Taxes

Vice President Kamala Harris has touted a new economic plan to drive “broad-based economic growth,” but her policies contradict this message. Her narrowly targeted America Forward tax credit for “industries of the future” and taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover

Every year brings new tax law changes to keep American taxpayers on their toes, and 2024 is no different. From simple inflation updates to changes in Form 1099-K reporting requirements, here’s everything you need to know about 2024 tax changes before you file your income tax return. At a glance: The standard deduction has increased,

Corporate Tax Rates by State under Kamala Harris Tax Plan Skip to content Home • Blog • Combined Corporate Rates Would Exceed 30 Percent in Most States Under Harris’s Tax Plan Vice President Kamala Harris’s proposal to raise the federal corporate income taxA corporate income tax (CIT) is levied by federal and state governments on

Sports Stadium Subsidies: Taxpayers Shoulder a Heavy Burden Skip to content Home • Blog • Taxpayers Shoulder a Heavy Burden for Sports Stadium Subsidies State and local governments spend significant sums for the construction, operation, and continued maintenance of sports stadiums and arenas. According to recent estimates by sports economists, “between 1970 and 2020 state

Louisiana Tax Reform Options to Boost Competitiveness Skip to content Home • Testimony • Pro-Growth Tax Reforms to Boost Competitiveness in Louisiana Note: The following is the testimony of Manish Bhatt, Senior Policy Analyst with the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses

Georgia Property Tax Exemption, Amendment 1 Skip to content Home • Blog • Georgia Amendment 1 Threatens the State’s Housing Market Georgia’s Local Option Homestead Property Tax ExemptionA tax exemption excludes certain income, revenue, or even taxpayers from tax altogether. For example, nonprofits that fulfill certain requirements are granted tax-exempt status by the Internal Revenue

Updated for tax year 2024. Do you dread income tax time every year? We get it. But there are some things that can make the tax filing process a little easier to swallow — tax refunds, credits, and deductions. Tax savings opportunities From advantages for solo tax filers to charitable donations, the tax code offers

Rescheduling Marijuana: Tax Consequences | Tax Foundation Skip to content Home • Blog • What Are the Tax Consequences of Rescheduling Marijuana? The Department of Justice (DOJ) recently announced that it would move to reschedule marijuana. This move doesn’t do as much for legal cannabis sales as proposed federal legislation like the States 2.0 Act,

Trump Tariffs Would Raise Rates to Great Depression-Era Levels Skip to content Home • Blog • Trump’s Tariff Proposals Would Raise Tariff Rates to Great Depression-Era Levels Former President Donald Trump’s proposals to impose a universal tariff of 20 percent and an additional tariffTariffs are taxes imposed by one country on goods or services imported

2024 Spanish Regional Tax Competitiveness Index Skip to content Table of Contents Below is an excerpt of the 2024 Spanish Regional Tax Competitiveness Index (RTCI), a recent report published in collaboration with Fundación para el Avance de la Libertad. Click the link above to download the full report in Spanish. Executive Summary The Regional TaxA

Updated for tax year 2024. Do you currently have adult children who are not your dependents living under your roof? If you are supporting adult children, or even giving them a helping hand now and then, you’re not alone. In today’s tough job market, getting a good career started can take a little longer than

If you’ve received a 1099-LTC tax form this tax year, it’s likely because you were paid long-term care benefits or accelerated death benefits, and the Internal Revenue Service (IRS) wants to know about it. While these benefits aren’t always taxable, it’s important to understand what this form means. Let’s break down what’s on the form,

So, you just received Form 1099-MISC for the tax year, and you’re wondering what on earth miscellaneous income is. We get it — let’s break down what this form means, why you received it, the filing requirements, and how to report it on your federal income tax return. At a glance: Form 1099-MISC reports miscellaneous

Social Security Reform Options: Lessons from Around the World Skip to content September 24, 2024September 23, 202433 min readBy: Alex Durante Table of Contents Key Findings By 2035, the Old-Age, Survivors, and Disability Insurance Trust Fund, or the Social Security Trust Fund, will be depleted, and current payroll taxes will only be able to fund

June 27, 2024July 10, 2024 Sources of Personal Income, Tax Year 2021 Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor. 9 min read

Extended Producer Responsibility (EPR) Policies | Tax Foundation Skip to content Table of Contents Key Findings Growing levels of waste and pollution, paired with increasing burdens on taxpayers to address environmental problems, have spurned policymakers in the US and abroad to encourage producers to be responsible, either financially or operationally, for the end-life of their

Harris Corporate Tax Hike Proposal: Details & Analysis Skip to content Home • Blog • Harris Proposal to Raise Corporate Tax Rate Would Harm Workers in Every State Of the several tax increases that Vice President Kamala Harris has proposed, raising the corporate income taxA corporate income tax (CIT) is levied by federal and state

Federal Fiscal System Is Getting More Progressive Skip to content Home • Data • Federal Taxes • Federal Fiscal System Is Very Progressive—and Getting More So—Latest CBO Report Shows (2024 Update) September 27, 2024September 27, 20247 min readBy: Scott Hodge Underlying every fiscal policy discussion in Washington is the question of progressivity: how much should

Uline Minnesota Supreme Court Tax Ruling | Tax Foundation Skip to content Home • Blog • Minnesota High Court Ruling Will Increase Business Tax Compliance Costs Decades ago, Congress put limits on states’ ability to assert taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses

Oregon Measure 118 Penalizes Oregon Small Businesses Skip to content Home • Blog • Oregon Measure 118 Penalizes Oregon Small Businesses Despite being advertised as a 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