org/files/Tracki...

Nobody said that. Trump claims that tariffs have zero impact on prices that US consumers pay. We said that is false. Tariffs impact US importers, US consumers, US manufacturers, US exporters, and our trading partners overseas. Everyone loses in trade wars except tax collectors.

Reminder: Tariffs aren't paid by other countries, no matter what Trump says.

A tariff is an import tax, raising the price of almost everything we buy.

Tariffs are also regressive — taking a higher percentage out of the paychecks of working people than out of the wealthy.

Almost 30,000,000,000 passed onto Americans because of tariffs

Quote from the article by author Doron Narotzki: “The tax is collected at the border and later passed through to American consumers, who are generally unaware of the fiscal burden imposed.”

Taxation without representation?

DORON NAROTZKI explains how Trump's tariffs effectively function as a hidden federal consumption tax on the American people – bypassing Congress.

verfassungsblog.de/us-tariffs-t...

Today we learned that there isn’t much of a difference between the Bernie kids who said “debt isn’t real” and Congress. Both think debt can be ignored.

Trump Brings Millionaire Tax Idea Back to Life Raising top income-tax rate faces resistance from many congressional Republicans

Don't call it a comeback. It's been here for tiers.

Trump puts the top tax rate on the table again.

www.wsj.com/politics/pol...

That’s a pretty accurate depiction

Nothing to worry, it’s all part of a larger economic vision. He has a plan. 🤦🏻‍♂️🤡

RFK has no place in the cabinet, yet his presence there has been normalized which is a troubling sign of how far we’ve declined.

Longer-term perspective on the rise of US oligarchy

Wrong tax Prof lol

A Welfare Analysis of Tax Audits Across the Income Distribution* Abstract. We estimate the returns to IRS audits of taxpayers across the income distribution. We find an additional $1 spent auditing taxpayers above the 90

academic.oup.com/qje/article/...

Hiring Freeze – The White House By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby order a freeze on the hiring of

www.whitehouse.gov/presidential...

The Trade War has officially begun!

2025 U.S. Tax Legislation Forecast<!-- --> | Tax Notes Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.

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