Taken together, the proposed reforms would further solidify North Carolina’s position as a leader in sound tax policy and as a state whose tax code is among the most conducive to generating long-term economic growth.
7 min read
In most states, tax incentives abound, usually offered as a way of promoting new investment or attracting certain industries by shielding them from the full impact of otherwise high tax rates.
6 min read
19 European OECD countries employ a fully territorial tax system, exempting all foreign-sourced dividend and capital gains income from domestic taxation. No European OECD country operates a worldwide tax system.
3 min read
Intellectual property is a key driver in the current economy. Among other things, intellectual property includes patents for life-saving drugs and vaccines and software that runs applications on phones and computers.
5 min read
Although state budgets may be in unusual places this year, sales tax holidays remain the same as they always have been—ineffective and inefficient.
4 min read
Last month, the Supreme Court turned back a challenge to the Affordable Care Act (ACA), allowing to stand the Individual Mandate it created that penalizes taxpayers for not having proper health insurance and opening the way for President Biden and Congress to reimplement it.
2 min read
While it is good that policymakers are taking the impact of the economy on tax revenue seriously, it is important to remember that the dynamic effect of increased spending would only offset a small portion of the total spending. In other words, new spending—like tax cuts—rarely pays for itself.
3 min read
The Biden administration has targeted U.S. businesses, including corporations and passthrough entities, to raise revenue to fund new spending. However, individual taxpayers across America will end up footing the bill.
4 min read
New Treasury Department data released on the advance Child Tax Credit payments shows the distribution by state, including how much, on average, households in each state received. The expansion will only be in effect for the 2021 tax year—if policymakers wish to continue providing the increased benefits, they must address the administrative and revenue costs of the policy.
4 min read
If states wish to tax digital streaming and download services, they should do it the right way, by including them in their sales tax base—preferably as part of broader reforms paired with commensurate rate reductions—rather than inventing new excise taxes or shoehorning taxation of the new economy into outdated statutes.
4 min read