Tax Reform Guide Explores Federal Tax Options and Future Challenges
The Tax Foundation has released a comprehensive guide exploring federal tax reform options and the trade-offs involved. The guide discusses the implications of the One Big Beautiful Bill Act (OBBBA) of 2025, which made several expiring tax code provisions permanent. It also addresses upcoming challenges, such as the potential insolvency of Social Security and Medicare, and the need for increased defense spending due to geopolitical tensions. The guide presents 86 potential changes to the federal tax code, analyzing their impact on federal revenue, debt trajectory, and the U.S. economy.