Senate Passes $4.5 Trillion Tax Cuts with $1 Trillion Medicaid Cuts, 12 Million to Lose Insurance

After a record-breaking vote-a-rama with the most amendment votes in Senate history, the Senate passed Trump’s “One Big Beautiful Bill” 51-50 with Vice President Vance casting the tie-breaking vote.

The Congressional Budget Office confirmed the bill cuts over $1 trillion from …

ALEC Publishes 'Essential Policy Solutions 2025' Playbook - State-Level Corporate and Income Tax Elimination Agenda, Coordination with Federal Project 2025

In February 2025, the American Legislative Exchange Council (ALEC) published its ‘Essential Policy Solutions’ playbook for 2025, doubling down on its decades-long campaign to eliminate state corporate and individual income taxes and replace them with higher sales taxes—a regressive shift …

State Corporate Tax Rates Decline 33% Over Three Decades - ALEC's Interstate Race-to-Bottom Costs States $43-57 Billion Annually in Lost Revenue

By 2019, research documented the cumulative impact of ALEC’s systematic corporate tax-cutting campaign: the effective state and local tax rate on corporate profits had declined from 5.9% in 1989 to 3.9% in 2019—a 33% reduction representing the successful culmination of three decades of …

Trump Signs Tax Cuts and Jobs Act - Corporate Rate Permanently Slashed from 35% to 21%, Pass-Through Deduction, Estate Tax Exemption Doubled, $1.9 Trillion Added to Deficit

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) into law, enacting the most sweeping tax reform package in 30 years and permanently slashing the corporate tax rate from 35% to a flat 21%—a 40% reduction representing the largest corporate tax cut in American …

Obama Signs American Taxpayer Relief Act Making 82% of Bush Tax Cuts Permanent - 'Fiscal Cliff' Deal Locks in $2.8 Trillion in Tax Cuts for Wealthy

On January 2, 2013, President Barack Obama signed the American Taxpayer Relief Act of 2012 (ATRA) into law, resolving the ‘fiscal cliff’ crisis by making permanent 82% of President Bush’s tax cuts—approximately $2.8 trillion of the $3.4 trillion total Bush tax cut package estimated …

Kansas Governor Brownback Signs ALEC-Laffer Tax Plan Eliminating Pass-Through Business Income Taxes - 'Kansas Experiment' Becomes Test Case for Supply-Side Economics

On May 22, 2012, Kansas Governor Sam Brownback signed Senate Bill Substitute HB 2117, implementing what became known as the ‘Kansas experiment’—the most aggressive implementation of ALEC’s corporate tax-cutting agenda ever attempted by a U.S. state. The legislation eliminated state …

Bush Signs JGTRRA - Dividend and Capital Gains Rates Slashed to 15%, Massively Favoring Investment Income Over Wages

On May 28, 2003, President George W. Bush signed the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) into law, completing the second phase of the Bush tax cuts and fundamentally restructuring taxation to favor investment income over wages. The legislation reduced the long-term capital gains …

Bush Signs EGTRRA Tax Cuts - Top Rate Reduced from 39.6% to 35%, Estate Tax Phased Out, Beginning $1.5 Trillion Debt Increase

On June 7, 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) into law, enacting the first wave of the ‘Bush tax cuts’ that would add approximately $1.5 trillion to the national debt over the 2002-2011 decade, excluding interest. The …

Russia's 'Loans-for-Shares' Auctions Transfer $100 Billion in State Assets to Oligarchs for Pennies on the Dollar

The Russian government under President Boris Yeltsin implemented the ’loans-for-shares’ privatization scheme between November and December 1995, auctioning twelve of Russia’s most profitable industrial enterprises—including mining, steel, shipping, and oil companies—to a small …

Russia Begins Mass Voucher Privatization: 148 Million Citizens Given Certificates Worth 'Two Volga Cars' That Become Worthless

Russia launched the world’s largest privatization program, distributing vouchers worth 10,000 rubles each to approximately 148 million citizens, enabling the privatization of over 15,000 medium and large enterprises. The program was designed and implemented by Anatoly Chubais, chairman of the …

Reagan Signs Tax Reform Act of 1986 - Top Individual Rate Cut from 50% to 28%, Corporate Rate Slashed from 46% to 34%, Tax Brackets Reduced from 16 to 2

On October 22, 1986, President Ronald Reagan signed the Tax Reform Act of 1986 (TRA86) into law, implementing the most dramatic restructuring of the federal tax code since World War II. The legislation reduced the number of individual income tax brackets from 16 to just 2, slashing the top marginal …

Reagan Signs TEFRA Reversing Much of ERTA - Largest Peacetime Tax Increase Raises $100 Billion After Revenue Collapse

On September 3, 1982, President Ronald Reagan signed the Tax Equity and Fiscal Responsibility Act (TEFRA) into law, reversing substantial portions of the Economic Recovery Tax Act he had signed just 13 months earlier. TEFRA raised nearly $100 billion in federal revenues through closure of tax …

Reagan Signs Economic Recovery Tax Act (ERTA) - Top Rate Slashed from 70% to 50%, Corporate Tax Cuts Total $150 Billion Over Five Years

On August 13, 1981, President Ronald Reagan signed the Economic Recovery Tax Act (ERTA) into law, enacting one of the largest tax cuts in American history. The Act reduced the highest marginal individual income tax rate from 70% to 50% and the lowest rate from 14% to 11%, implementing an …