The Tax Policy Blog

February 24, 2014

The Missouri House of Representatives passed House Bills 1295 and 1253 last week, which would change the way the state taxes individual and corporate income, respectively. Unfortunately the bills include distortionary carve-outs and fail to address the state’s severely antiquated individual income tax code.

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February 24, 2014

The Mississippi House of Representatives is considering a bill that would create a new state sales tax holiday for firearms, ammunition, and other hunting equipment, similar to a firearm holiday in neighboring Louisiana. The bill cleared the House Ways and Means Committee last Tuesday.

Dubbed the “Annual...

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February 21, 2014

Earlier this week, the Center for Budget and Policy Priorities (CBPP) published a response to my review of empirical studies on taxes and economic growth, which was published over a year ago. This was my conclusion at the time:

While there are a variety of methods and data...

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February 21, 2014

The Washington Post reported yesterday that the production company in charge of House of Cards, ...

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February 21, 2014

According to a new survey by the Advanced Medical Technology Association (AdvaMed), a medical device industry group, the Affordable Care Act’s medical device excise tax has reduced employment by 33,000 jobs since it went into force in January 2013.

“The tax has led to employment reductions of approximately 14,000 industry workers and foregone hiring of 19,000 workers. The total job impact of the tax on...

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February 20, 2014

Today we will add the New York Times to the list of parties that understand how labor costs impact their own bottom line, but deny the broader economic effects of a mandated increase in the federal minimum wage.

In this morning’s lead editorial,“The Clear Benefits of a Higher Wage...

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February 20, 2014

Currently, the United States places a high tax burden on capital gains income. The current federal top marginal tax rate on long-term capital gains in the United States is 23.8 percent (20 percent top rate plus 3.8 percent tax on unearned income to fund the Affordable Care Act). In addition, taxpayers have to pay state and local income taxes on their capital gains income from zero percent in states that do no levy an individual income tax to as high as 13...

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February 19, 2014

The long goodbye to U.S. corporations continues. The pharmaceutical company Actavis, which last year moved from New Jersey to Ireland, has announced it is buying Forest Labs of New York for $25 billion. The new company...

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February 19, 2014

Last year, Wisconsin reduced each tax bracket slightly, collapsing them from five to four, retroactive to January 1, 2013:

Wisconsin Income Tax Rates Before and After 2013 Tax Changes

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Single or Head of Household Taxpayer

Married Taxpayer

Prior Tax Rate

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February 19, 2014

New York City Mayor Bill de Blasio this week unveiled (PDF) his FY 2015 budget proposal, which includes an increase in the top income tax rate to fund universal pre-K. The top city tax rate is currently 3.876 percent on income over $500,000; this would raise it to 4.41 percent for five years. The rate applies for singles, married joint filing, and head of households....

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February 18, 2014

In 2010, U.S. corporations paid about $223 billion in income taxes on slightly more than $1 trillion in taxable income. However, the vast majority of this income and taxes is attributable to the roughly 2,700 corporations with assets above $2.5 billion. Indeed, these corporations earned 77 percent of total corporate taxable income in 2010 and account for 69 percent of all corporate income taxes paid in the United States. Meanwhile, mid-size companies with assets between $500 million and $2....

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February 14, 2014

Inequality persists in America despite the federal government redistributing more than $1.5 trillion per year from the top 40 percent of families to the bottom 60 percent. So how much more redistribution would be needed to make every American family equal?

That is the subject of my op-ed in today’s Wall Street Journal (found ...

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February 13, 2014

When comparing per gallon taxes on alcohol, spirits taxes are by far the highest (followed by wine and beer). Spirits are taxed the highest in Washington at $35.22 per gallon. Next in line are Oregon ($22.73), Virginia ($19.19), Alabama ($18.23), and Alaska ($12.80). Least-taxed states are Wyoming and New...

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February 13, 2014

Tax treatment of beer varies widely across the U.S., ranging from a low of $0.02 per gallon in Wyoming to a high of $1.17 per gallon in Tennessee. Check out today’s map below to see where your state lies on the beer tax spectrum.

There isn’t much consistency on how state and local governments tax beer. This rate can include fixed-rate per volume taxes; wholesale taxes that are usually a percentage of the value of the product; distributor taxes (usually structured as license fees but...

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February 12, 2014

Wine taxes by state are much higher than beer taxes because as alcohol content increases, taxation also tends to increase (generally speaking—there are exceptions). It’s worth noting that this relationship isn’t proportionate (excise taxes exponentially, on average). 

There isn’t much consistency on how state and local governments tax wine. This rate can include fixed-rate per volume taxes; wholesale taxes that are usually a percentage of the value of the product; distributor taxes (...

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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.

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