Taxes

Tim Scott Tax Plan: Details & Analysis | Tax Foundation Skip to content Home • Blog • Tim Scott Suspends 2024 Campaign but the Need for His Cost Recovery Tax Policies Remains In mid-November, U.S. Senator Tim Scott (R-SC) suspended his 2024 presidential campaign. Scott’s decision is a loss for taxpayers and people interested in

Business Tax Reform Critical to Capital Investment Set to Expire Soon Skip to content Home • Blog • Risks to Worldwide Investment as Capital Allowances Began to Phase Out in 2023 Capital investment is critical for driving innovation and sustainable economic growth. Unfortunately, some countries’ important investment incentives are scheduled to decrease in the coming

UK Full Expensing to Be Made Permanent | Tax Foundation Skip to content Home • Blog • Full Expensing to Be Made Permanent in the United Kingdom In his Autumn Statement released today, British Chancellor Jeremy Hunt announced that full expensingFull expensing allows businesses to immediately deduct the full cost of certain investments in new

State and Local Tax Collections Per Capita by State (FY 2021) Skip to content Table of Contents Contrary to initial expectations, the pandemic years were good for state and local taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general

EU Tax Observatory’s Extreme View on the Global Minimum Tax | Tax Foundation Skip to content Home • Blog • Assessing the EU Tax Observatory’s View on Profit Shifting and the Global Minimum Tax Last month, the EU Tax Observatory released a report documenting “Global TaxA tax is a mandatory payment or charge collected by

Is EU VAT Compliance Actually Improving? Skip to content Home • Blog • Is EU VAT Compliance Actually Improving? According to the latest “VAT Gap” report published by the European Commission (EC), value-added tax (VAT)A Value-Added Tax (VAT) is a consumption tax assessed on the value added in each production stage of a good or

Federal Tax Complexity & Costs Demand Reform | Tax Foundation Skip to content Home • Research • Research • Testimony: The Costs and Complexity of the Federal Tax Code Demand Reform Table of Contents Latest Updates Below is the testimony of Dr. William McBride from April 18, 2023. To see the most recent version of

Personal Saving, Retirement, and Taxes | Tax Foundation Skip to content Home • Blog • Dwindling Savings and Increasing Financial Stress Highlights Need for Tax Reforms As Americans consider their holiday plans, policymakers and economists have been focusing on the state of the U.S. economy and whether the bonanza of consumer spending over the past

2024 Tax Brackets and Federal Income Tax Rates | Tax Foundation Skip to content Table of Contents See 2023 Tax Brackets See 2022 Tax Brackets On a yearly basis, the Internal Revenue Service (IRS)The Internal Revenue Service (IRS) is part of the U.S. Department of the Treasury and is responsible for enforcing and administering federal

Carbon Tax Rankings: Matching Their Promise | Tax Foundation Skip to content Table of Contents Key Findings Carbon taxA carbon tax is levied on the carbon content of fossil fuels. The term can also refer to taxing other types of greenhouse gas emissions, such as methane. A carbon tax puts a price on those emissions

Making 2017 Tax Reform Permanent: Details & Analysis Skip to content Table of Contents Key Findings The TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Cuts and Jobs Act of 2017 (TCJA) overhauled

Jeff Bezos Move Undercuts Proposed Washington Wealth Tax Skip to content Home • Blog • Jeff Bezos’s Move Undercuts Proposed Washington State Wealth Tax Jeff Bezos announced a move to Miami, and somewhere, a Washington state revenue official was probably moved to tears. Bezos sold about $15.7 billion worth of Amazon stock between 2020 and

Taxes on Wireless Services: Cell Phone Tax Rates by State Skip to content Home • Data • State Taxes • Excise Taxes and Fees on Wireless Services Drop Slightly in 2023 Table of Contents Key Findings A typical American household with four phones on a “family share” plan paying $100 per month for taxA tax

Marketplace Facilitator Laws: Past, Present, and a Better Future Skip to content Table of Contents Key Findings For decades, Supreme Court precedent held that marketplace facilitators (remote sellers) were not subject to state and local sales taxA sales tax is levied on retail sales of goods and services and, ideally, should apply to all final

UK Business Investment Increases After Pro-Growth Tax Reforms Skip to content Table of Contents Key Findings The UK Office of National Statistics has reported a significant increase in business investment in the UK since the adoption of two pro-investment reforms to capital cost (depreciationDepreciation is a measurement of the “useful life” of a business asset,

TCJA Strongly Boosted Corporate Investment, Study Finds Skip to content Home • Blog • New Study Finds TCJA Strongly Boosted Corporate Investment The 2017 Tax Cuts and Jobs Act (TCJA)The Tax Cuts and Jobs Act in 2017 overhauled the federal tax code by reforming individual and business taxes. It was pro-growth reform, significantly lowering marginal

October is economic education month. An important part of economic education is understanding how taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. es affect the economy. On this special episode of The Deduction,

Do People Really Move Because of Taxes? | TaxEDU Skip to content Home • Blog • The Short Form: Do People Really Move Because of Taxes? This is part of our educational blog series, “The Short Form,” to simplify tax issues and explore the world through the lens of tax policy. Learn more about taxes

California Menthol Ban Results Mixed, with Illicit Market Thriving Skip to content Home • Blog • Californians Still Smoking Menthol after Ban: Evidence from a Discarded Pack Audit It’s been almost a year since California banned the sale of all flavored tobacco products, and the big question is: did it work? While legal sales are

Capital Cost Recovery under BEFIT vs EU Member State Policies Skip to content Home • Blog • European Tax Policy Scorecard: Capital Cost Recovery under BEFIT versus Current Member State Policies On 12 September, the European Commission released the Business in Europe: Framework for Income TaxA tax is a mandatory payment or charge collected by