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July 16, 2025

Welcome to The Lighthouse, the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.

Dear Readers,

What do tariffs, taxes, and regulations really cost? This week, as trade wars roar back into the news cycle, our contributors unveil new threats to liberty.

As President Trump’s trade agenda resumes after a short-lived hiatus, the Independent Institute has joined Americans Advancing Freedom’s amicus brief to argue against the president’s “Liberation Day” tariffs. Phillip W. Magness and Caleb Petitt summarize the brief and where it stands. From there, Craig Eyermann critiques the fiscal consequences of the Big Beautiful Bill. In a pair of articles, Allen Gindler warns of the cultural shift away from the individual and towards institutional convenience and how burdensome regulations are driving capital and innovation abroad. Finally, Scott Beyer highlights the high cost of corporate taxation to society, not just to the businesses themselves.

Happy reading.

Jonathan Hofer
Managing Editor

Top picks this week
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** Independent Joins Amicus Brief on the Constitutionality of Presidential Tariff Orders ([link removed])
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** The president’s “Liberation Day” tariffs find no sanction under our governing documents or existing statute. ([link removed])
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** by Phillip W. Magness and Caleb Petitt
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If the appellate court upholds a lower court ruling from earlier this year, Trump’s tariffs, which were implemented by executive order rather than the usual legislative process, will be stricken down as unconstitutional exercises of presidential power.
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** One Big Beautiful Bill Increases Need for Reduced Government Spending ([link removed])
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** by Craig Eyermann
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Yes, President Trump’s “One Big Beautiful Bill” delivers some tax relief, but it deepens deficits and increases the need for urgent cuts to government spending.
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** Real Prosperity Begins with the Individual ([link removed])
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** by Allen Gindler
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A visit to Trump Winery shows why success—whether in business or in governance—should ultimately be judged by how well it serves the individual, not by how efficiently it props up institutions or satisfies bureaucratic metrics.
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** The Severe Inefficiency of the Corporate Income Tax ([link removed])
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** Corporations worldwide are in a constant song and dance to avoid the tax by looking less profitable. ([link removed])
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** by Scott Beyer
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Corporate income tax may sound fair to some, but it stifles growth, rewards avoidance, and drives innovation offshore, leaving economies weaker.
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** The Offshoring Exodus: A Strike in Disguise ([link removed])
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** by Allen Gindler
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America's offshoring rate isn't just about cost; it's a quiet rebellion against red tape, high taxes, and bureaucratic burnout, leaving prosperity to thrive elsewhere.
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** UPCOMING EVENT - LAST CALL!
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** What If Everything You Know about the 1619 Project Is Wrong? ([link removed])
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Join us for a reception and conversation on Thursday, July 17, with Research Fellow Jeffrey Rogeres Hummel and Senior Fellow and David J. Theroux Chair Phillip W. Magness on his explosive new book, The 1619 Project Myth!
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