Will Mississippi Be the Next State to Phase Out its Income Tax?
Mississippi Governor Tate Reeves (R), in his budget proposal for fiscal year (FY) 2022, has announced his goal of phasing out the state’s income tax by 2030.
3 min read
Blog Articles
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New York Lawmaker Looks to Sin Taxes Once More
New York already suffers from significant smuggling of untaxed tobacco products—smuggled cigarettes accounted for 53 percent of cigarettes consumed in the state in 2018—and further increasing tobacco taxes is likely to make matters worse.
3 min read
Reviewing Effective Tax Rates Faced by Corporate Income
Economists have proposed taxing corporate income more uniformly through corporate integration, which can be done in a variety of ways. Biden’s plan goes in the opposite direction by making worse the double taxation of corporate income.
5 min read
No ‘Stealth Tax Hike’ in 2021, but Individual and Business Tax Increases Loom
While there are many tax changes built into the tax code over the coming years for individuals and businesses, the recent claim that lower- and middle-income Americans may see a “stealth tax increase” in 2021 due to the Tax Cuts and Jobs Act (TCJA) is untrue.
3 min read
OECD Report: Tax Revenue in African Countries
Taxes on goods and services were on average the greatest source of tax revenue for African countries, at over 50 percent of total tax revenues. VAT contributed on average 30 percent, making it the most important tax on goods and services.
6 min read
Biden Could Provide Business and Household Relief by Eliminating Trump Tariffs
Biden has not specified how he would approach the Trump tariffs, though his advisers have said he will at least review them.
5 min read
Increasing the Tax Burden on Capital Investment and Automation Hurts Workers
There has been an ongoing debate about how automation and the use of robots in the workplace has impacted workers’ wages and employment. Recently, MIT and Boston University economists examined whether tax policy favors certain forms of automation that puts workers at a competitive disadvantage.
7 min read
No, We Don’t Need a Federal Work-From-Home Tax
A recent Deutsche Bank analysis proposes a federal work-from-home tax (“privilege tax”), which is designed to strip away the financial benefit of remote work.
5 min read
New Jersey May Be the First State Without an Excise Tax Levy on Recreational Marijuana
New Jersey’s tax design adds another element to the ongoing experiment with legal recreational marijuana in the states.
3 min read
Prospects for Federal Tax Policy After the 2020 Election
President Biden and Congress should concentrate on areas of common ground, finding incremental places to improve the tax code. A bipartisan bill recently introduced to help retirement savings is a good model for what incremental reform may look like.
4 min read
Election Analysis: California and Colorado Voters Resist Temptation to Shift More of Property Tax Burden to Businesses
In Tuesday’s election, voters in two states—California and Colorado—were tasked with deciding whether to amend their states’ constitution to change how the property tax burden is distributed. In many ways, the ballot measures were mirror images of each other, but the outcomes were similar.
3 min read
Election Analysis: Why Voters Split the Difference on Income Tax Measures
Illinois voters rejected a high graduated rate income tax (“Fair Tax”) while Arizonans embraced a large income tax rate increase for high earners, among the many attention-grabbing results from Tuesday’s elections.
7 min read
Election Analysis: Recreational Marijuana Now Legal in Four More States
Voters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana.
7 min read
Results of 2020 State and Local Tax Ballot Measures
See the results of the most notable state and local tax ballot measures during Election 2020 with our curated resource page.
11 min read
Biden’s Call for More Tax Credits Further Complicates the Tax Code
Over the course of the 2020 presidential election campaign, Democratic nominee Joe Biden has proposed new tax credits for health insurance, child care, elderly care, and homeownership, in addition to expansions of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC).
3 min read
Bipartisan House Bill Introduced to Further Encourage Retirement Savings
The Securing a Strong Retirement Act seeks to encourage retirement savings by simplifying and expanding the use of different types of retirement accounts.
3 min read
Spain’s Recovery Budget Comes with Tax Hikes
While other countries in Europe are working towards introducing tax cuts and stimulating economic recovery by supporting business investment and employment, Spain is putting more fiscal pressure on households and businesses.
4 min read
The Unintended Consequences of Higher Corporate Taxes on Income Inequality
Increasing the corporate tax rate is often offered as a solution to income inequality because higher-income individuals tend to own more corporate shares than others and may bear the burden of a tax increase on corporate income.
4 min read