Tax
CBO Forecasts The National Debt Will Be Twice The Size Of The Economy. Watch Out For Higher Taxes
It is hard to overestimate what a dismal fiscal future the Congressional Budget Office foresees. In its new long-term budget estimate , CBO projects that…
Read MoreRecent Changes in Top Personal Income Tax Rates in Europe
In 2018, revenue from personal income taxes made up 23.9 percent of total tax revenue across OECD countries. Countries tax labor income in various ways through payroll taxes, personal income taxes, and, in some cases, surtaxes. From 2017 to 2020, ten European countries in the OECD changed their top personal income tax rates. Of these ten countries, six cut their…
Read MoreSplit Roll Initiative in California Threatens Property Tax Limitations on Commercial Real Estate
Key Findings: California has one of the nation’s least business-friendly tax environments, ranking 48th on the Tax Foundation’s State Business Tax Climate Index, which measures tax structure. However, the state’s property tax code is a relative bright spot, with the state ranking 14th on that component of the Index. If approved by California voters on…
Read MoreDesigning a Global Minimum Tax with Full Expensing
The work at the Organisation for Economic Co-Operation and Development (OECD) has included plans to propose a global minimum tax. While negotiations are ongoing, it is worth considering a design for the minimum tax that would be neutral toward investment decisions and minimize complexity and compliance costs. Over the summer, a draft of an OECD…
Read MoreSweden’s 2021 Budget: Permanent Income Tax Cuts
As a result of the COVID-19 pandemic, the economies of many countries have been significantly damaged. In Sweden, GDP is expected to fall by 4.6 percent in 2020, despite the country’s lack of business and school lockdowns. In August, Sweden’s unemployment rate was 9 percent. Unsurprisingly, Sweden’s economic recovery is a priority in the upcoming…
Read MoreLooking Back on 30 Years of Carbon Taxes in Sweden
Key Findings Implemented in 1991, Sweden’s carbon tax was one of the first in the world, second only to Finland’s carbon tax, which was implemented a year earlier. Sweden levies the highest carbon tax rate in the world, at SEK 1,190 (US $126) per metric ton of CO2. The tax is primarily levied on fossil…
Read MoreCBO Releases New Long-term Budget Outlook
This week, the Congressional Budget Office (CBO) released its extended baseline projections, an annual update of what federal deficits, debt, spending, and revenues would look like over the next 30 years if current laws remain unchanged. These latest projections take into account the effects of the coronavirus pandemic and resulting economic disruption on revenues and…
Read MoreMaryland Lawmakers Look to Alcohol for New Revenue
Last week, Maryland Senator Antonio Hayes (D) announced that in the next legislative session he will sponsor a bill to increase Maryland’s alcohol excise tax to raise revenue for health-care spending. Specifically, the bill would, if enacted, increase the ad valorem component of the state’s alcohol excise tax from 9 percent to 10 percent. This…
Read MoreRepublican Study Committee Workforce Plan Rethinks Education, Labor, and Welfare Tax Policy
Today, the House Republican Study Committee released a proposal to address education, labor, and welfare policy with the aim of expanding opportunity, liberty, and free enterprise for all Americans. Among the 118 policy recommendations by the task force in the “Reclaiming the American Dream” white paper are several tax policy changes across the education, labor,…
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