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Designing a Global Minimum Tax with Full Expensing

The design and implementation of a global minimum tax is not simple and straightforward. There are dozens of challenging issues that policymakers will need to consider. So, when it comes to the way the minimum tax treats new investment, it seems clear that incorporating full expensing into the design would have significant benefits.

6 min read
Sweden's 2021 budget, Sweden 2021 permanent personal income tax cuts

Sweden’s 2021 Budget: Permanent Income Tax Cuts

Sweden’s 2021 budget outlines an aggressive plan to both cut income taxes in a permanent manner alongside multiple other tax cuts and spending increases

3 min read

Looking Back on 30 Years of Carbon Taxes in Sweden

Implemented in 1991, Sweden’s carbon tax was one of the first in the world. Since then, Sweden’s carbon emissions have been declining, while there has been steady economic growth. Today, Sweden levies the highest carbon tax rate in the world and its carbon tax revenues have been decreasing slightly over the last decade.

21 min read
emergency savings accounts retirement savings accounts Build Back Better plan inflation Build Back Better plan deficit carbon tax reconciliation hr3 tax prescription drugs tax help pay for reconciliation, revenue for federal government retirement savings federal reform proposals SECURE Act Securing a Strong Retirement Act of 2021

CBO Releases New Long-term Budget Outlook

The pandemic precipitated the steepest decline in economic output and employment in recent history, which is leading to a drop in tax revenue. At the same time, the federal response to the crisis is producing a large increase in spending. This combination will cause the federal budget deficit to spike.

5 min read
Maryland alcohol tax, Maryland beer tax, Maryland wine tax

Maryland Lawmakers Look to Alcohol for New Revenue

While there are legitimate reasons for increasing and levying excise taxes, legislatures should proceed with caution in the aftermath of the pandemic. Importantly, revenue from increased excise taxes should generally be allocated to spending related to the negative externalities as that revenue is too volatile and unreliable to rely on for long-term budget priorities.

3 min read
Biden reward work not wealth in America, Biden reward hard work not wealth

How Should Wealth and Work Be Treated in the Tax Code?

Joe Biden recently released a piece reviewing his tax proposals, contrasting them with President Donald Trump’s tax ideas. A major theme within this piece can be summarized in the title: “A Tale of Two Tax Policies: Trump Rewards Wealth, Biden Rewards Work.”

4 min read
How have your state's tax revenues changed in FY 2020 compared to FY 2019? State revenue collections beat state revenue expectations in FY 2020 despite coronavirus pandemic and economic downturn

New Census Data Shows States Beat Revenue Expectations in FY 2020

State tax revenue collections were down 5.5 percent in FY 2020, driven by a dismal final quarter (April through June) as states began to feel the impact of the COVID-19 pandemic. While these early losses are certainly not desirable, they are manageable and far better than many feared.

16 min read
target property tax reforms, net wealth transfer taxes, property transfer taxes

More Countries Target the Property Tax

A recent OECD report reveals a tendency towards higher property taxes, often in the form of base broadening, tax rate increases, or both.

5 min read
EU budget tax EU tax, excise state of mind, excise tax trend to fill budget gaps

An Excise State of Mind

Even during a crisis when budgets are squeezed, policymakers should put their efforts into serious reforms of existing income and consumption taxes rather than leaving good tax policy behind for an excise state of mind.

6 min read