Tax
IRS Signals Approval of Entity-Level SALT Cap Workaround, But States Should Still Think Twice
In proposed regulations released this week, the Department of the Treasury and the Internal Revenue Service (IRS) have signaled their intention to bless one type of state workaround for the $10,000 State and Local Tax (SALT) deduction cap: entity-level taxes that allow owners of pass-through businesses to pay an additional state tax at the business…
Read MoreNew Jersey May Be the First State Without an Excise Tax Levy on Recreational Marijuana
Last week, New Jersey’s legislature took the first step towards making recreational marijuana legal when Senator and Majority Whip Nicholas P. Scutari (D) and Senate President Stephen M. Sweeney (D) introduced Senate Bill 21 (S21), New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act. If enacted, S21 would legalize and tax recreational marijuana in…
Read MoreProspects for Federal Tax Policy After the 2020 Election
As Americans receive more clarity on the outcome of the 2020 presidential and congressional elections, the prospects for federal tax policy headed into 2021 are also becoming clearer. A Biden administration may have to work with a Republican Senate majority (pending the results of runoff elections in Georgia) and a Democrat-controlled House to navigate various…
Read MoreCould a Divided Congress Approve Biden’s Ambitious Tax Agenda? Maybe More Than You Think
The conventional wisdom is that President-elect Joe Biden’s ambitious tax agenda will die in a GOP Senate, but some elements could pass.
Read MoreTPC Revises Its Revenue Estimate of Biden’s Tax Plan Downward to $2.1 Trillion Over 10 Years
The Tax Policy Center has revised its analysis of former Vice President Joe Biden’s tax plan. TPC’s new analysis finds Biden’s tax proposals would raise…
Read MoreComparing Europe’s Tax Systems: Consumption Taxes
Today we examine how European countries rank on consumption taxes, continuing our map series on our recently published 2020 International Tax Competitiveness Index (ITCI). The ITCI measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems, looking at corporate income taxes, individual taxes, consumption taxes, property taxes, and the international tax…
Read MoreCalifornia and Colorado Voters Resist Temptation to Shift More of Property Tax Burden to Businesses
In Tuesday’s election, voters in two states—California and Colorado—were tasked with deciding whether to amend their states’ constitution to change how the property tax burden is distributed. In many ways, the ballot measures were mirror images of each other, but the outcomes were similar. California Proposition 15 sought to shift more of the property tax…
Read MoreElection Analysis: Why Voters Split the Difference on Income Tax Measures
Illinois voters rejected a high graduated rate income tax while Arizonans embraced a large income tax rate increase for high earners, among the many attention-grabbing results from Tuesday’s elections—most of which, admittedly, weren’t about taxes. Coloradans, meanwhile, ratified an income tax cut in a year that many expected voters to instead be weighing in on…
Read MoreElection Analysis: Recreational Marijuana Now Legal in Four More States
Tuesday, voters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana. The vote was only close in one state, South Dakota. That raises the total to 15 states plus the District of Columbia that have legalized recreational marijuana one way or another. Recreational marijuana has been a hot…
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