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Countries Eye Environmental Taxation

A recent OECD report on 2020 tax reforms reveals an increase in the number of environmentally-related tax policies, including gas taxes, carbon taxes, and taxes on electricity consumption.

The State of Uncertainty: Reflections on BEPS and the OECD’s Two-Pillar Approach

Joe Biden’s Tax Plan Explained

Depending on the outcome of the 2020 presidential election, we could be looking at a very different tax code in the years to come. What tax changes has former Vice President Joe Biden proposed and what would they mean for U.S. taxpayers, businesses, and the overall economy?

Recent Changes in Top Personal Income Tax Rates in Europe

Ten European OECD countries recently changed their top personal income tax rates. Of the ten countries, six cut their top personal income tax rates while the other four raised their top rates.

Split Roll Initiative in California Threatens Property Tax Limitations on Commercial Real Estate

On Election Day this year, California voters will vote on Proposition 15, a ballot measure that would create a “split roll” property tax system in the Golden State, increasing taxes on just commercial property by $8 billion to $12.5 billion.

Designing a Global Minimum Tax with Full Expensing

The design and implementation of a global minimum tax is not simple and straightforward. There are dozens of challenging issues that policymakers will need to consider. So, when it comes to the way the minimum tax treats new investment, it seems clear that incorporating full expensing into the design would have significant benefits.

Sweden’s 2021 Budget: Permanent Income Tax Cuts

Sweden’s 2021 budget outlines an aggressive plan to both cut income taxes in a permanent manner alongside multiple other tax cuts and spending increases

Looking Back on 30 Years of Carbon Taxes in Sweden

Implemented in 1991, Sweden’s carbon tax was one of the first in the world. Since then, Sweden’s carbon emissions have been declining, while there has been steady economic growth. Today, Sweden levies the highest carbon tax rate in the world and its carbon tax revenues have been decreasing slightly over the last decade.

CBO Releases New Long-term Budget Outlook

The pandemic precipitated the steepest decline in economic output and employment in recent history, which is leading to a drop in tax revenue. At the same time, the federal response to the crisis is producing a large increase in spending. This combination will cause the federal budget deficit to spike.

Maryland Lawmakers Look to Alcohol for New Revenue

While there are legitimate reasons for increasing and levying excise taxes, legislatures should proceed with caution in the aftermath of the pandemic. Importantly, revenue from increased excise taxes should generally be allocated to spending related to the negative externalities as that revenue is too volatile and unreliable to rely on for long-term budget priorities.