Biden’s New Tax Proposals Are Complicated and Rife with Double Taxation
Tax reform should be about increasing fairness. And the way to get there is by reducing complexity and double taxation, not by doubling down on them.
6 min read
Blog Articles
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Analyzing the Kansas Senate’s Proposed Tax Changes
As Kansas legislators consider additional tax policy changes this legislative session, they should prioritize economic growth and a structurally sound tax code.
7 min read
Biden’s FY 2024 Budget Would Result in More Than $4.5 Trillion in Gross Tax Increases
President Biden’s new budget proposal outlines several major tax increases targeted at businesses and high-income individuals that would bring U.S. income tax rates far out of step with international norms.
7 min read
Dear President von der Leyen: President Biden Can’t Fix European Competitiveness
Focusing on the “threat” to European industry caused by the Inflation Reduction Act rather than internal tax system flaws puts the EU at risk of slower economic growth and possibly losing some of its important industrial base. It is also contrary to the EU’s geopolitical goals.
4 min read
EU Taxation: Prioritizing Geopolitics over Revenue
If the EU wants to strategically compete with economic powers like the United States or China, it needs principled, pro-growth tax policy that prioritizes efficient ways to raise revenue over geopolitical ambitions.
6 min read
Careful What You Wish For: CHIPS Subsidies Require “Excess Profits” Sharing
Instead of such a complex and inefficient system, policymakers should move to full expensing as part of the effort to build.
3 min read
North Dakota’s Path to a Flat Individual Income Tax
Crafting a hybrid bill for a low, flat rate on a broad base—with well-designed revenue triggers to responsibly reduce rates in the future—could be an ideal way forward for the North Dakota Senate.
7 min read
Taxing Distributed Profits Makes Business Taxation Simple and Efficient
Adopting a distributed profits tax would greatly simplify U.S. business taxes, reduce marginal tax rates on investment, and renew our country’s commitment to pro-growth tax policy.
6 min read
West Virginia Lawmakers Reach Deal on Tax Relief
In a day and age when businesses and individuals alike are increasingly mobile, West Virginians can be relieved that their state is getting off the sideline and into the action.
4 min read
Cities Want to Tax Streaming Video Services, but They’re Not Sure Why
A growing number of cities, in red states like Arkansas and Texas, blue states like California and New Jersey, and purple states like Georgia and Nevada, have pursued streaming taxes in recent years.
7 min read
The EU’s Windfall Profits Tax: How “Tax Fairness” Continues to Get in the Way of Energy Security
When it comes to providing economic relief to those in need, wartime energy security, and principled tax policy, the EU can do all three. But a windfall profits tax is not the policy to achieve these goals.
8 min read
California Flavored Tobacco Ban May Cost More than $300 Million in First Year
California is losing tax revenue while consumers turn to cross-border purchases or, often, illicit trade of flavored cigarettes, which makes everyone worse off.
4 min read
Tennessee Looking Toward Pro-Growth Change in 2023
With other states upping their game to attract ever-more-mobile people and businesses, lawmakers and the governor are not content to leave Tennessee’s business taxes in their current, uncompetitive form.
7 min read
Deteriorating Federal Budget to Run $1.4 Trillion Deficit in 2023, CBO Projects
Immediately balancing the $20 trillion budget shortfall would take drastic, unwanted policy changes. Instead, lawmakers should target a more achievable goal, such as stabilizing debt and deficits with an eye toward comprehensive tax reform that can produce sufficient revenue with minimal economic harm.
4 min read
Efforts to Combat Inflation’s Impact on the Tax Code Should Remain a Priority in 2023
While hoping for inflation’s continued decline, policymakers should finish the job and index the tax code to prepare for future bouts of high inflation and as a contingency in case it takes longer to defeat elevated inflation than expected.
4 min read
New York, Oregon, and Other States Eye Much Higher Taxes on High Earners
Despite robust revenues, some state lawmakers are champing at the bit to raise taxes on higher-income households, sometimes to extraordinary levels.
7 min read
JCT Tax Expenditure Report: Not All Expenditures Are Created Equal
When peeling back layers of the JCT report, it becomes clear that many tax expenditures are not “loopholes” or benefits for narrow special interests, but important structural elements of the tax code.
6 min read
Will the Federal Government Tax Your State Tax Rebate?
If your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet.
5 min read
Tax Policy in Biden’s 2023 State of the Union Address
President Biden’s State of the Union Address outlined three tax proposals, including raising the tax on stock buybacks, imposing a billionaire minimum tax, and expanding the child tax credit.
6 min read
New Tax Expenditures Report Highlights Concerning Changes in Tax System
A new tax expenditures report by the Joint Committee on Taxation (JCT) reveals two problematic developments: 1) policymakers have increasingly relied on the tax code to deliver benefits to individuals, and 2) the broad, neutral tax treatment of investment has shifted to targeted subsidies for businesses.
4 min read