This week, the incoming Trump administration issued a day-one executive order on the global minimum tax agreement known as Pillar Two, which seeks to ensure multinational corporations pay at least 15 percent in income tax.
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The proposed ad quantum tax would be the system that most closely follows the global best practices for alcohol taxes we previously outlined.
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Forty-four states levy a corporate income tax, with top rates ranging from a 2.25 percent flat rate in North Carolina to a 11.5 percent top marginal rate in New Jersey.
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Facing a projected $3 billion budget deficit in fiscal year 2026, with forecasts of a growing gap over the next five years, Governor Wes Moore (D) has included about $1 billion in proposed tax increases in his budget proposal.
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Nebraska has an opportunity to revise the property tax package enacted in 2024 to ensure that Nebraskans enjoy meaningful property tax relief.
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Given the poor state of the budget process and worsening debt trajectory, lawmakers should move boldly and quickly to address the issue, including via a fiscal commission process. Issues to consider should include reforms to both spending and taxes.
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Some European countries have raised their statutory corporate rates over the past year, including Czechia, Estonia, Iceland, Lithuania, and Slovenia.
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With war continuing in Ukraine, political instability in France and Germany, and the return of Donald Trump to the White House, this could be a year of major realignment for Europe. The tax policy mindset in Brussels should shift accordingly.
From 2021-2024, within the span of 3.5 years, more states enacted laws converting graduated-rate individual income tax structures into single-rate income tax structures than did so in the whole 108-year history of state income taxation up until that point.
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Americans were on the move in 2024, and many chose low-tax states over high-tax ones.
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