Windfall Profits Tax Wrong for American Energy
As oil prices skyrocket, a windfall profits tax targeted at oil company profits could punish domestic production and increase reliance on imports.
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As oil prices skyrocket, a windfall profits tax targeted at oil company profits could punish domestic production and increase reliance on imports.
3 min readGiven the uncertainty surrounding the war in Ukraine, future trade relations with Russia, and the overall CBAM revenue structure. The EU will need to adjust policy when challenges arise as it looks to increase its role in fiscal affairs through new own resources.
5 min readIn his State of the Union Address, President Biden called for leveling the global research & development (R&D) playing field by increasing federal R&D spending, specifically by asking Congress to pass the bipartisan United States Innovation and Competition Act (USICA).
3 min readDouble taxation impacts the ability of companies to invest valuable things like improving their supply chains, developing new products, and hiring workers, and it can be fixed if the minimum tax uses a country’s own tax rate.
8 min readThe unified EU signing of the “Versailles Declaration” is a historic break from the past. Russia’s war against Ukraine has made energy (and related tax policies) an even more urgent focus for the EU.
6 min readEven if 2022 sees many tax reforms, the scope of Iowa’s tax relief measures is likely to stand out. With the most recent reform package, Iowa lawmakers have made a significant investment in a more competitive tax climate for an increasingly competitive era.
6 min readA gas tax holiday may be good politics, but it’s unlikely to achieve its aims. There are far better ways to provide tax relief—short- or long-term—than an inefficient gas tax suspension.
4 min readIf Nebraska is to create a competitive environment and attract in-state investment, comprehensive tax modernization must be a priority.
9 min readIn a time of increased mobility and tax competition, a lower rate and simpler tax structure would help Georgia stand out among states. Lawmakers would be wise to consider reforming the state’s income tax to improve the state’s competitiveness.
3 min readWhile Missouri has room for improvement, the state is making waves, positioning itself as an increasingly attractive location for business investment. And as ongoing reforms further enhance the competitiveness of the state’s tax code, more businesses will take notice.
8 min readWhile much of the policy focus has been on proposals embedded in the Build Back Better agenda, a meaningful tax hike for multinational companies has already been adopted.
1 min readThe FDA’s expected announcement of a national ban on menthol-flavored cigarettes and cigars with a characterizing flavor would carry significant revenue implications for both the federal government and state governments, with likely limited benefits in smoking cessation.
6 min readOne goal for the Build Back Better Act has been to increase the amount of revenue the U.S. raises from U.S. companies at home or abroad. With the global minimum tax rules in play, it is likely that the expected gains to the U.S. Treasury from foreign profits of U.S. companies will diminish.
5 min readComplex tax policies that work well “in theory” can often have a hard time when the rubber meets the road. One instance of this is the challenge that the OECD has created for itself with the global tax deal, also fondly known as Pillar 1 and Pillar 2.
7 min readIf policymakers are looking to change the tax code to help fight inflation, they should pump the brakes on the federal gas tax holiday and instead consider structural reforms to raise the economy’s productive capacity in the long term.
4 min readA group of lawmakers in Ohio have proposed to repeal the state’s gross receipt tax (GRT), also known as the commercial activity tax (CAT).
5 min readAlabama lawmakers are acting to ensure that federal relief from the American Rescue Plan Act does not increase tax liabilities in the state.
4 min readSince 2018, 30 states and the District and Columbia have legalized and imposed taxes on sports betting. States that have yet to legalize, but which may do so, should pay attention to the impact of tax design in states that already have legal and taxed sports betting—specifically tax base design.
8 min readNot only is the tax inequitable and inefficient, it also could be what drives businesses and remote workers into another state.
7 min read