Governor Sarah Huckabee Sanders (R) recently called a brief special legislative session to enact the fourth round of reductions to the Natural State’s individual and corporate income taxes. Legislators also passed a modest property tax reform proposal.
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Many developed countries have repealed their wealth taxes in recent years for a variety of reasons. They raise little revenue, create high administrative costs, and induce an outflow of wealthy individuals and their money. Many policymakers have also recognized that high taxes on capital and wealth damage economic growth.
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Summer has arrived and states are beginning to implement policy changes that were enacted during the legislative session (or are being phased in over time).
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To stay competitive in an increasingly mobile post-pandemic world, states and localities must learn from the tax policy successes and failures of their neighbors and communities across the nation.
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With a robust surplus and plenty saved for a rainy day, Kansas can afford substantial tax relief, but not all tax relief is created equal.
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Get ready to hit the autobahn and explore the world of German taxes! We’ll navigate the complexities of Germany’s tax structure.
Two bills in Georgia will lower the flat individual income tax rate and align the corporate income tax rate with the individual income tax rate.
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With proposals to adopt the nation’s highest corporate income tax, second-highest individual income tax, and most aggressive treatment of foreign earnings, as well as to implement an unusually high tax on property transfers, Vermont lawmakers have no shortage of options for raising taxes dramatically.
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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.
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Focusing on competitiveness, neutrality, and efficient policies to raise revenue would go a long way in increasing economic growth and stabilizing public finances over the long term.
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Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.
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Designing tax policy in a way that sustainably finances government activities while minimizing distortions is important for supporting a productive economy.
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The “Bring Chicago Home” ballot measure would make Chicago’s tax structure substantially less neutral by raising taxes on some property transfers while decreasing taxes on others.
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Portugal’s turnover tax on real property transfers places a serious drag on economic growth by making it harder for people to relocate for better jobs and living conditions while constraining investment into the development of housing and buildings.
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Does your state have a small business exemption for machinery and equipment?
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Only three European countries levy a net wealth tax—Norway, Spain, and Switzerland. France and Italy levy wealth taxes on selected assets.
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After years of strong revenue growth, Kansas has substantial cash reserves on hand, and policymakers on both sides of the aisle have expressed a desire to return some of the extra revenue to taxpayers.
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Nebraskans need property tax relief and there are sound ways to provide it. However, increasing the sales tax rate to the highest in the country and dramatically increasing cigarette excises is not sound tax policy.
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While some recommendations follow the principles of sound tax policy and may improve the District’s tax climate, some proposals make the tax code more complex and less neutral, potentially disincentivizing investment and business activity.
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