Sources of Government Revenue in the OECD, 2024 Update
Designing tax policy in a way that sustainably finances government activities while minimizing distortions is important for supporting a productive economy.
3 min readDesigning tax policy in a way that sustainably finances government activities while minimizing distortions is important for supporting a productive economy.
3 min readThe 2021 tax year was the fourth since the Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.
9 min readDo taxes affect individuals’ decisions regarding where to live and work? Can high taxes cause the outmigration of wealthy individuals?
5 min readUnless Congress acts, Americans are in for a tax hike in 2026.
3 min readIn his FY 2025 budget, Illinois Gov. Pritzker outlined a number of proposed tax changes, including to individual and corporate income taxes, state sales taxes, and sports betting excise taxes.
7 min readVermont lawmakers are considering the adoption of two new taxes on high earners, which proponents have branded “wealth taxes.”
4 min readDon’t be fooled by tax myths and misconceptions this tax filing season.
3 min readExpanding Virginia’s sales tax base to include B2B digital transactions could lead to tax pyramiding, hide the true cost of government, and make the sales tax system much less neutral and transparent.
5 min readCreative options including changes in Social Security benefits growth for higher earners and reforms to how Medicare compensates for health services should be on the table, along with broad-based and well-structured tax reforms.
6 min readOnly three European countries levy a net wealth tax—Norway, Spain, and Switzerland. France and Italy levy wealth taxes on selected assets.
4 min readTax-preferred private retirement accounts often have complex rules and limitations. Universal savings accounts could be a simpler alternative—or addition—to many countries’ current system of private retirement savings accounts.
19 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min readThe pandemic led to one of the largest fiscal responses in U.S. history, impacting households across the income distribution.
4 min readWorking from home is great. The tax complications? Not so much.
4 min readThe CBO projects deficits will be higher than historical levels, largely due to growth in mandatory spending programs While some recent legislation has reduced the deficit, the Inflation Reduction Act is proving to be more expensive than originally promised.
5 min readDenmark (55.9 percent), France (55.4 percent), and Austria (55 percent) have the highest top statutory personal income tax rates among European OECD countries.
3 min readFor most Americans, saving is a taxing experience. Our neighbors to the north have found a better solution—and U.S. lawmakers should take note.
5 min readFrom a revenue standpoint, about $9 billion of the $11.7 billion in lost revenue would accrue to joint filers earning more than $200,000.
5 min readLocal income taxes in Maryland constitute about 35 percent of local tax collections and more than 17 percent of local revenue, giving Maryland’s localities the highest dependence on income taxes in the nation.
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