The Tax Policy Blog

January 31, 2014

Today is the Earned Income Tax Credit Awareness Day. For an overview of the EITC, please refer to this post.

According to the IRS, 19.2 percent of the 146 million income tax filers in 2011 claimed the Earned Income Tax Credit across the United States. However, looking at each state, the proportion of filers in each state that claim the EITC varies based...

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January 31, 2014

Today is the Earned Income Tax Credit Awareness Day. From the IRS:

“EITC Awareness Day is a one-day blitz in mainstream and social media -to reach the broadest possible range of potentially-eligible taxpayers, including taxpayer segments we believe under claim EITC and newly eligible taxpayers”

According to the IRS research in 2005, only 75 percent of eligible taxpayers take advantage of the EITC, which is approximately the same participation rate...

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January 31, 2014

When the Seattle Seahawks play the Denver Broncos in the Super Bowl on Sunday, New Jersey will gain more than just media attention from the game. The state will also take in a substantial amount of tax revenue from the players, coaches, and other team personnel that travel to the state for the game. New Jersey will levy a so-called "jock tax" on every employee of the team that travels to the state. Since the teams have been in New Jersey all week participating in National Football League...

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January 30, 2014

New York Governor Andrew Cuomo released his executive budget last week and it includes some suggestions to seriously change some aspects of New York tax law. These proposals come on the heels of reports issued by the two tax commissions formed by the Governor since December 2012 (see those recommendations ...

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January 29, 2014

Last night, the President said this about corporate tax reform:

“Both Democrats and Republicans have argued that our tax code is riddled with wasteful, complicated loopholes that punish businesses investing here, and reward companies that keep profits abroad.  Let’s flip that equation.  Let’s work together to close those loopholes, end those...

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January 29, 2014

Florida’s Office of Program Policy Analysis and Government Accountability (OPPAGA) has released a detailed assessment of several of Florida’s economic development programs, most notably its Innovation Incentive Program (IIP), Qualified Target Industry Tax Refund Program (QTI), Capital Investment Tax Credit Program (CITC), and Quick Action Closing Fund Program (QAC). As I’ve...

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January 29, 2014

Last night, the President said this about corporate tax reform:

“Both Democrats and Republicans have argued that our tax code is riddled with wasteful, complicated loopholes that punish businesses investing here, and reward companies that keep profits abroad.  Let’s flip that equation.  Let’s work together to close those loopholes, end those incentives to ship jobs...

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January 29, 2014

A column in Forbes today suggested that Texas’ $85 million in tax incentives for video game may be a justified way of creating an industry hub in Austin, and that “the logic behind these incentives is hard to argue.” Unfortunately, the op-ed failed to note...

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January 29, 2014

The Fiscal Times today features two slideshows on the best and worst states for taxes in 2014. The list is from our 2014 State Business Tax Climate Index, and features some of our key variables throughout the...

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January 28, 2014

Just hours before tonight’s State of the Union address, President Obama announced he will sign an executive order increasing the minimum wage paid by federal contractors from $7.25 to $10.10. The order affects wages paid under any new or renewed contracts.

The politics of this move are obvious—...

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January 28, 2014

Florida governor Rick Scott announced his support for a large expansion of the state’s existing three day sales tax holiday for certain school supplies, clothing, and computers. The Florida press reported earlier this month that he would soon pitch an...

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January 28, 2014

The U.S. corporate tax rate has remained nearly unchanged for more than 25 years. Meanwhile, lawmakers in the 33 other OECD industrial nations have repeatedly cut their corporate income tax rates to make their economies more competitive and more attractive to investment. The combined federal and state corporate tax rate in the U.S. remains at 39.1 percent while the simple average of the OECD is 25 percent. China’s corporate income tax rate is also 25 percent. Even after adjusting for...

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January 27, 2014

Governor Nikki Haley (R) of South Carolina has proposed the elimination of South Carolina’s 6 percent income tax bracket in her FY2014-2015 budget proposal. The 6 percent bracket is on incomes between $11,520 and $14,400 for the 2014 tax year. Reducing the tax rate on that income segment from 6 percent to 5 percent is...

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January 27, 2014

Washington State is considering extending the same tax incentives it gave to fixed-wing airplane manufacturers (most notably Boeing) to helicopter producers and servicers (or rotorcraft, in the industry jargon). The incentive bill, ...

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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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