In a rare change of pace, tax legislation passed out of the Ways and Means Committee last week with overwhelming, bipartisan support. In a more common turn of events, it may not get much further thanks to a small group of passionate, but misled lawmakers known as the “SALT Caucus.”
Examining the revenue, economic, and distributional effects of a hypothetical deal with permanent tax policy changes shows the longer-run trade-offs policymakers would face.
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As policymakers continue efforts to improve Kentucky’s tax structure and competitiveness, they should keep in mind that not all offsets are created equal.
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It is essential to understand that the taxation of capital gains places a double tax on corporate income.
Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
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The House Ways and Means Committee has advanced a tax deal to the House floor that would temporarily—and retroactively—restore two major business deductions for cost recovery and expand the child tax credit through 2025.
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Two pieces of tobacco legislation in Michigan have the potential to decrease state tax collections by $320 million per year, deter smokers from switching to less harmful products, and increase illicit trade and crime.
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Lawmakers should prioritize creating a tax system that supports investment more broadly rather than subsidizing specific industries and allowing broad, neutral pro-investment provisions to expire.
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Nebraskans need property tax relief and there are sound ways to provide it. However, increasing the sales tax rate to the highest in the country and dramatically increasing cigarette excises is not sound tax policy.
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Like most regions around the world, European countries have experienced a decline in corporate income tax rates over the past four decades, but the average corporate income tax rate has leveled off in recent years.
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