When examining tax burdens on businesses, it is important to consider both federal and state corporate taxes. Corporate taxes are one of the most economically damaging ways to raise revenue and are a promising area of reform for states to increase competitiveness and promote economic growth, benefiting both companies and workers.
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Carryover tax provisions help businesses “smooth” their risk and income, making the tax code more neutral across investments and over time.
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Property taxes are the primary tool for financing local government and generating state-level revenue in some states as well.
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With continued concerns over inflation, individuals may be wondering how their tax bills will be impacted. Less than half of OECD countries in Europe automatically adjust income tax brackets for inflation every year.
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Tennessee, Alaska, Hawaii, and Kentucky levy the highest beer excise tax rates in the nation. How does your state compare?
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The mix of tax sources states choose can have important implications for both revenue stability and economic growth, and the many variations across states are indicative of the different ways states weigh competing policy goals.
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Patent box regimes (also referred to as intellectual property, or IP, regimes) provide lower effective tax rates on income derived from IP. Most commonly, eligible types of IP are patents and software copyrights. Currently, 13 of the 27 EU member states have a patent box regime.
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A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket widths that apply to single filers. In other words, married couples who file jointly under this scenario have a higher effective tax rate than they would if they filed as two single individuals with the same amount of combined income.
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About half of all European OECD countries have either announced, proposed, or implemented a digital services tax.
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However well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
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