Tax hikes or spending cuts implemented early in the year might undermine the desirable rapid recovery of the economy. The UK should focus on implementing tax reforms that have the potential to stimulate economic recovery by supporting business investment and employment while increasing its international tax competitiveness.
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Under the budget introduced by Gov. Tom Wolf, Pennsylvania’s flat personal income tax rate would increase by 46 percent, partially offset by an outsized increase in the poverty credit, which would see a family of four eligible for partial relief due to poverty until they reached $100,000 in taxable income—four times the poverty line.
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Congress chose to exempt forgiven Paycheck Protection Program (PPP) loans from federal income taxation. Many states, however, remain on track to tax them by either treating forgiven loans as taxable income, denying the deduction for expenses paid for using forgiven loans, or both.
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Tax Foundation President Scott Hodge interviews Ken Kies, former Chief of Staff for the Joint Committee on Taxation (JCT) from 1995 to 1998.
Learn more about the recent Alabama tax reform measures (House Bill 170), which combines pandemic-era tax policy responses with broader tax policy reforms.
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At least four states—Connecticut, Hawaii, New York, and Washington—are considering statewide excise taxes on sugary drinks this year.
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West Virginians would face extraordinarily high taxes on vapor products in state if Senate Bill 68 becomes law. The bill would increase taxes on liquid used in vapor products from 7.5 cents per milliliter (ml) to $1 per ml—an increase of over 1,300 percent.
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Denmark relies the most on revenue from individual income taxes, at 52.4 percent of total tax revenue, followed by Iceland and Ireland at 40.8 percent and 31.5 percent, respectively.
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Approximately $78 billion might be owed in federal and state income taxes on the unemployment compensation payments made since the pandemic began.
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In the United States, individual income taxes (federal, state, and local) are the primary source of tax revenue, at 41.5 percent of total tax revenue. Social insurance taxes make up the second-largest share, at 24.9 percent, followed by consumption taxes, at 17.6 percent, and property taxes, at 12.1 percent.
4 min read