Taxes

August 17, 2023August 19, 2023 Summary of the Tax Credits Claimed on the Form 1040, Tax Year 2020 In tax year 2020, taxpayers claimed more than 159 million tax credits on their individual income tax returns worth a total of more than $277 billion. That was an increase of $35.3 billion from tax year 2019,

US Tax Revenue by Tax Type, 2024 Update | Tax Foundation Skip to content Table of Contents Policy and economic differences among OECD countries have created variances in how they raise taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of

Dividend Tax Rates in Europe, 2023 | Tax Foundation Maps Skip to content Many countries’ personal income 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. systems tax various sources of individual income—including investment

OECD Tax Revenue by Country: Sources of Government Revenue Skip to content Home • Data • Sources of Government Revenue in the OECD, 2024 Table of Contents Developed countries raise 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

Economic Nexus Treatment by State, 2024 Skip to content Table of Contents Sales taxes are an important revenue source for states that maintain them. All states except Alaska, Delaware, Montana, New Hampshire, and Oregon have statewide sales taxes. While the state has no such taxA tax is a mandatory payment or charge collected by local,

2024 Capital Gains Tax Rates in Europe | Tax Foundation Skip to content Home • Data • Capital Gains Tax Rates in Europe, 2024 Table of Contents In many countries, investment income, such as dividends and capital gains, is taxed at a different rate than wage income. Today’s map focuses on how capital gains taxA

Tax Calculator: How the TCJA Expiration Will Affect You Skip to content Table of Contents Congress has less than two years to prevent 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. hikes on

UN Tax Cooperation: International Tax Cooperation Skip to content Home • Research • Research • Tax Foundation Response to UN Request for Public Input on a Framework Convention on International Tax Cooperation Table of Contents Latest Updates Updated to reflect the latest UN request for public input. Originally published. See Full Timeline The TaxA tax

Presented by: Jared Walczak Manish Bhatt Property taxes are a mainstay of local government finance, but soaring tax burdens have many homeowners clamoring for relief—and in some states, they’re propelling movements to dramatically reduce reliance on property taxes or to eliminate them altogether. A well-designed property tax is more neutral, transparent, and economically efficient than

“Bring Chicago Home” Ballot Measure: Chicago “Mansion Tax” Skip to content Home • Blog • A Chicago “Mansion Tax” Would Hurt Small Businesses, Customers, Employees, and Renters During Illinois’ primary election on March 19th, Chicago voters will decide whether to change the city’s real estate transfer taxA tax is a mandatory payment or charge collected

Portugal Property Tax and Transfer Tax: If It Moves, Stop Taxing It. Skip to content Home • Blog • Property and Transfer Tax: If It Moves, Stop Taxing It. Note: This post is part of a series on Portugal’s taxA tax is a mandatory payment or charge collected by local, state, and national governments from

Nebraska EPIC Option | Consumption Tax Plan: Details & Analysis Skip to content Table of Contents Key Findings A potential Nebraska ballot initiative, known as the EPIC Option, would eliminate all income, property, and inheritance taxes and replace them with a statewide consumption taxA consumption tax is typically levied on the purchase of goods or

Who Pays Federal Income Taxes? Latest Federal Income Tax Data Skip to content Table of Contents New Internal Revenue Service (IRS) data on individual income taxes for 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,

Taxes and Migration: New Evidence from Academic Research Skip to content Home • Blog • Taxes and Migration: New Evidence from Academic Research Do taxes affect individuals’ decisions regarding where to live and work? Can high taxes cause the outmigration of wealthy individuals? If so, why should national and state governments care about that? Academics

Illinois Governor Pritzker Budget Tax Proposals (FY 2025) Skip to content Home • Blog • Evaluating the Proposed Tax Changes in Illinois Governor’s FY 2025 Budget In his FY 2025 budget, Illinois Gov. J. B. Pritzker (D) outlined numerous proposed taxA tax is a mandatory payment or charge collected by local, state, and national governments

US-China Competition: Technology & R&D Tax Treatment Skip to content Home • Blog • U.S. Must Fix R&D Treatment to Compete with China As the United States Senate debates a tax deal that would (among other things) restore neutral taxA tax is a mandatory payment or charge collected by local, state, and national governments from

Supply-Side Economics vs. Industrial Policy: TCJA, IRA, CHIPS Act 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 (TCJA), enacted in

Maryland Ready-to-Drink Cocktail Tax Proposal Skip to content Home • Blog • Maryland Proposes a Lower Tax Category for Ready-to-Drink Cocktails Recent innovations in alcohol production have created a boon for alcoholic beverage consumers. However, taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to

Biden State of the Union Address: Tax Proposals | Tax Foundation Skip to content Table of Contents President Biden’s 2024 State of the Union Address presented a vision of higher taxes for American businesses and high earners combined with carveouts, credits, and more complex rules for taxpayers at all income levels. Rather than aiming for

OECD Pillar One and Future of Digital Services Taxes | Testimony Skip to content Table of Contents Note: The following is the testimony of Daniel Bunn, President & CEO of 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