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Biden’s Proposed Capital Gains Tax Rate Would be Highest for Many in a Century
The Biden administration is proposing to tax long-term capital gains at ordinary income rates for high earners, which will bring the top federal rate to highs not seen since the 1920s.
2 min read
Excluding GILTI and Reducing the Corporate Tax Rate Would Improve Nebraska’s Economic Competitiveness
Excluding Global Intangible Low-Taxed Income (GILTI) from taxation and reducing the state’s top marginal corporate rate would improve the state’s economic competitiveness and are among the top income tax modernization priorities Nebraska policymakers ought to consider.
4 min read
Top Combined Capital Gains Tax Rates Would Average 48 Percent Under Biden’s Tax Plan
The top federal rate on capital gains would be 43.4 percent under Biden’s tax plan (when including the net investment income tax). Rates would be even higher in many U.S. states due to state and local capital gains taxes, leading to a combined average rate of over 48 percent compared to about 29 percent under current law.
3 min read
Comparing the Trade-offs of Carbon Taxes and Corporate Income Taxes
President Biden’s choice to fund new spending programs with increased corporate taxes comes with trade-offs for American output and incomes.
3 min read
Corporate Investment Outweighs Federal Revenue Losses Since TCJA
The Biden administration has argued for raising the corporate tax rate to offset the drop in federal corporate revenues following the Tax Cuts and Jobs Act (TCJA) of 2017, claiming it did not lead to more corporate investment as advertised. Although corporate revenues did drop following this tax reform, the ensuing increase in corporate investment far exceeds these revenue losses.
1 min read
Modernizing Rental Car and Peer-to-Peer Car Sharing Taxes for a Post-Pandemic Future
The economic evidence shows that travelers and tourists are sensitive to price changes for rental cars and adjust their behavior to avoid the tax, harming state economies and the travel sector right as the industry is trying to recover from the effects of the coronavirus pandemic.
30 min read
Capital Gains Tax Rates in Europe, 2021
4 min read
Raising the Corporate Rate to 28 Percent Reduces GDP by $720 Billion Over Ten Years
The Options guide presents the economic effects we estimate would occur in the long term, or 20 to 30 years from now, but we can also use our model to show the cumulative effects of the policy change—providing more context, for instance, about how the effects of a higher corporate income tax rate compound over time, which we estimate would reduce GDP by a cumulative $720 billion over the next 10 years.
4 min read
How Are Your State’s Roads Funded?
Traditionally, revenue dedicated to infrastructure spending has been raised through taxes on motor fuel, license fees, and tolls, but revenue from motor fuel has proven less effective over the last few decades.
4 min read