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.
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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.
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A typical American household with four phones on a “family share” wireless plan can expect to pay about $270 per year (or 22 percent of their cell phone bill) in taxes, fees, and surcharges.
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Biden has not specified how he would approach the Trump tariffs, though his advisers have said he will at least review them.
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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.
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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.
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New Jersey’s tax design adds another element to the ongoing experiment with legal recreational marijuana in the states.
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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.
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How do consumption tax codes compare among European OECD countries? Explore our new map to see how consumption tax systems in Europe compare.
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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.
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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.
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Voters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana.
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The corporate tax component of our Index measures each state’s principal tax on business activities. Most states levy a corporate income tax on a company’s profits (receipts minus most business expenses, including compensation and the cost of goods sold), while some states levy gross receipts taxes, which allow few or no deductions for a company’s expenses.
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See the results of the most notable state and local tax ballot measures during Election 2020 with our curated resource page.
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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).
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The Securing a Strong Retirement Act seeks to encourage retirement savings by simplifying and expanding the use of different types of retirement accounts.
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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.
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