Tax
Two Roads Diverge in the OECD’s Impact Assessment
Last week, the OECD released an impact assessment alongside blueprints for Pillar 1 and Pillar 2 proposals for changing international tax rules. Pillar 1 would change where highly profitable companies pay taxes and Pillar 2 would bring about a global minimum tax. The impact assessment estimates revenue effects from both pillars as well as effects…
Read MoreTop Rates in Each State Under Joe Biden’s Tax Plan
Democratic presidential nominee Joe Biden’s tax plan would yield combined top marginal state and local rates in excess of 60 percent in three states: California (62.64 percent), Hawaii (60.34 percent), and New Jersey (60.09 percent). Marginal rates would also exceed 60 percent in New York City (62.03 percent). Calculating Top Marginal Rates Under the Biden…
Read MoreWho Owns US Stock? Foreigners and Rich Americans.
Our new analysis shows that foreign investors owned about 40 percent of US corporate equity in 2019, up substantially over the last few decades. Retirement…
Read MoreWhat Trump’s Tax Returns Reveal About Wealth Inequality And Slower Economic Growth
The New York Times account of President Trump’s tax returns reveal far more than his personal ability to avoid taxes. They show how the tax…
Read MoreHow Would Biden’s Tax Plan Change the Competitiveness of the U.S. Tax Code?
Our International Tax Competitiveness Index has been used to compare the tax systems of OECD countries since 2014. At the beginning of that period, the United States ranked 28th out of 36 countries in the Index. Following the 2017 U.S. tax reform, the rank improved dramatically to 20th, and the U.S. now ranks 21st. The…
Read MoreTPC Updates Its Analysis: Biden Would Raise Taxes by $2.4 Trillion, Nearly All On Business and High Income Households
Democratic presidential candidate Joe Biden’s current campaign plan would raise taxes by $2.4 trillion over the next decade, about 0.9 percent of Gross Domestic Product…
Read MoreRole of the 2017 Tax Reform in the Nascent U.S. Economic Recovery
While there is still plenty of work to be done to get unemployed Americans back to work, the U.S. economy as a whole is now recovering strongly from the pandemic-induced economic downturn, outperforming forecasts from earlier in the year and outperforming most other developed countries. The Atlanta Federal Reserve’s “nowcast” indicates that the U.S. economy…
Read MoreHow Many Sales Tax Jurisdictions Does Your State Have?
Online shopping is nothing new in our increasingly digital world, but 2020’s extended lockdowns due to the coronavirus pandemic have made it even more popular. You can order groceries, get a hot meal delivered, or even buy a kite for socially-distanced fun, all without leaving your couch. The system is simple and streamlined—at least for…
Read MoreReviewing the Commitment to American GROWTH Act
Last week, Congressman Kevin Brady (R-TX) and U.S. House Minority Leader Kevin McCarthy (R-CA) introduced H.R. 11, the Commitment to American GROWTH Act, outlining an alternative to Democratic presidential nominee Joe Biden’s tax vision. The proposal would address upcoming expirations of the 2017 Tax Cuts and Jobs Act (TCJA) and create or expand other tax…
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