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Lawmakers Reintroduce Bill to Protect Against Double Taxation of Financial Transactions

With several states entertaining proposals to tax the financial transactions of savers and investors who don’t even live in their states, some members of Congress see an interstate commerce question worthy of a federal response.

State Aid in American Rescue Plan Act Is 116 Times States’ Revenue Losses

Here’s each state’s estimated revenue gains or losses in 2020, alongside the state and local aid that would be allocated to each under the American Rescue Plan Act.

An Investment Boost in the UK’s 2021 Budget

The UK’s Chancellor of the Exchequer Rishi Sunak released the 2021 budget, and most important for near-term growth is the significant boost to capital allowances.

Can GILTI and the GloBE be Harmonized in a Biden Administration?

While there are several parts of the policy that are subject to further discussion and agreement, GloBE is expected to be different from GILTI in several ways.

Combined State and Federal Corporate Income Tax Rates in 2021

The state with the highest combined corporate income tax rate is New Jersey, with a combined rate of 30.1 percent. Corporations in Alaska, California, Illinois, Iowa, Maine, Minnesota, and Pennsylvania face combined corporate income tax rates at or above 28 percent.

Webinar: Putting President Biden’s Corporate Tax Agenda in Context

Sen. Elizabeth Warren’s Wealth Tax Legislation Faces Administrative and Economic Challenges

The international experience with wealth taxes should serve as a warning to the U.S. A wealth tax would reduce the size of the economy, shrink national income, and significantly distort international capital flows.

The UK Should Not Ignore Problems with its Corporate Tax Base

While the UK is looking at ways to raise tax revenue to cover the revenue shortfalls and additional spending resulting from the COVID-19 pandemic, short- as well as long-term, investment will be crucial in getting the economy back on track and ensuring economic growth.

Renewed Calls for Severance Taxes on Bottled Spring Water

Amid a debate over water extraction from Florida’s springs, Florida Sen. Annette Taddeo (D) has introduced a bill (SB 562) which, if enacted, would establish an excise tax on water extraction beginning July 1.

Evaluating Mississippi’s Plan to Phase Out the Individual Income Tax

Mississippi has an opportunity to become the 10th state without an individual income tax and to do so with sales tax rates which, while certainly high, are in line with regional competitors. For such a momentous undertaking, however, policymakers should be equipped with reliable revenue projections and a detailed accounting of how much revenue is projected to come from each offsetting change. A change worth doing is worth doing right.