Tax
Financial Transaction Taxes in Europe
Since the 2008 financial crisis, financial transaction taxes (FTTs) have been debated as a potential instrument to address financial market instabilities and as a source for tax revenue. Today’s map shows which European OECD countries impose a type of FTT. FTTs are levied on the trade in financial instruments such as stocks, bonds, or derivatives.…
Read MoreHow Could the United States Pay for Reparations?
A few years ago, Ta-Nehesi Coates wrote a powerful essay, “The Case for Reparations” for The Atlantic . Reparations, he affirmed, would help close the…
Read MoreSummary of the Latest Federal Income Tax Data, 2021 Update
The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2018, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1] The new data shows how taxes changed in the first tax year after passage of the Tax Cuts and Jobs Act (TCJA) in December…
Read MoreState Corporate Income Tax Rates and Brackets for 2021
Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Ten states—Arizona, Colorado, Florida, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, South…
Read MoreWhat Do You Think About Taxes?
We’re one month into 2021. There’s a pandemic, an economic slump, and a new president and vice president. Congress is considering another pandemic relief bill and may address new tax proposals too. And tax season starts next week. There’s no time like the present to ask my friends and family what they think about taxes!
Read MoreHow Biden Can Expand And Better Target the Child Tax Credit
In a recent blog , I looked at two ways Congress could refocus those $1,400 per person relief payments on those who need it most…
Read MoreModeling Different Proposals for Round Three Direct Payments
President Joe Biden is calling for a third round of economic impact payments to households as part of his $1.9 trillion American Rescue Plan. Under the plan, the payments would be $1,400 per person, topping off the recent round of $600 payments for a combined $2,000 per person. Senate Republicans have proposed payment amounts of…
Read MoreThirteen Priorities for Pro-Growth Tax Modernization in Nebraska
Note: Below is an excerpt from our recent guide, “Thirteen Priorities for Pro-Growth Tax Modernization in Nebraska.” To see the full report, click the “Download PDF” link above. Executive Summary Nebraska’s motto promises “Good Life. Great Opportunity.” It is a promise on which policymakers have long worked hard to deliver, and residents take great pride…
Read MoreWashington State Lawmakers Considering New Bans and Higher Taxes on Nicotine Products
Washington lawmakers have proposed a bill (SB5266) that would make it the second state to ban all flavored tobacco and the first to impose a nicotine cap on vapor products, and would increase taxes on vapor to among the highest in the nation. The excise tax on vapor products will, if enacted, be levied at…
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