Tax
Massachusetts Flavored Tobacco Ban Has Severe Impact on Tax Revenue
Since June 1, 2020, Massachusetts has banned the sale of flavored tobacco products, including menthol cigarettes. When signing the ban into law, Gov. Charlie Baker (R) argued that the ban, which is the broadest in the country, was enacted to limit youth uptake of nicotine products. While youth uptake is a very real concern which deserves the…
Read MoreHow Much Has the Pandemic Affected President-elect Biden’s Opportunity to Chart a New Course?
Largely as a consequence of the pandemic, trillions of dollars have been flowing out of the Treasury’s coffers. The Congressional Budget Office (CBO) projects the…
Read MorePresident-elect Biden Outlines Plan for Additional Coronavirus-Related Relief and Stimulus
In releasing details of his coronavirus relief plan Thursday evening, President-elect Joe Biden envisions a two-part response to the pandemic and economic crisis. The first aspect builds on previous rounds of relief enacted in 2020, and would provide larger payments to individuals, expanded relief for households and small businesses, funding for vaccine distribution, and aid…
Read MoreDay 2 of OECD Consultation on International Tax Reform Blueprints
On Friday, the Organisation for Economic Co-operation and Development (OECD) hosted the second of two days of a public consultation on changes to international corporate tax rules. The consultation is in the context of the Inclusive Framework on Base Erosion and Profit Shifting which is made up of delegates from more than 135 countries and…
Read MoreWhat to Expect During the 2021 Tax Season
In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season unique for taxpayers and for the IRS. Congress introduced several tax policy changes in 2020 that will impact…
Read MoreBiden's Huge Pandemic Relief Plan Would Cut Taxes for Low- and Moderate-Income Households
President-elect Joe Biden proposed a new $1.9 trillion pandemic relief plan last night that would substantially cut taxes for low- and moderate-income households, especially those…
Read MoreDay 1 of OECD Consultation on International Tax Reform Blueprints
On Thursday, the Organisation for Economic Co-operation and Development (OECD) hosted the first of two days of a public consultation on changes to international corporate tax rules. The consultation is in the context of the Inclusive Framework on Base Erosion and Profit Shifting, which is made up of delegates from more than 135 countries and…
Read MoreCongress Can Help State and Local Governments Prepare for a Rainy Day Without Repealing the SALT Cap
With Joe Biden in the White House and narrow control of the Congress, Democrats are likely to try to restore the full state and local…
Read MoreIntegrated Tax Rates on Corporate Income in Europe
In most European OECD countries, corporate income is taxed twice, once at the entity level and once at the shareholder level. Before shareholders pay taxes, the business first faces the corporate income tax. A business pays corporate income tax on its profits; thus, when the shareholder pays their layer of tax they are doing so…
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