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  • 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
  • How Public Pension Funds Navigate Tax-Exempt Investing

    How Public Pension Funds Navigate Tax-Exempt Investing
    2026/06/05
    Episode 32 of The Tax Policy Podcast explores a seldom-discussed corner of tax law: how public pension funds — like CalPERS, the $500 billion California retirement system — operate in a tax-exempt universe. Lucas and Luna dig into the practical implications: when you're not paying taxes, do you still care about tax-efficient investing? The answer is surprisingly yes. From the pension fund's exemption from unrelated business income tax to the way tax-exempt status influences private equity fee structures and even domestic infrastructure deals, this episode unpacks how a trillion-dollar pool of money plays by tax rules designed for someone else. Listeners learn why pension funds often don't benefit from municipal bond tax exemptions, why they sometimes form offshore blocker corporations, and how the tax code shapes everything from their asset allocation to their negotiating power with fund managers. A concrete window into the tax logic that moves the retirement savings of millions of public workers. #PublicPensionFunds #TaxExemptInvesting #CalPERS #UBIT #UnrelatedBusinessIncomeTax #PrivateEquityFees #MunicipalBonds #BlockerCorporations #TaxEfficientInvesting #FiscalPolicy #Economics #FexingoBusiness #BusinessPodcast #TaxPolicyPodcast #LucasAndLuna #RetirementSavings #InstitutionalInvestors #InfrastructureDeals Keep every episode free: buymeacoffee.com/fexingo
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    7 分
  • How the Child Tax Credit Became America's Biggest Anti-Poverty Program

    How the Child Tax Credit Became America's Biggest Anti-Poverty Program
    2026/06/04
    Lucas and Luna unpack the Child Tax Credit's journey from a modest 1997 provision to the centerpiece of U.S. anti-poverty policy. They walk through the 2021 expansion that cut child poverty nearly in half, the post-expansion cliff when millions of families lost monthly payments, and the current legislative battle over a bipartisan bill that would restore parts of the credit. Along the way, they explain the mechanics—refundability vs. non-refundability, phase-in rates, the difference between expanding coverage and increasing the per-child amount—and why the CTC splits economists who agree on the goal but debate design. Specific numbers include the 2021 temporary expansion to $3,600 per child under six, the 26 percent drop in child poverty from 2020 to 2021, and the current proposed $2,000 per child with a phase-in that starts at $2,500 of earnings. #ChildTaxCredit #TaxPolicy #AntiPoverty #USFiscalPolicy #RefundabilityDebate #TaxExpansion #ChildPoverty #2021Expansion #BipartisanBill #TaxCreditMechanics #FiscalPolicy #Economics #FexingoBusiness #BusinessPodcast #TaxPolicyPodcast #LucasAndLuna #PolicyDesign #SafetyNet Keep every episode free: buymeacoffee.com/fexingo
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    10 分
  • How Carbon Pricing Actually Changes Corporate Behavior

    How Carbon Pricing Actually Changes Corporate Behavior
    2026/06/04
    Episode 30 of The Tax Policy Podcast dives into the real-world impact of carbon pricing on corporate decision-making. Lucas and Luna examine how Canada's federal carbon pricing system—currently at C$80 per tonne and rising to C$170 by 2030—has influenced investment patterns in heavy industry. They explore the concept of 'carbon leakage' and discuss the new Border Carbon Adjustment mechanism proposed by the EU. The episode uses a specific case study: how a cement manufacturer in Ontario shifted production processes and supply chains in response to the carbon price signal. Lucas breaks down the math on how a C$80/tonne price adds about 4% to operating costs for a typical cement plant, and why that margin matters. They also touch on the political debate around carbon taxes versus cap-and-trade, and whether corporate lobbying has actually shifted as the price escalates. A concrete look at how a tax designed to change behavior does—or doesn't—work in practice. #CarbonPricing #ClimateTax #CorporateBehavior #CanadaCarbonTax #BorderCarbonAdjustment #CarbonLeakage #EUCBAM #CementIndustry #IndustrialDecarbonization #TaxPolicy #Economics #FexingoBusiness #BusinessPodcast #CarbonTax #CapAndTrade #GreenTax #FiscalPolicy #ClimateEconomics Keep every episode free: buymeacoffee.com/fexingo
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    9 分