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  • How the R&D Tax Credit Became a Corporate Subsidy

    How the R&D Tax Credit Became a Corporate Subsidy
    2026/06/09
    Episode 40 of The Tax Policy Podcast explores how the R&D tax credit evolved from a modest incentive for innovation into a massive corporate subsidy worth $15 billion annually. Lucas and Luna break down the credit's origins in 1981, its expansion through the PATH Act and TCJA, and how companies like Amazon and pharmaceutical giants have used it to slash tax bills. They examine the debate over whether the credit actually boosts innovation or just rewards routine product development, and why the 2022 amortization rule change is forcing startups to rethink R&D spending. A specific look at the numbers behind a policy that costs more than the Department of Energy's entire innovation budget. #RDTaxCredit #CorporateTax #Innovation #TCJA #PATHAct #TaxPolicy #Economics #Business #FexingoBusiness #BusinessPodcast #TaxPodcast #LucasAndLuna #Amazon #Startups #Amortization #TaxSubsidy #Section174 #FiscalPolicy Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How the Net Investment Income Tax Hits Real Estate Investors

    How the Net Investment Income Tax Hits Real Estate Investors
    2026/06/08
    Episode 39 of The Tax Policy Podcast digs into the Net Investment Income Tax (NIIT) — the 3.8 percent surtax that quietly raises billions from real estate investors, high-income retirees, and passive business owners. Lucas and Luna walk through a concrete example: a retired couple selling a rental portfolio near Austin, Texas, and discover how the NIIT adds $47,000 to their tax bill. They explore the legislative backstory (the 2010 health-care law that funded it), the statutory thresholds ($250,000 married filing jointly), and the surprising carve-outs for active real estate professionals. The episode also touches on the current political landscape as of June 2026 — with bipartisan chatter about reforming or expanding the NIIT to fund infrastructure. No markdown, just the numbers, the code section, and why your CPA should care. #NetInvestmentIncomeTax #NIIT #RealEstateTax #PassiveIncome #TaxPolicy #Economics #FiscalPolicy #ObamacareTax #RealEstateInvestor #CapitalGains #TaxReform #InfrastructureFunding #HighIncomeTax #PassiveActivity #RealEstateProfessional #TaxCode #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Digital Services Taxes Reshape Global Trade

    How Digital Services Taxes Reshape Global Trade
    2026/06/08
    Episode 38 of The Tax Policy Podcast digs into the digital services tax — a levy on revenue from user data and advertising that France, the UK, Italy, and others have adopted, and that the US calls discriminatory. Lucas explains how the DST works using the example of a large US tech company, why the OECD's stalled pillar one framework left countries to go it alone, and what a potential 2026 trade truce might look like. Luna asks whether DSTs actually hit the companies or their users, and whether the Trump-era tariff threats changed outcomes. The episode also touches on the EU's digital levy proposal, the role of the US Treasury in ongoing negotiations, and why this issue is central to the broader conversation about taxing the digital economy. If walking through tax policy with us has made something click, listener support keeps it ad-free at buy me a coffee dot com slash fexingo. #DigitalServicesTax #DST #OECD #PillarOne #France #UK #Italy #EU #US #BigTech #InternationalTax #TaxPolicy #Economics #FexingoBusiness #BusinessPodcast #TaxPodcast #GlobalTrade #UserData Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How the Made in America Tax Credit Actually Works

    How the Made in America Tax Credit Actually Works
    2026/06/07
    Lucas and Luna tackle the Advanced Manufacturing Production Credit — Section 48C and 45X — which pays companies to produce solar wafers, battery components, and critical minerals in the United States. The Inflation Reduction Act expanded this credit in 2022, and by mid-2026 the Treasury has allocated over $10 billion in tax credits to projects from Michigan to Georgia. The episode zooms in on a single case: Redwood Materials, the battery recycling startup founded by Tesla co-founder JB Straubel. Redwood claimed roughly $1 billion in 45X credits last year alone for producing cathode material in Nevada. But the real question is whether these credits are building a permanent supply chain or just subsidising a temporary boom. Lucas explains how the credit is structured as a per-unit payment per kilowatt-hour of battery capacity or per kilogram of cathode, which means companies get paid more the more they produce. Luna pushes on whether this creates a race to overproduce, pointing to analysts who worry about a 2028 cliff when the credit steps down. The conversation covers the tension between boosting domestic manufacturing and the risk of dependency on federal subsidies, and closes with a look at what happens if a future Congress sunsets the credit early. #AdvancedManufacturingProductionCredit #Section48C #Section45X #RedwoodMaterials #JBStraubel #InflationReductionAct #BatterySupplyChain #SolarManufacturing #CriticalMinerals #DomesticProduction #TaxCredits #CleanEnergy #SupplyChainResilience #Nevada #Michigan #Georgia #FexingoBusiness #Economics Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Opportunity Zones Became a Billion-Dollar Tax Break

