Republican policymakers in Congress are considering options to raise revenue as part of their expected legislative package in 2025. One such option involves raising the tax rate on university endowments first put in place as part of the TCJA in 2017.
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Despite stark competitiveness differences, both New Jersey and Utah share a common goal this legislative session: reforming economic nexus rules that require out-of-state sellers and marketplace facilitators to collect and remit state sales taxes.
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More than 175 countries worldwide—including all major European countries—levy a value-added tax (VAT) on goods and services. EU Member States’ VAT rates vary across countries, though they’re somewhat harmonized by the EU.
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By streamlining, simplifying, and reducing tax burdens for remote and nonresident workers, a newly proposed bill could make Arkansas a more attractive state for both employees and employers.
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With so much emphasis on politics and procedure, the actual policy debate suffers.
This week, the incoming Trump administration issued a day-one executive order on the global minimum tax agreement known as Pillar Two, which seeks to ensure multinational corporations pay at least 15 percent in income tax.
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The proposed ad quantum tax would be the system that most closely follows the global best practices for alcohol taxes we previously outlined.
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Forty-four states levy a corporate income tax, with top rates ranging from a 2.25 percent flat rate in North Carolina to a 11.5 percent top marginal rate in New Jersey.
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Facing a projected $3 billion budget deficit in fiscal year 2026, with forecasts of a growing gap over the next five years, Governor Wes Moore (D) has included about $1 billion in proposed tax increases in his budget proposal.
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Nebraska has an opportunity to revise the property tax package enacted in 2024 to ensure that Nebraskans enjoy meaningful property tax relief.
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Given the poor state of the budget process and worsening debt trajectory, lawmakers should move boldly and quickly to address the issue, including via a fiscal commission process. Issues to consider should include reforms to both spending and taxes.
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Some European countries have raised their statutory corporate rates over the past year, including Czechia, Estonia, Iceland, Lithuania, and Slovenia.
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With war continuing in Ukraine, political instability in France and Germany, and the return of Donald Trump to the White House, this could be a year of major realignment for Europe. The tax policy mindset in Brussels should shift accordingly.
From 2021-2024, within the span of 3.5 years, more states enacted laws converting graduated-rate individual income tax structures into single-rate income tax structures than did so in the whole 108-year history of state income taxation up until that point.
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Americans were on the move in 2024, and many chose low-tax states over high-tax ones.
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According to a new poll from the Tax Foundation and Public Policy Polling, more than half of taxpayers lack basic tax literacy, regardless of educational attainment, income level, or political affiliation.
How do current federal corporate tax rates and brackets compare historically?
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The analysis provides key insights into how their models work and the sort of outputs we can expect from their models as part of next year’s tax debate.
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Thirty-nine states will begin 2025 with notable tax changes, including nine states cutting individual income taxes. Recent years have seen a wave of significant tax reforms, and the changes scheduled for 2025 show that these efforts have not let up.
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While tariffs are often presented as tools to enhance US competitiveness, a long history of evidence and recent experience shows they lead to increased costs for consumers and unprotected producers and harmful retaliation, which outweighs the benefits afforded to protected industries.