Tax
Comparing Europe’s Tax Systems: Individual Taxes
Our recently published 2020 International Tax Competitiveness Index (ITCI) measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. This week, we examine how European OECD countries rank on individual taxes, continuing our series on the ITCI’s component rankings. The ITCI’s individual tax component scores OECD…
Read MoreJoe Biden’s 67 Percent Tax on Wealth
Last December, when Joe Biden released the details of his $3 trillion+ tax plan, The Washington Post reported that the presidential candidate rejected calls for a new “wealth” tax on millionaires and billionaires. That was then, this is now. Biden may have rejected a Bernie Sanders-style wealth tax, but as the Tax Foundation’s updated analysis…
Read MoreHow Are Groceries, Candy, and Soda Taxed in Your State?
Even in 2020, jack-o’-lanterns and fake skeletons have popped up in neighborhoods as they do every October, although Halloween may look and play out differently this time around. According to the National Retail Federation, fewer people plan on partaking in Halloween activities, but those that do expect to spend more than usual—and that spending includes…
Read MoreSurprise: Biden and Trump Both Back A Modest Middle-Income Tax Cut
At first glance, the tax agendas of presidential candidates Donald Trump and Joe Biden could not be more different. Biden has offered a detailed tax…
Read MoreZoom Calls Not a Taxing Matter
Last week, Zoom Video Communications announced that, come November, the company will start collecting and remitting local utility and communications taxes in California, New York, Maryland, and Virginia. The specific taxes and their rates vary depending on the state and locality in which the user is located. As an example, in California, the company will…
Read MoreBig Tax Hikes and Lots of Sin: Your Guide to 2020’s State Ballot Measures
There are a lot of state ballot measures affecting tax policy this year. Most were introduced before the pandemic, but all of these votes took…
Read More2021 Tax Brackets
Tax Brackets & Rates Standard Deduction & Personal Exemption Alternative Minimum Tax Earned Income Tax Credit Child Tax Credit Capital Gains Qualified Business Income Deduction Annual Exclusion for Gifts 2020 Tax Brackets 2019 Tax Brackets On a yearly basis the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent…
Read MorePermanently Extending the Tax Cuts and Jobs Act, President Trump Would Cut Taxes by $1.1 Trillion through 2030
During each presidential election, the Tax Policy Center analyzes the tax policies of the two major candidates. This year, TPC estimated the effects of Democratic…
Read MorePresident Trump Wants the Affordable Care Act Overturned. It Would Cut Taxes Substantially for High-Income Households
On November 10—just a week after the election–the US Supreme Court will hear oral arguments in a lawsuit challenging the constitutionality of the Affordable Care…
Read More