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Biden Budget Would Raise Income Tax Rates to Highest in Developed World
The FY 2023 budget proposes several new tax increases, which in combination with the Build Back Better Act, would give the U.S. the highest top tax rates on individual and corporate income in the developed world.
4 min read![Biden budget tax proposals Biden budget child tax credit expansion American Rescue Plan American Families Plan Biden budget tax Treasury Green book revenue proposals](https://taxfoundation.org/wp-content/uploads/2021/06/Biden-child-tax-credit-expansion-American-Rescue-Plan-American-Families-Plan-Biden-budget-tax-Treasury-Green-book-revenue-300x199.png)
Biden’s Budget Battle
In a letter to lawmakers, the 46th President said that his $5.8 trillion budget package would “[grow] our economy, while ensuring that the wealthiest Americans and the biggest corporations begin to pay their fair share.” We break down what the President is proposing for this upcoming fiscal year and what its impact would be on the U.S. economy in the face of record-high inflation.
![Mississippi income tax repeal and Mississippi income tax eform, Mississippi sales tax changes, Mississippi eliminate income tax proposal. Mississippi income tax phase out Governor Tate Reeves](https://taxfoundation.org/wp-content/uploads/2018/04/AdobeStock_182153323-e1523883021150-300x200.jpeg)
Sustainable Tax Reform a Win for Mississippians
Mississippi policymakers delivered the largest tax cut in state history, providing meaningful relief for taxpayers by cutting individual income tax rates.
7 min read![Biden tax plan and analysis of Biden taxes Biden minimum tax on billionaires unrealized capital gains tax Biden tax proposals Biden taxes Biden tax plan Build Back Better inflation tax Biden inflation tax Top Tax Rate on Personal Income Would Be Highest in OECD under New Build Back Better Framework](https://taxfoundation.org/wp-content/uploads/2021/10/Washington-DC-White-House-skyline-e1634657027264-300x200.jpeg)
Proposed Minimum Tax on Billionaire Capital Gains Takes Tax Code in Wrong Direction
Biden’s proposal would impose a complicated never been tried before tax, adding new compliance and administrative challenges for an already overburdened IRS while weakening the U.S. economy by raising the tax burden on U.S. saving and entrepreneurship.
6 min read![Colorado flavored tobacco ban tax and revenue impact](https://taxfoundation.org/wp-content/uploads/2022/03/Colorado-state-capitol-2-e1648672272418-300x200.jpeg)
Will Colorado Spend Millions on Flavored Tobacco and Nicotine Prohibition?
Lawmakers in Colorado, and in the several other states considering flavor bans, should think twice before following in the footsteps of Massachusetts. A statewide ban on flavored tobacco products is more than likely to costs millions of dollars, increase smuggling, and have a negligible effect on public health.
5 min read![Economic Impact of Tariffs, Trump tariffs, trade war](https://taxfoundation.org/wp-content/uploads/2018/06/tariffs-7-300x200.jpeg)
Biden’s Trade Agenda Should End the Trade War and Promote Free Trade
The Biden administration should lift the Trump administration’s tariffs, as they have failed in their objective to bring better trading practices and instead brought about significant damage to U.S. businesses and workers.
6 min read![state wealth tax proposals state flat tax state income tax reform state tobacco taxes, state cigarette tax rates and cigarette taxes state tax incentives 2021 state revenue and 2021 state budget projections state tax reform covid and state tax cuts covid](https://taxfoundation.org/wp-content/uploads/2021/07/AdobeStock_31106081-e1626373276349-300x200.jpeg)
State Legislatures Take Up Tax Reform and Relief in 2022
After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.
3 min read![Are Tax Rebates a Good Way for Relief from Rising Prices? Learn more about gas tax rebates and sound tax relief inflation policy](https://taxfoundation.org/wp-content/uploads/2022/03/giorgio-trovato-V_aWDjx2g20-unsplash-300x225.jpg)
Are Tax Rebates a Good Way to Provide Relief from Rising Prices?
States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. Tax rebates, gas tax holidays, and other temporary tax expedients have the potential to add to existing inflation—but good intentions do not always make for good policy.
5 min read![Facts and Figures 2022 state tax data state debt state revenue state tax collections and income per capita by state data](https://taxfoundation.org/wp-content/uploads/2022/03/Artboard-1-300x286.png)
Facts & Figures 2022: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min read