State and Local Tax Burdens, Calendar Year 2019
New Yorkers faced the highest burden, with 14.1 percent of income in the state going to state and local taxes. Connecticut (12.8 percent) and Hawaii (12.7 percent) followed.
19 min read
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Four Questions Treasury Must Answer About the State Tax Cut Prohibition in the American Rescue Plan Act
The American Rescue Plan Act’s restriction on states’ Fiscal Recovery Funds being used to directly or indirectly offset a net tax cut is vague and raises difficult questions of interpretation and application. A broad interpretation of this prohibition may be unconstitutional.
19 min read
Bank Taxes in Europe
Today’s map shows which European OECD countries implemented financial stability contributions (FSCs), commonly referred to as “bank taxes.”
2 min read
Does Your State Tax Business Inventory?
Inventory taxes are levied regardless of whether a business makes a profit, adding to the burden of businesses already struggling to stay afloat.
2 min read
U.S. COVID-19 Relief Provided More Than $60,000 in Benefits to Many Unemployed Families
During the pandemic, an unemployment family of four previously earning $60,000 will have received $50,840 in federal and state unemployment benefits from April 1, 2020 to September 6, 2021, plus $11,400 in stimulus payments, plus $7,200 in Child Tax Credit, totaling $69,440 in combined COVID-19 relief benefits.
4 min read
Will Pennsylvania Be the First State to Motor Past the Gas Tax?
In Pennsylvania, Gov. Tom Wolf (D) has proposed phasing out the gas tax as the main funding mechanism for the state’s highway fund, and he has established a commission to recommend options for replacing it with alternative revenue sources. In a statement, the governor called the current motor fuel tax burdensome, outdated, and unreliable.
5 min read
Tax Subsidies for R&D Spending and Patent Boxes in OECD Countries
Despite the coronavirus pandemic’s immense health and economic challenges, the crisis has also revealed the incredible value of innovation.
32 min read
How GILTI Are U.S. Industries?
Both the Biden campaign and some Democratic members of Congress have recommended changes to GILTI, but before doing that, policymakers should consider how GILTI’s design can have ramifications for many U.S. companies and their tax burdens.
6 min read
Tax Policy Improvements Needed to Help Industries through the Semiconductor Shortage
As lawmakers evaluate how to respond to the global semiconductor shortage, they should consider allowing full cost recovery across all types of capital investment—inventories, machinery and equipment, structures, and R&D.
4 min read
Excise Tax Application and Trends
The excise tax family is growing. Over the last decade, several products have become subject to excise taxes or are in the process of becoming so. Given this development, it is more crucial than ever that lawmakers, businesses, and consumers understand the possibilities and, more importantly, limitations of excise tax application.
77 min read