Washington’s new income tax on high earners doesn’t take effect until 2028, but it is already generating a lot of activity. A measure on the ballot this November, Initiative 645, would reverse the legislature’s decision, preventing the new tax from taking effect.
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The 2026 Regional Tax Competitiveness Index for Spain highlights a growing divergence between regions that have embraced tax reform and those whose tax systems have remained largely unchanged.
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The federal government’s debt burden and interest on the debt are near record levels and headed higher, raising legitimate concerns about an eventual debt crisis. Given the increasingly dysfunctional budget process, the most viable option on the table to stave off such a crisis is a statutory bipartisan fiscal commission with buy-in from leaders of both parties.
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Imposing sales taxes on rental car companies’ fleet purchases, in addition to the sales and rental car excise taxes levied when those cars are rented, yields double taxation and causes harmful tax pyramiding.
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In addition to the federal estate tax, which has a top marginal rate of 40 percent, 12 states and the District of Columbia impose estate taxes, while five states levy inheritance taxes.
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Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate. Forty-four states and DC also levy taxes on corporate income, with top marginal rates ranging from 2.5 percent in North Carolina to 11.5 percent in New Jersey.
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What happens when voters decide tax policy directly? This November, roughly 40 tax measures are on the ballot across 17 states. Some states want higher taxes on top earners, others want to write low rates into their constitutions, and Missouri voters will decide whether to start a fund that could one day replace every state tax.
Rather than continuing the Trump administration’s tariff policy, policymakers should explore new solutions that can raise sustainable revenue with fewer distortions, like replacing the tariffs with a value-added tax.
5 min read
Taxes are on the ballot this November—not just in the sense that candidates at all levels are offering their visions for tax policy, but also in the literal sense that voters in some states will get to decide important questions about how their states raise revenue.
High property taxes levied not only on land but also on buildings and structures can discourage investment in infrastructure, which businesses would have to pay additional tax on.
3 min read