Taxes

In more than a century of state income taxes, only four states have ever transitioned from a graduated-rate income tax to a flat tax. Another four may adopt legislation doing so this year. In what is already a year of significant bipartisan focus on tax relief, 2022 is also launching something of a flat tax

Among the many achievements in the illustrious career of former Sen. Orrin Hatch (R-UT), who passed away Saturday at 88, was his commitment to tax reform. The longest-serving Republican senator in history helped shepherd passage of the Tax Cuts and Jobs Act of 2017, when he was chairman of the Senate Finance Committee. The Tax

“New own resources should fulfil the criteria of simplicity, transparency, predictability, and fairness.” One would think that the above recommendation came from a Tax Foundation report on principled EU own resources policy. While we would like to claim credit, the recommendation, rather, comes from the EU’s own 2016 Monti report and more recently, the EU’s

This legislative session, the sales tax on food has garnered a great deal of attention in Kansas, with policymakers on both sides of the aisle proposing the removal of groceries from the sales tax base. While this issue has long been a subject of debate in Kansas, it has gained increased attention this year in

Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth tax is similar to a real property tax. But instead of only taxing real estate, it covers all wealth an individual owns. As today’s map shows, only three European OECD countries levy a net wealth tax, namely

A centerpiece of the Build Back Better Act (BBBA) as passed by the House last year was drug pricing legislation, which could be included in the next version of the BBBA, now rebranded as an inflation-control, climate, and deficit-reduction bill. While headline inflation is at an alarming rate, with the most recent 12-month reading at

Tax reform has become a major focus for state legislatures this session, and Missouri lawmakers are tuned in to the action: after adjusting individual income tax triggers in 2021, the legislature is exploring further tax reform options. Senate Bill 739 would create an additional tax trigger mechanism for the individual income tax, while SB 701

The second round of voting in the French presidential election will be 24 April between incumbent Emmanuel Macron and National Rally candidate Marine Le Pen. Although tax policy has not been a central theme of the campaign due to the war in Ukraine, immigration debates, and cost of living issues, the winner’s policy preferences over

As part of President Biden’s proposed budget for fiscal year 2023, the White House has once again endorsed a major tax increase on accumulated wealth, adding up to a 61 percent tax on wealth of high-earning taxpayers. Biden’s latest budget includes two major tax increases on accumulated wealth originally proposed in last year’s American Families

The April 18 tax deadline is quickly approaching. If you haven’t filed your taxes yet and are starting to feel the pressure, you’re not alone. According to a recent IPX 1031 survey, one-third of Americans say they wait until the last minute to file their taxes. But if tax season snuck up on you this

After corporate tax revenue came in at a record high of $372 billion in fiscal year 2021, we have been eagerly awaiting the forecast for fiscal year 2022, which the Congressional Budget Office (CBO) normally publishes in January but now plans for the week of May 23rd. The White House has included a forecast in

After several rounds of negotiations, Georgia lawmakers enacted HB 1437 on April 4th. If certain financial conditions are met, this tax reform bill will consolidate the state’s six individual income tax brackets into one flat rate, ultimately reaching 4.99 percent over a number of years. The bill is awaiting action by the governor. As it

Updated for tax year 2020. When you start a new job as an employee, your new employer typically asks you to fill out Form W-4, Employee Withholding Certificate. This document is a one-page Internal Revenue Service (IRS) form. It tells your employer how much money to take out of your paycheck to cover federal and

In times of inflation, like we are experiencing now, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.” That works for some structural components

Key Findings Exempting groceries from the sales tax base reduces economic efficiency without achieving its objective of enhancing tax progressivity. The poorest decile of households experiences 9 percent more sales tax liability with a grocery tax exemption than they would if groceries were taxed and the general rate were reduced commensurately. Grocery tax credits provide

Do you need more time to file your business return this year? No sweat — that’s what tax extensions are for. Read on to learn more about filing for a business return extension this year. What is a business tax extension? Sole proprietorships, partnerships, LLCs, and corporations can file a six-month extension request with the

This week’s state tax map looks at throwback and throwout rules in states’ corporate tax codes. These rules may not be widely understood, but they have a notable impact on business location and investment decisions and reduce economic efficiency for the states which impose such rules. Over the long run, these rules reduce competitiveness while yielding very

Before competing in the UEFA Champions League, football clubs in Europe also compete to lure the best players. After the “Bosman ruling” abolished the limit of foreign players allowed on a team, in 1995, the share of foreign players in the European football clubs went up dramatically. With Europe’s high degree of cross-border mobility, taxes

After weeks of closed-door deliberations between legislative leaders in Kentucky’s House and Senate, lawmakers on March 29 unveiled and quickly adopted a committee substitute to House Bill 8, which passed both chambers with a veto-proof supermajority that same day. The amended legislation uses tax triggers to reduce Kentucky’s individual income tax rate, with the possibility

Table of Contents Key Findings In calendar year 2022, state-local tax burdens are estimated at 11.2 percent of national product. Taxpayers remit taxes to both their home state and to other states, and about 20 percent of state tax revenue comes from nonresidents. Our tax burdens analysis accounts for this tax exporting. New Yorkers faced