Summary of the Latest Federal Income Tax Data, 2022 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.
41 min read
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Tax Season’s Greetings
The 2022 tax filing season is about to begin. With expected delays, pandemic-related troubles, and a backlog of over 8 million unprocessed returns from the 2021 tax filing season, Garrett Watson joins Jesse Solis to discuss what all these troubles will mean for taxpayers in what is shaping up to be a chaotic spring.
What the U.S. Can Learn from the Adoption (and Repeal) of Wealth Taxes in the OECD
Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals.
3 min read
State Corporate Income Tax Rates and Brackets, 2022
Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey.
8 min read
Bumpy Tax Filing Season Ahead Due to IRS Backlog and Pandemic Tax Relief
The National Taxpayer Advocate argued the IRS telephone service “was the worst it has ever been” in 2021, with an answer rate of about 11 percent.
4 min read
Proposal to Raise Vapor Taxes in Washington State Gets Base and Rate Wrong
Lawmakers in Washington need not revisit their vapor tax. The current tax is levied at an appropriate level and it has the right tax base.
3 min read
A Stimulating COVID-19 Discussion
New research shows that the United States had the second largest fiscal response to the COVID-19 pandemic globally. But did this magnitude of stimulus have the economic impact policymakers were hoping for?
Net Operating Loss Provisions: State Treatment and the Economic Benefits
Well-designed Net Operating Loss (NOL) provisions benefit the economy by smoothing business income, which mitigates entrepreneurial risk and helps firms survive economic downturns.
24 min read
Comparing Europe’s Tax Systems: Cross-Border Tax Rules
Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of each country’s tax code.
3 min read