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.
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A recent OECD report reveals a tendency towards higher property taxes, often in the form of base broadening, tax rate increases, or both.
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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
Just as COVID-19 is putting pressure on other sources of revenue, the loss of VAT revenues resulting from the crisis will force governments to evaluate their VAT systems.
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Under an individual AMT, many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount.
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As the NYSE prepares to conduct a test of their server capacity elsewhere, New Jersey lawmakers may be forced to rethink the viability of their financial transaction tax proposal.
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What does the Senate Republican coronavirus package do? Are there better ways of providing short-run relief without making the tax code more complicated?
6 min read
Over the last two decades, corporate income tax rates have declined around the world. Our new map shows the most recent changes in corporate tax rates in European OECD countries, comparing how combined statutory corporate income tax rates have changed between 2017 and 2020.
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If the goal of the Biden campaign is to bring new investment and jobs to the U.S., it is doubtful that these new tax rules will contribute to that goal.
4 min read
A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket widths that apply to single filers.
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