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State of the Union Reaction 2023
President Biden shared his policy aspirations during the State of the Union address, outlining three tax proposals in his remarks: quadrupling the brand-new excise tax on stock buybacks, instituting a “billionaire minimum tax,” and extending the now-lapsed expanded Child Tax Credit. We discuss the prospects of major tax changes becoming law in a divided government and what these proposals signal about how President Biden thinks about tax policy as he enters the latter half of his first term.
States Consider Digital Taxes Amidst Conflicting Rationales
Across the U.S., policymakers of both parties have developed a strong interest in taxing large technology companies through digital advertising taxes, social media taxes, and data taxes. Join Tax Foundation’s Daniel Bunn and Jared Walczak as they untangle the complex and sometimes contradictory world of state digital taxes.
States on the Move: Cutting Across Party Lines
After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done. We discuss why states are looking to make so many tax changes now and how these proposals might play out in statehouses.
States’ Taxes Go Flat
In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income tax to a flat tax. Another four may adopt flat tax legislation just this year. We discuss what flat taxes are, what they mean for taxpayers, and why so many states are making a push for them this year.
Survey Says Tax Confusion
All Americans are affected by the tax code—but do they understand the tax code?