Taxes

President Biden has privately pitched dropping his proposed 28 percent corporate tax rate from an infrastructure package and funding it through his proposed minimum tax on corporate book income. However, the proposal for a minimum book tax misunderstands the important reasons why a corporation may not owe federal tax liability in a given year. Recently,
0 Comments
Montana adopted structural reforms to both individual and corporate income taxes during the recently adjourned legislative session, enacting three bills reducing individual tax rates, simplifying the state’s individual tax system, repealing 16 tax credits, and changing the apportionment factor for corporate income tax. This tax reform package, signed by Gov. Greg Gianforte (R) in early
0 Comments
Table of Contents Launch Resource Center: President Biden’s Tax Proposals The Biden administration’s proposed American Jobs Plan (AJP) would increase federal spending by about $2.2 trillion over 10 years, including $1.7 trillion for infrastructure, partially funded with permanently higher corporate taxes of about $1.7 trillion over 10 years (conventionally estimated). Using the Tax Foundation General
0 Comments
In recent years, several countries have taken measures to reduce carbon emissions, including instituting environmental regulations, emissions trading systems (ETS), and carbon taxes. In 1990, Finland was the world’s first country to introduce a carbon tax. Since then, 18 European countries have followed, implementing carbon taxes that range from less than €1 per metric ton
0 Comments
Although most states are on solid financial footing following the coronavirus crisis, pension liabilities are a deep-seated problem that long predates the pandemic. The most recent data from Truth in Accounting (which analyzes government accounting data from every state) shows the strain on state retirement systems in 2019 as pension funds strive to keep pace with the
0 Comments
The importance of research and development (R&D) spending by the pharmaceutical industry and its resulting innovations is clearer than ever as millions of people are getting vaccinated against COVID-19. In a new report, the Congressional Budget Office (CBO) analyzes federal policies that influence R&D spending in the pharmaceutical industry. The report highlights how taxes affect
0 Comments
Can’t impersonate guilt; Breakthrough busted; married lawyers plead; and other highlights of recent tax cases. Tampa, Fla.: Brenda Dozier, 54, has pleaded guilty to conspiracy to commit money laundering. From July through at least November 2015, Dozier laundered money that had been extorted from U.S. residents by conspirators residing in the States and overseas. India-based
0 Comments
The year’s worst ideas; cyber-currency phrase book; the shutdown and taxes; and other highlights from our favorite tax bloggers. The winners are… Tax Vox (http://www.taxpolicycenter.org/taxvox): The top Lump of Coal Awards for the Worst Tax Idea of 2018, including New Hampshire’s fighting collecting sales taxes; Seattle’s “head tax” on large employers and Sen. Bernie Sanders’s
0 Comments
Most countries provide tax relief to families with children—typically through targeted tax breaks that lower income taxes. While all European OECD countries provide tax relief for families, its extent varies substantially across countries. One way to measure targeted tax relief for families is to compare the tax burdens on labor of a family with one
0 Comments
Today, Rep. Jerry Nadler (D-NY) reintroduced the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) to reform federal treatment of marijuana by descheduling it, meaning it no longer would be a prohibited substance. Not surprisingly, the bill includes an excise tax on all sales of marijuana products, which would take effect six months after the
0 Comments
Stat scam; shopping center switcheroo; what a pain; and other highlights of recent tax cases. Houston: Jonathan Adam Van Pelt, former owner of a local staffing company, has admitted he willfully failed to account for and pay federal employment taxes. Van Pelt withheld federal income taxes and Social Security and Medicare taxes from the wages
0 Comments
Arizona legislators are considering tax changes as part of the fiscal year 2022 budget process that is underway. Companion omnibus taxation bills HB 2900 and SB 1828 would reduce individual income tax rates for all taxpayers, consolidate the state’s graduated-rate income tax brackets into what would effectively be a two-rate structure by 2023, and reduce
0 Comments