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The Tax Foundation is the world’s leading independent tax policy 501(c)(3) nonprofit. For over 80 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity.

Our Center for Federal Tax PolicyCenter for State Tax Policy, and Center for Global Tax Policy each produce timely and high-quality research and analysis that influences the debate toward economically principled tax policies. Our experts are continuously analyzing the day’s most relevant tax policy topics and are relied upon routinely for presentations, testimony, and media appearances on tax issues spanning every level of government.

Likewise, providing journalists, taxpayers, and policymakers with basic data on taxes and spending has been a cornerstone of the Tax Foundation’s educational mission since its founding. As we wrote in our first edition of Facts & Figures in 1941, “Facts give a broader perspective; facts dissipate predilections and prejudices…[and are] an important step to meet the challenge presented by the broad problems of public finance.”

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depreciation Capital allowances and capital cost recovery across OECD countries, 2021. Learn more about capital allowance and capital recovery.

Capital Cost Recovery across the OECD, 2021

The ongoing pandemic has once again highlighted the importance of investment. To address the economic fallout of the pandemic, several OECD countries have temporarily accelerated depreciation schedules for various assets.

31 min read
2021 state capital stock tax, 2021 state franchise tax, 2021 state capital stock taxes and state franchise taxes. Which states have a capital stock tax or franchise tax

Does Your State Levy a Capital Stock Tax?

Capital stock taxes are imposed on a business’s net worth (or accumulated wealth). As such, the tax tends to penalize investment and requires businesses to pay regardless of whether they make a profit in a given year, or ever.

4 min read
UK tax reform, 2021 budget UK 2021 budget, UK corporate tax reform, UK corporation tax rate

Marginal Effective Tax Rates and the 2021 UK Budget

The 2021 UK budget introduces a two-year super-deduction of 130 percent for plant and equipment and a delayed corporate tax rate increase from 19 percent to 25 percent in 2023. These policies have differential impacts on marginal effective tax rates for different assets, implying investment incentives will not be uniform.

15 min read
State tax burden map, state and local tax burden, state-local tax burden rankings, 2021 state tax burden rankings, state tax burdens map

State and Local Tax Burdens, Calendar Year 2019

New Yorkers faced the highest burden, with 14.1 percent of income in the state going to state and local taxes. Connecticut (12.8 percent) and Hawaii (12.7 percent) followed.

19 min read
Bank Taxes in Europe 2021 Bank Tax, financial stability contributions, 2008 financial crisis tax

Bank Taxes in Europe

Today’s map shows which European OECD countries implemented financial stability contributions (FSCs), commonly referred to as “bank taxes.”

2 min read
State business inventory tax. Does your state tax business inventory? Are businesses tax on inventory? Explore state business tangible personal property tax as of July 1, 2020,taxes on business inventory, inventory taxes

Does Your State Tax Business Inventory?

Inventory taxes are levied regardless of whether a business makes a profit, adding to the burden of businesses already struggling to stay afloat.

2 min read
Excise Taxes, 2021 Excise Tax Rates and 2021 Excise Tax Trends

Excise Tax Application and Trends

The excise tax family is growing. Over the last decade, several products have become subject to excise taxes or are in the process of becoming so. Given this development, it is more crucial than ever that lawmakers, businesses, and consumers understand the possibilities and, more importantly, limitations of excise tax application.

77 min read
Property taxes in Europe 2021 reliance on property tax revenue in Europe, 2021 property tax rates in Europe

Reliance on Property Taxes in Europe

Property taxes are levied on the assets of an individual or business. There are different types of property taxes, with recurrent taxes on immovable property (such as property taxes on land and buildings) the only ones levied by all countries covered. Other types of property taxes include estate, inheritance, and gift taxes, net wealth taxes, and taxes on financial and capital transactions.

1 min read
Gross Receipts Taxes 2021 State Gross Receipts Tax Rates Which States Have a Gross Receipts Tax What States Charge Gross Receipts Tax Texas Gross Receipts Tax

Gross Receipts Taxes by State, 2021

Moving away from state gross receipts taxes would represent a pro-growth change to make the tax code friendlier to businesses and consumers alike, which is especially necessary in the wake of the coronavirus pandemic.

3 min read
Consumption taxes in Europe, reliance on consumption taxes in Europe, reliance on consumption tax revenue in Europe, taxes on goods and services in Europe

Reliance on Consumption Taxes in Europe

Hungary relies the most on consumption tax revenue, at 45.3 percent of total tax revenue, followed by Latvia and Estonia at 45.1 percent and 42.4 percent, respectively.

2 min read
2021 combined federal and state corporate income tax rates. 2021 federal and state corporate tax rates. combined corporate income tax ratesDo corporations pay state and federal taxes?

Combined State and Federal Corporate Income Tax Rates in 2021

The state with the highest combined corporate income tax rate is New Jersey, with a combined rate of 30.1 percent. Corporations in Alaska, California, Illinois, Iowa, Maine, Minnesota, and Pennsylvania face combined corporate income tax rates at or above 28 percent.

2 min read
Mississippi income tax repeal and Mississippi income tax eform, Mississippi sales tax changes, Mississippi eliminate income tax proposal. Mississippi income tax phase out Governor Tate Reeves

Evaluating Mississippi’s Plan to Phase Out the Individual Income Tax

Mississippi has an opportunity to become the 10th state without an individual income tax and to do so with sales tax rates which, while certainly high, are in line with regional competitors. For such a momentous undertaking, however, policymakers should be equipped with reliable revenue projections and a detailed accounting of how much revenue is projected to come from each offsetting change. A change worth doing is worth doing right.

15 min read
2021 state estate tax, 2021 state inheritance tax, states with estate tax, states with inheritance tax, which states have an estate tax? Which states have an inheritance tax? Which states do not have an estate or inheritance tax?

Does Your State Have an Estate or Inheritance Tax?

In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax. Twelve states and Washington, D.C. impose estate taxes and six impose inheritance taxes. Maryland is the only state to impose both. Most states have been moving away from estate or inheritance taxes or have raised their exemption levels, as estate taxes without the federal exemption hurt a state’s competitiveness.

3 min read

Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income

President Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations, to raise revenue for new spending programs. Our new modeling analyzes the economic, revenue, and distributional impact of these proposals.

46 min read