Tax

The coronavirus crisis has broken out just as many firms and individuals are completing returns for the 2019 tax year. In response, the U.S. Treasury Department has pushed the April 15 tax payment deadline to July 15. However, taxpayers still have to file their tax returns by the usual April 15 deadline. Lawmakers, business owners,…

During the coronavirus outbreak, Italy has been hit especially hard. Policymakers have introduced numerous measures to stem the spread of the virus and provide relief to businesses that are facing a severe downturn. The government is providing both broad and narrow relief. The liquidity crunch is particularly challenging for banks. As businesses and families lose…

Senator Bernie Sanders (I-VT) would increase federal taxes by more than $23 trillion over 10 years, according to a new analysis by the Tax Policy…

The United States has very little experience coping with pandemics, let alone their fiscal implications. As the crisis progresses, state leaders may be inclined to…

In today’s globalized economy, many businesses make foreign investments in countries around the world. Taxes—among many other factors—play a role in business decisions on whether and where such investments are made. Today’s maps look at the cross-border corporate effective average tax rates (EATR) on investment among 32 European countries. Cross-border EATRs capture both domestic and…

The coronavirus-related lockdowns and quarantines are causing a major but temporary pause in economic activity. Many jobs and paychecks have been suspended. Congress and the Trump Administration are exploring tax relief and changes to unemployment benefits for individuals. Many businesses will experience a sharp reduction in cash flow, impairing their ability to make payroll, rent,…

The current coronavirus outbreak has policymakers around the world advancing policies to counteract the economic effects of the crisis. Those economic effects are likely to be severe, and policymakers should consider how the structure of their tax systems might result in deep revenue losses or hamper an economic recovery once the health risks have subsided.…

Democrats and Republicans seem to be reaching a growing consensus that one way the federal government can respond to the coronavirus pandemic is to send…

Representative Debbie Wasserman Schultz (D-FL) is proposing to levy a federal excise tax on spring water extraction—also known as a severance tax. Her bill, Save Our Spring Act of 2020, would impose a tax of $0.06 per gallon of water extracted from springs or underground water sources for use as bottled drinking water. Revenue from…