The Tax Policy Blog

February 05, 2007

Pennsylvania Governor Ed Rendell today announced plans for a significant tax increase because of what he calls "an extraordinarily difficult budget year," according to the Pittsburgh Post-Gazette.

Gov. Ed Rendell is expected to propose increasing the 6 percent state sales tax to 7 percent when he unveils his 2007-08 budget. Over the course of a year, the move would raise about $1.4 billion...

Continue Reading...
February 02, 2007

Today, ExxonMobil reported the largest corporate profits in U.S. History. From Yahoo Finance:

"Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company -- $39.5 billion -- even as earnings for the last quarter of 2006 declined 4 percent. The 2006 profit topped the previous record, also by Exxon Mobil, of $36.13 billion set in 2005." [...

Continue Reading...
February 01, 2007

Economists teach that an inefficient tax is one that changes people's behavior for the worse. Good policy encourages us to do things only when they make economic sense. Bad policy rewards us for doing things we'd never do otherwise if it weren't for tax reasons--something economists call "economic distortion" from taxes.

Usually we think of economic distortion in prosaic terms of dollars and cents. For example, a country...

Continue Reading...
February 01, 2007

We recently posted the 2006 sales tax and excise tax rates for every state in addition to our state individual income tax rate tables and corporate income tax tables posted previously.

No state increased its individual income tax rates in 2006, a sure sign that strong economic growth is keeping state coffers full. However, a few...

Continue Reading...
February 01, 2007

The governor of Illinois is hoping to win a large sum of money from his state's lottery--but he's not planning to purchase a single ticket. Instead he wants to sell the lottery to a private company for a lump-sum payment. From the New York Times:

The state of Illinois yesterday took the first steps in...

Continue Reading...
January 31, 2007

We have co-published a paper with the Council on State Taxation (COST) on the many problems of gross receipts taxes. The in-depth paper is written by Professor John Mikesell of Indiana University and echoes the arguments we put forth against gross receipts taxation in a recent Special Report.

One of the arguments covered in the...

Continue Reading...
January 30, 2007

We have posted an interview with Katherine Baicker, who is a member of President Bush's Council of Economic Advisers, an associate professor of public policy at the School of Public Affairs at UCLA, and a research associate at the National Bureau of Economic Research, as today's Tax Policy Podcast.

Baicker discusses the President's health care tax initiative, the origins and inequities of our current employer-provided health care system, and the effect of the...

Continue Reading...
January 29, 2007

A project which has been discussed by Niagara County resident Lee Bordeleau for the past few months has finally become a reality. Bordeleau saw the Tax Foundation report which ranked Niagara County as having the highest median real estate taxes as a percentage of median home value, out of 775 high-population counties. Those numbers come from the 2005 American Community Survey, which looked...

Continue Reading...
January 29, 2007

We have released an updated version of Facts & Figures: How Does Your State Compare?, a pocket-sized handbook that compares the 50 states on 40 different measures of taxing and spending, including individual and corporate income tax rates, business tax climates, property tax collections, excise taxes, tax burdens and state spending.

If you're wondering how high your state's income taxes are compared to other states'; how much your state collects in pre-capita...

Continue Reading...
January 26, 2007

The Congressional Budget Office released its Budget and Economic Outlook: Fiscal Years 2008 to 2017 yesterday. In the coming days we are sure to hear the familiar refrain that tax cuts caused the budget deficit, which CBO estimates at $172 billion for 2007. As most budget insiders would tell you, though, rapidly increasing government spending is more responsible for the deficit.

Tax cuts on wages such...

Continue Reading...
January 26, 2007

Last year Nobel Prize-winning, free-market economist Milton Friedman passed away at the age of 94. Friedman was one of the most gifted and influential economists the world has ever seen, and everyone at the Tax Foundation has been affected by his work. 

On Monday, January 29, at 10:00 p.m., we'll be tuning in to a PBS documentary titled "The Power of Choice: The Life and Ideas of Milton Friedman." (...

Continue Reading...
January 25, 2007

We recently posted the 2006 individual income tax rates for each state. Those are the rates that every state taxpayer will be paying when they file their 2006 state tax returns sometime between now and April 15, 2007. This is the single most up-to-date and accurate source for all the states' rates, brackets, standard deductions and personal exemptions.

Surprisingly, no states increased individual income taxes this year, although this was...

Continue Reading...
January 25, 2007

We have posted a new Fiscal Fact regarding the President's health care initiative detailing various examples of how certain families would fare under the proposal.

While it is often frustrating that the income tax code continues to be the tool that policymakers seek to advance certain agendas, reforming the tax treatment of health care is sorely needed. This policy proposal has both good and bad components. Unfortunately, because the President...

Continue Reading...
January 25, 2007

Lawmakers in Delaware are currently debating a bill (H.B. 12) that would exempt automakers from the state's gross receipts tax.

Legislation to exempt Delaware's two auto manufacturers from the state's gross receipts tax will be introduced when the General Assembly convenes next week, an initial step toward persuading DaimlerChrysler to keep its...

Continue Reading...
January 18, 2007

Another ridiculous proposal in the long line of porn tax proposals (see here, here, here and here).  

It seems a legislator in Tennessee wants to enact a tax on porn to pay for an elimination of the state's tax on groceries.

...
Continue Reading...

Pages

Follow Us

About the Tax Policy Blog

Subscribe to Tax Foundation - Tax Foundation's Tax Policy Blog The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.

Monthly Archive

Privacy Policy