Tax
TPC Updates Its Online Briefing Book
To follow significant fiscal changes, such as those being driven by the legislative responses to the COVID-19 pandemic, it helps to have a background in…
Read MoreComplexity of VATs in Europe
Businesses are required to remit Value-Added Taxes (VAT) on goods and services sold to final consumers. The administrative burden of complying with the tax varies significantly across countries. Today’s map shows how complex—or simple—it is to remit VAT in European countries. One way of estimating the VAT’s administrative burden is to measure the time needed…
Read MoreSports Betting Will Not Solve State Budget Crises
The coronavirus pandemic has left states and localities in dire straits financially and lawmakers are getting creative in their pursuit of new revenue sources. Sports betting is one such source. However, it is very unlikely that revenue from sports betting will have any meaningful impact on budget shortfalls. States legalizing sports betting in the hopes…
Read MoreIf Trump Curbs New COVID-19 Aid To State and Local Governments, He Will Help Defund The Police
President Trump has taken a strong position against calls by some on the political left to “defund” police departments. At the same time, he continues…
Read MoreHow High Are Taxes on Recreational Marijuana in Your State?
As the public grows more supportive of recreational marijuana, states deciding to legalize it must figure out their approach toward taxing cannabis sales. Eleven states (Alaska, California, Colorado, Illinois, Maine, Michigan, Massachusetts, Nevada, Oregon, Vermont, and Washington) and the District of Columbia have legalized the use and possession of recreational marijuana, but only nine of these jurisdictions…
Read MoreThe COVID-19 Crisis Reveals The President’s Misplaced Budget Priorities
Presidential Budgets reveal much about the priorities of an administration. President Trump’s fiscal year 2021 budget, released in early 2020, proposes almost no additional resources…
Read MoreA Road Map to Recreational Marijuana Taxation
Key Points: Legal recreational marijuana sales are ongoing in nine states, covering 27 percent of the U.S. population. In 2018, 10.5 percent of adult Americans had used marijuana products in the last 30 days. States have designed different excise tax systems for recreational marijuana. While most tax based on price, states also tax marijuana based…
Read MoreCalifornia Senate Bill Seeks Tax Credit Transparency from Large Corporations but Misses the Mark
If enacted, California Senate bill SB 972 would require the public posting of an annual list of corporate taxpayers whose gross receipts met or surpassed $5 billion in the previous year, starting in 2021. The list would “include the name and tax liability of each taxpayer, the taxable year for which the return is filed,…
Read MoreCOVID-19-Related Policies Can Better Boost the Economy By Targeting Less To Savers
Congress has responded to the COVID-19 pandemic-induced economic slowdown by putting hundreds of billions of dollars directly into people’s pockets. Much of this came from…
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