Tax
Ranking Corporate Income Taxes on the 2021 State Business Tax Climate Index
In the coming weeks, we will break down our recently released 2021 State Business Tax Climate Index with maps illustrating each of the five major components of the Index: corporate, individual, sales, property, and unemployment insurance taxes. Today we look at states’ rankings on the corporate tax component, which accounts for 20.8 percent of each state’s overall rank. The corporate tax…
Read MoreWho Gets the Tax Benefit For Those Checkout Donations?
If you’ve shopped recently at your supermarket, there’s a good chance you faced a choice at the checkout counter: Whether to give to a charity. But like so much else these days, these giving opportunities have become controversial.
Read MoreBiden’s Call for More Tax Credits Further Complicates the Tax Code
Over the course of the 2020 presidential election campaign, Democratic nominee Joe Biden has proposed new tax credits for health insurance, child care, elderly care, and homeownership, in addition to expansions of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC). These proposals increase spending through the tax code and amplify the redundancy,…
Read MoreBipartisan House Bill Introduced to Further Encourage Retirement Savings
Last week, Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced legislation to encourage saving for retirement. The bill, titled Securing a Strong Retirement Act, offers more than 30 changes to simplify and expand the use of different types of retirement accounts. This proposal builds on the SECURE…
Read MoreTracking 2020 State and Local Tax Ballot Measure Results
Our state policy team recently compiled and analyzed the most notable 2020 ballot measures, including proposed income tax changes (Arizona Proposition 208, Colorado Proposition 116, Illinois Allow for Graduated Income Tax Amendment), property tax changes (California Proposition 15, Colorado Amendment B,) and excise tax changes (Arizona Proposition 207, Colorado Proposition EE, Montana I-190, New Jersey…
Read MoreSpain’s Recovery Budget Comes with Tax Hikes
Spanish taxpayers are facing several tax hikes in addition to the two major taxes—a financial transactions tax (FTT) and a digital services tax (DST)—approved by Spain’s upper house less than two weeks ago. The coalition government this week presented the 2021 budget which includes a 53 percent increase in non-financial public spending from last year,…
Read MoreA Preliminary Look at 2019 Tax Data for Individuals
The IRS has released tax data covering the first 30 weeks of the tax season, providing a glimpse of how individual taxpayers fared in 2019, the second tax year under the Tax Cuts and Jobs Act (TCJA). The preliminary data provides aggregate information by income group on a range of topics, including sources of income…
Read MoreThe Unintended Consequences of Higher Corporate Taxes on Income Inequality
Taxes paid by corporations and income inequality are both topics of national attention, particularly during the ongoing 2020 presidential campaign. Increasing the corporate tax rate is often offered as a solution to income inequality because higher-income individuals tend to own more corporate shares than others and may bear the burden of a tax increase on…
Read MoreBiden’s Proposed Tax Hikes Would Do Little to Slow The Economy
Former Vice President’s tax proposals would have only modest effects on the economy, according to a new report by the Tax Policy Center (TPC). His…
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