    How Opportunity Zones Became a Billion-Dollar Tax Break
    2026/06/07
    Episode 36 of The Tax Policy Podcast with Fexingo digs into Opportunity Zones—the tax incentive created by the 2017 Tax Cuts and Jobs Act. Lucas and Luna explore how the program was supposed to funnel investment into distressed communities, but instead has channeled billions into luxury hotels, self-storage units, and high-end apartment buildings in gentrifying neighborhoods. They examine the mechanics: how capital gains deferral works, why the Treasury Department gave broad flexibility, and what a 2026 study from the Urban Institute found about actual job creation in designated zones. The episode focuses on one case: a $150 million mixed-use development in a Nashville O-Zone that replaced a working-class trailer park with a Whole Foods and rooftop pool. Listeners learn why the program's design—no clawbacks, no reporting requirements, no community approval—has made it a favorite among real estate investors and a target for reform. #OpportunityZones #TaxCutsAndJobsAct #CapitalGains #TaxPolicy #RealEstate #Gentrification #UrbanDevelopment #Nashville #WholeFoods #TaxIncentives #EconomicDevelopment #WealthInequality #Economics #TaxPolicyPodcast #FexingoBusiness #BusinessPodcast #PodcastEpisode #TaxBreak Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • How Carried Interest Stays Taxed as Capital Gains

    How Carried Interest Stays Taxed as Capital Gains
    2026/06/06
    Episode 35 of The Tax Policy Podcast tackles the carried interest loophole — why private equity and hedge fund managers pay a lower tax rate on their performance fees than most middle-class workers pay on their salary. Lucas and Luna walk through how the tax code treats 'carried interest' as a capital gain rather than ordinary income, saving top fund managers tens of millions per year. They trace the history of the provision back to 1993 and explain why multiple reform bills have failed to close it. Specific numbers: a typical general partner earning $50 million in carried interest in 2026 pays about 23.8% federal tax (20% capital gains plus 3.8% net investment income tax), while a doctor earning $300,000 is in the 35% bracket — nearly 12 percentage points higher. They also discuss the political dynamics, the industry lobbying effort, and what a Biden-era reform might look like if revived. A focused look at one of the most durable and controversial tax preferences in the U.S. code. #CarriedInterest #PrivateEquity #HedgeFunds #CapitalGains #TaxLoophole #TaxPolicy #WealthInequality #Economics #TaxReform #Lobbying #BidenTaxPlan #GeneralPartner #LimitedPartner #InvestmentManagement #TaxCode #FexingoBusiness #BusinessPodcast #Podcast Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How Tax Treaties Prevent Double Taxation

    How Tax Treaties Prevent Double Taxation
    2026/06/06
    Lucas and Luna explore how tax treaties between countries prevent corporations and individuals from being taxed twice on the same income. They break down the mechanics of the OECD Model Tax Convention, residency vs. source-based taxation, and real-world friction points like treaty shopping and the recent global minimum tax agreement. Specific focus on how the US-Netherlands treaty affects multinational tech firms and why some developing nations feel shortchanged. #TaxTreaties #DoubleTaxation #OECD #ModelTaxConvention #InternationalTax #TreatyShopping #GlobalMinimumTax #PillarTwo #MultinationalCorporations #ResidencyBasedTax #SourceBasedTax #WithholdingTax #TaxPolicy #Economics #FexingoBusiness #BusinessPodcast #TaxPolicyPodcast #GlobalTaxReform Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • Why Billionaires Pay a Lower Tax Rate Than Their Housekeepers

    Why Billionaires Pay a Lower Tax Rate Than Their Housekeepers
    2026/06/05
    In this episode of The Tax Policy Podcast, Lucas and Luna unpack the concept of the billionaire tax rate — why the very wealthiest often pay a lower effective tax rate than middle-class workers. They drill into a specific 2021 ProPublica investigation that analyzed IRS data on billionaires like Jeff Bezos, Warren Buffett, and Elon Musk. The hosts explain how unrealized capital gains, the 'buy, borrow, die' strategy, and the stepped-up basis loophole allow massive wealth to escape income tax. They also explore the proposed 'billionaire minimum income tax' in the Biden administration's 2023 budget and why it faces political hurdles. No abstract theory — just the mechanics of a system that taxes work more than wealth. #BillionaireTaxRate #ProPublica #JeffBezos #WarrenBuffett #ElonMusk #UnrealizedGains #BuyBorrowDie #SteppedUpBasis #BillionaireMinimumIncomeTax #EffectiveTaxRate #TaxLoopholes #IncomeTax #WealthInequality #Economics #FexingoBusiness #BusinessPodcast #TaxPolicy #FiscalPolicy Keep every episode free: buymeacoffee.com/fexingo
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    11 分