Taxes

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

Tangible Personal Property Taxes by State, 2024 | Tax Foundation Skip to content Does Your State Have a Small Business Exemption for Machinery and Equipment? In most states, businesses not only pay taxes on their real property (land and structures), but also on their machinery, equipment, fixtures, and supplies, which are classified as tangible personal

The Short Form: Why Your Tax Refund Is Nothing to Celebrate Skip to content Home • Blog • Why Your Tax Refund Is Nothing to Celebrate This is part of our educational blog series, “The Short Form,” to simplify taxA tax is a mandatory payment or charge collected by local, state, and national governments from

Portugal Corporate Taxes Stifle Investment and Economic Growth Skip to content Home • Blog • Portugal’s Corporate Taxes Stifle Investment and Economic Growth 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 individuals or businesses to cover the

Virginia Sales Tax Reform Proposal: B2B Digital Services Skip to content Home • Blog • Virginia Considers Expanding Its Sales Tax Base to B2B Digital Services What is the difference between good and bad taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover

Medicare & Social Security Tax Options for Sustainability Skip to content Home • Blog • Sustainably Reforming Social Security and Medicare Will Need More than Just Tax Hikes The Congressional Budget Office’s (CBO) latest forecast shows a key driver of ongoing federal deficits is the growth in Social Security and Medicare. Political disagreement over the

Wealth Taxes in Europe, 2024 | Tax Foundation Skip to content Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth taxA wealth tax is imposed on an individual’s net wealth, or the market value of their total owned assets minus liabilities. A wealth tax can

The Fatal Flaw of Pillar Two (Global Minimum Tax) | Tax Foundation Skip to content Home • Blog • The Fatal Flaw of Pillar Two Pillar Two, the international global minimum taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of

Biden Administration’s Approach to Defining “American” Companies Skip to content Home • Blog • The Biden Administration’s Misguided Approach to Defining “American” Companies What does it mean to be an American company? Recently, U.S. Trade Representative Ambassador Tai questioned whether being headquartered in the U.S. is sufficient for a company to be American or whether

Retirement Savings & Investment Tax Treatment | Tax Foundation Skip to content Table of Contents Key Findings On average, in the Organisation for Co-operation and Development (OECD) and select European Union countries, long-term capital gains from the sale of shares are taxed at a top rate of 18.78 percent, and dividends are taxed at a

2024 State Income Tax Rates and Brackets | Tax Foundation Skip to content Table of Contents Key Findings Individual income taxes are a major source of state government revenue, constituting 38 percent of state taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover

US Deficit: CBO Budget & Economic Outlook: 2024 to 2034 Skip to content Home • Blog • Major Takeaways from CBO’s Updated Long-Term Outlook Last week, the Congressional Budget Office (CBO) released an updated Budget and Economic Outlook. The report (released annually) presents the agency’s current projections of major fiscal and economic trends for the

Tax Foundation Europe Launches Skip to content Home • Blog • Tax Foundation Europe Launches Website and Prepares Brussels Office The landscape 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 government services, goods, and activities. policy is