Not every change in the Tax Cuts and Jobs Act simplified the tax code. However, the TCJA reduced compliance costs overall for individual filers, and allowing fundamental structural improvements to expire would make the tax code worse.
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Americans will spend more than 7.9 billion hours complying with IRS tax filing and reporting requirements in 2024. This is equal to 3.8 million full-time workers doing nothing but tax return paperwork—roughly equal to the population of Los Angeles.
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Short FormThe 2024 Summer Olympics are underway, drawing the attention of billions and continuing a tradition dating back thousands of years. But you know what else originated thousands of years ago and affects even more people? Taxes.
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Next year, West Virginians will see an income tax cut thanks to revenue triggers in a 2023 law. The Mountain State joins 14 other states that have cut income taxes this year.
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While both President Biden and Vice President Harris aim their proposed tax hikes on businesses and high earners, key differences between their tax ideas in the past reveal where Harris may take her tax policy platform in the 2024 campaign.
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“No tax on tips” might be a catchy idea on the campaign trail. But it could create plenty of headaches, from figuring out tips on previously untipped services to an unexpectedly large loss of federal revenue.
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Retail delivery fees are an inefficient and ineffective way to close budget gaps, and lawmakers should consider other, more sound, policy options.
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As Hungary takes over the six-month rotating presidency of the Council of the European Union in the aftermath of the European elections, the relationship between tax policy and Europe’s competitiveness will be closely linked.
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Taxing wealth has become a hot-button issue in today’s political discourse, promising to reshape economic equality. But what are the real-world implications of such policies?
Portland residents face some of the country’s highest taxes on just about every class of income. In an era of dramatically increased mobility for individuals and businesses alike, that’s not a recipe for success.
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President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the US in a distinctly uncompetitive international position and threaten the health of the US economy.
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The government won in Moore. However, given the narrow opinion of the court and the reasoning in the Barrett concurrence and the Thomas dissent, it seems likely that future rulings under other facts and circumstances could favor taxpayers instead.
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The Tax Cuts and Jobs Act’s changes to family tax policy serve as a reminder to avoid looking at tax reform provisions in a vacuum.
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Lawmakers should see 2025 as an opportunity to consider more fundamental tax reforms. While the TCJA addressed some of the deficiencies of the tax code, it by no means addressed them all.
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To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts.
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Universal savings accounts would boost savings for low-income households, allowing them to better withstand economic shocks, such as pandemics and recessions, and plan for major expenses, such as an expanded family, education, and housing needs.
36 min read
The recent push to increase taxes on the wealthy has gained significant traction across Europe. This report highlights the obstacles and complex interplay between tax policy and economic behavior, suggesting that simply raising tax rates on the wealthy might not yield the intended social benefits.
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Get ready to hit the autobahn and explore the world of German taxes! We’ll navigate the complexities of Germany’s tax structure.
The Moore case could have important impacts on tax policy.
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For U.S. policymakers looking to encourage greater saving and financial security, particularly among low- and moderate-income households facing serious affordability challenges, the experiences in both the UK and Canada indicate that universal savings accounts are an effective policy tool to help reach that goal.
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