Tax
No Chance for A Romantic Dinner in Your Favorite Restaurant on Valentine’s Day? Try TPC’s Marriage Calculator Instead
Depressed that you won’t be dining out in a romantic restaurant with your loved one this Valentine’s Day? The Tax Policy Center has a prescription…
Read MoreReliance on Corporate Income Tax Revenue in Europe
A recent report on tax revenue sources shows the extent to which OECD countries rely on different tax types. Today’s map looks at the corporate income tax, which, compared to individual taxes, social insurance taxes, and consumption taxes, generates a relatively small share of tax revenue in Europe. In 2019—the most recent year for which…
Read MoreSources of Government Revenue in the OECD, 2021
Table of Contents Key Findings Introduction Average OECD Revenue Sources Revenue Sources, 2019 Compared to 1990 Sources of Tax Revenue — Sources of Tax Revenue by Region — Sources of Tax Revenue by Level of Government Conclusion Appendix (Tables) document.getElementById(‘global-exploration-widget’).innerHTML = widgetHTML(“https://taxfoundation.org/wp-content/themes/tf-wp-theme”, “https://taxfoundation.org”); Key Findings In 2019, OECD countries raised on average one-third of their…
Read MoreAn “Interest”ing Tax Hike in the COVID-19 Relief Proposal
As the House Ways and Means Committee continues working on the latest round of fiscal relief amid the pandemic, one curious provision in the legislation is a tax hike on multinational companies. One section of the legislation would repeal a provision in current law that allows U.S. multinationals to choose to allocate their interest costs…
Read MoreTPC Finds the Ways & Means Pandemic Relief Plan Mostly Helps Low- and Moderate-Income Households, But Higher Income Families Benefit as Well
The major tax provisions of the pandemic relief bill proposed by House Ways & Means Committee Democrats on January 8 would reduce 2021 federal taxes…
Read MoreHouse Ways and Means Committee Takes First Steps Toward Additional Coronavirus Relief Legislation
The nine legislative measures released by the House Ways and Means Committee under the budget reconciliation instructions begins to put legislative text to Congress’ next round of pandemic relief. The nine measures comprise more than half of the $1.9 trillion in additional coronavirus-related relief put forth by congressional Democrats and President Biden. The Ways and…
Read MoreMaryland’s Digital Advertising Tax Is Unworkably Vague
Key Findings In addition to its economic impact on Maryland businesses and the likelihood of serious legal challenges, Maryland’s proposed digital advertising tax is incredibly vague on vital definitions, creating uncertainty about where revenue is sourced and when it is subject to the tax. The legislation’s ambiguity could lead to double taxation, with multiple entities…
Read MoreAdvancing Child Tax Credit Payments Makes Good Sense, But the IRS Will Need Funds to Pull It Off.
The plan to expand the Child Tax Credit (CTC) proposed yesterday by House Ways & Means Committee Democrats included an important new feature—the IRS would…
Read MoreTax-A-Rama in Maryland
The potential override of Gov. Larry Hogan’s (R) veto of a digital advertising tax (HB732) looms large over the current legislative session in Maryland, though it is only one of many tax proposals under consideration in the state. House Bill 732 passed with a veto-proof majority in 2020, and, if lawmakers override the governor’s veto,…
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