State Sales Tax Breadth and Reliance, Fiscal Year 2020
By failing to keep pace with modern consumption patterns, sales taxes have become less neutral, less equitable, and less economically efficient over time.
16 min read
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Financial Transaction Taxes in Europe
Belgium, Finland, France, Ireland, Italy, Poland, Spain, Switzerland, Turkey, and the United Kingdom currently levy a type of financial transaction tax
2 min read
Summary of the Latest Federal Income Tax Data, 2021 Update
The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.
8 min read
State Corporate Income Tax Rates and Brackets, 2021
North Carolina’s 2.5 percent corporate tax rate is the lowest in the country, followed by Missouri (4 percent) and North Dakota (4.31 percent). Seven other states impose top rates at or below 5 percent: Florida (4.458 percent), Colorado (4.55 percent), Arizona (4.9 percent), Utah (4.95 percent), and Kentucky, Mississippi, and South Carolina (5 percent).
7 min read
Actionable VAT Policy Gap in Europe, 2021
Value-added taxes (VAT) make up approximately one-fifth of total tax revenues in Europe. However, European countries differ significantly in how efficiently they raise VAT revenues. One way to measure a country’s VAT efficiency is the VAT Gap.
4 min read
IRS Data Shows Who Benefited from the First Round of Economic Impact Payments
Newly published data from the Internal Revenue Service (IRS) shows that the first round of economic impact payments primarily benefited households earning less than $100,000.
3 min read
To What Extent Does Your State Rely on Sales Taxes?
Consumption taxes (like sales taxes) are more economically neutral than taxes on capital and income because they target only current consumption. Consumption taxes are generally more stable than income taxes in economic downturns as well.
3 min read
Who Benefits from the State and Local Tax Deduction?
Some lawmakers have expressed interest in repealing the SALT cap, which was originally imposed as part of the Tax Cuts and Jobs Act (TCJA) in late 2017. It is important to understand who benefits from the SALT deduction as it currently exists, and who would benefit from the deduction if the cap were repealed.
6 min read
Tax Subsidies for R&D Expenditures in Europe, 2021
Many countries incentivize business investment in research and development (R&D), intending to foster innovation. A common approach is to provide direct government funding for R&D activity. However, a significant number of jurisdictions also offer R&D tax incentives.
4 min read
To What Extent Does Your State Rely on Property Taxes?
New Hampshire and Alaska rely most heavily on property taxes. Neither have individual income taxes, and in New Hampshire, significant government authority often vested in state government is devolved to the local level, where services are overwhelmingly funded by property taxes.
4 min read