Tax

Table of Contents Key Findings State Individual Income Tax Structures Notable Individual Income Tax Changes in 2021 Map: How High are Individual Income Tax Rates in Your State? 2021 State Individual Income Tax Rates and Brackets 2015-2021 State Individual Income Tax Rates and Brackets Notes Key Findings Individual income taxes are a major source of…

The coronavirus relief legislation passed out of the House Ways and Means Committee last week would significantly expand the child tax credit (CTC) for 2021, from its current $2,000 maximum to a fully refundable $3,600 for children 6 and under and $3,000 for children over 6. Monthly payments would be provided based on income tax…

The Family Security Act, recently proposed by Sen. Mitt Romney (R-UT), would replace the Child Tax Credit (CTC) with  a monthly child allowance administered by the Social Security Administration, making the benefit more generous and accessible to low-income households without earned income. The goal of the proposal is to reduce child poverty while simplifying existing…

Table of Contents Key Findings Introduction Basics of Cross-border Taxation The U.S. Cross-border Tax System Changes Made by the Tax Cuts and Jobs Act How Does GILTI Work? Impacts of the Reforms GILTI Changes on the Way Conclusion Appendix Key Findings The U.S. joined many other developed nations in adopting territorial provisions and anti-base erosion…