Tax
How Much Will Future Retirees Receive in Lifetime Social Security and Medicare Benefits?
Typical millennial couples born in 1995 who retire in 2060 are scheduled to receive about $2.2 million in lifetime Social Security and Medicare benefits, approximately…
Read MoreTreasury Pick Yellen Likes Carbon Taxes and More Pandemic Relief, But Not The TCJA
Janet Yellen, president-elect Joe Biden’s pick for Treasury Secretary, would come to the job with largely predictable views on tax policy for a mainstream, center-left…
Read MoreNew York Lawmaker Looks to Sin Taxes Once More
This month, New York Assemblywoman Linda Rosenthal (D) introduced A11123 which, if enacted, would increase the excise tax on ”other tobacco products” (including cigars) from 75 percent to 129 percent of wholesale value and the excise tax on vapor products from 20 percent to 48 percent of retail value. Excise taxes on tobacco products are…
Read MoreTax Prom 2020: A Tribute to Congressional Staff
Every year, for over 80 years, the Tax Foundation has hosted its end-of-year gala, Tax Prom, to bring together the tax community in a spirit of bipartisanship and to celebrate the hard work of the year. In 2020, like so many other things, Tax Prom was a little different. Instead of gathering in person, we…
Read MoreCigarette Taxes and Cigarette Smuggling by State, 2018
Key Findings: Excessive tax rates on cigarettes in some states induce substantial black and gray market movement of tobacco products into high-tax states from low-tax states or foreign sources. New York has the highest inbound smuggling activity, with an estimated 53.2 percent of cigarettes consumed in the state deriving from smuggled sources in 2018. New…
Read MoreReviewing Effective Tax Rates Faced by Corporate Income
Among President-elect Joe Biden’s proposals is increasing taxes on corporate income, both at the entity level and at the shareholder level. If enacted, Biden’s plan would reduce after-tax income for corporations and shareholders across the income distribution, reduce economic growth by over 1.5 percent, and eliminate more than half-a-million jobs. Increasing taxes on corporate income…
Read MoreImproving State Tax Collections Don’t Let Congress Off the Hook on COVID-19 Relief
As the lame duck Congress considers further stimulus for an economy that is rebounding but still deeply troubled , Senate Majority Leader Mitch McConnell (R-KY)…
Read MoreComparing Europe’s Tax Systems: International Tax Rules
Today’s map looks at how European OECD countries rank on international tax rules and is the last in our series examining each of the five components of our 2020 International Tax Competitiveness Index (ITCI). International tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of…
Read MoreNo ‘Stealth Tax Hike’ in 2021, but Individual and Business Tax Increases Loom
As taxpayers and policymakers consider the prospects for federal tax policy in 2021, it is important to also consider how existing tax law may change in 2021 and over the next five years. While there are many tax changes built into the tax code over the coming years for individuals and businesses, the recent claim…
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