Taxes

Key Findings Ten states enacted individual income tax rate reductions. Six states enacted corporate income tax rate reductions. Oklahoma became the first state to make permanent the full expensing of capital investments by C corporations in the year they made the investments. Two states permanently exempted groceries from their respective sales tax bases. Five states

You’ve heard the term capital gains tax. But what is that exactly? Is that something you pay? If so, when? Whenever you sell something — a house, car, company stock, or even gold or silver coins — you typically either make or lose money on the investment. That’s also referred to as a gain or

Key Findings Over the past two years, a wave of tax reform has swept the country, with a historic number of states improving their tax competitiveness by reducing income tax rates and enacting flatter structures. Since 2019, Wisconsin has made improvements to its three lowest marginal individual income tax rates, but its top marginal rate

While the bulk of the proposed tax increases and spending programs remain under debate, Democratic lawmakers have reportedly agreed on prescription drug pricing provisions as a starting point for a revived Build Back Better package. Advocates of the drug pricing policy argue it would allow Medicare to negotiate prescription drug prices, but it amounts to government

The Tax Cuts and Jobs Act (TCJA) of 2017 made several changes to the U.S. tax system to enhance competitiveness and discourage profit shifting to low-tax jurisdictions by U.S. multinationals. Among them were a new 10 percent minimum tax on companies with significant cross-border transactions (BEAT) and new tax rates on deemed intangible income (GILTI

Oklahoma lawmakers and Gov. Kevin Stitt (R) are at a standstill on efforts to secure tax reform in special session, but lawmakers did accomplish something important in the waning days of the state’s regular session—a national first for which the Sooner State deserves substantial credit. Full expensing—or the immediate write-off of all business investment—is now

Today’s map looks at the design of excise taxes for vaping and tobacco alternatives, which is important in the pursuit of harm reduction from smoking. Higher vapor taxes on products such as E-cigarettes could encourage vapors to go back to smoking cigarettes and will discourage cigarette smokers from switching to vaping products.  Since vaping entered

Mistakes happen Once you realize you made a mistake or forgot to include an important piece of information on your tax return, how you handle it depends on the situation. For instance, if you entered an incorrect Social Security Number (SSN) for yourself, your spouse, or a dependent, you need to fix it. If you

Key Findings A year since the global tax deal was agreed to by more than 130 countries, progress on implementing legislation has hit a lull. Implementation of the minimum tax rules is not expected until the end of 2023 or in 2024. Since the 2017 U.S. tax reforms and other recent international rules changes, onshoring

Want to spruce up your home? You’re not alone. More than one-third of Americans are planning to remodel their homes within the next five years. If you’re like most Americans, your house is one of your biggest expenses, and it’s important to keep it up to date and in good condition. But not all home

Last week, the Senate Finance Committee approved the Enhancing American Retirement Now (EARN) Act, moving closer to a potential agreement to reform retirement savings this year. That is one of several proposals recently introduced—including the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (RISE & SHINE)—that would improve the

If you’re like most Americans, you’ve changed employers a few times throughout your working career. In fact, the average person switches jobs 12 times during his or her lifetime! While job-hopping can get you a variety of experience, it can also create some complexity managing your finances – specifically when it comes to the money

Note: This analysis was published in conjunction with the Archbridge Institute. Below is an excerpt of the full analysis. Click the link above to access the full report in PDF format. Key Findings The marginal tax wedge is relevant for understanding how workers might benefit (or not) from an increase in pay once taxes enter

Facebook fundraisers have become a popular, easy way to raise money for worthy causes. With the social media platform boasting an estimated 2.74 billion monthly users, people have been able to solicit support for organizations that support causes near and dear to their hearts. Facebook even takes the step to prompt users to set up

The COVID-19 pandemic brought increased attention to U.S. global supply chains, as the pandemic impacted critical components within U.S. manufacturing. The attention has led to calls to structure U.S. tax policy to encourage firms to expand their manufacturing capacity in the U.S., under the belief domestic supply chains are inherently less risky than global ones.

Updated for tax year 2022. You own a thriving graphic design business. Perhaps you create eye-catching logos or comprehensive commercial websites. What you may not spend too much time on is thinking about filing your taxes as a freelance graphic designer. As an independent contractor or freelancer, you might be able to lower your income (and

Governments with higher taxes generally tout that they provide more services as an explanation, and while that is often true, the cost of these services can be more than half of an average worker’s salary, and for most, at least a third of their salary. Individual income taxes, payroll taxes, and consumption taxes like value-added

Although the majority of 2022 state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Individual and corporate income tax changes usually take effect at the beginning of the calendar year to maintain policy consistency throughout the tax year, but sales and excise

What can you do to avoid paying higher tax rates when you have a year with more income? If your income level fluctuates from year to year, you may find yourself paying more than you expect at tax time. That’s because when you have higher income, your income may be bumped into another tax bracket,

After an unpredictable legislative journey, the European Union has entered the final stage of negotiations on the world’s first carbon border adjustment mechanism (CBAM). It would appear that some in the United States Congress are paying attention. On June 8th, the European Parliament rejected a proposal to reform the EU’s Emissions Trading System (ETS) which