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unlocking global growth and role of taxation in promoting economic growth Tax Conference

How to Unlock Global Growth: The Role of Taxation

Our recent policy conference brought together academics and political leaders to present research on some of the most pressing issues in global tax policy and to discuss solutions that can unlock genuine global growth.

9 min read
Michigan income tax cut may be temporary due to recent opinion by Michigan attorney general tax opinion

Is Michigan’s Tax Cut Temporary or Permanent?

Michiganders will pay a lower individual income tax rate next year thanks to high general fund revenues, but these savings may be short-lived following an opinion released by the state’s attorney general.

7 min read
Portugal inflation tax policies include Portugal VAT exemption for value added tax goods and services

VAT Carveouts in Portugal

The Portuguese government has introduced plans to exempt “essential” food items from its value-added tax (VAT) in response to the recent inflation spike. While this may sound like a reasonable measure on the surface, it comes with numerous unintended consequences that compromise its effectiveness.

4 min read
Capital cost recovery and capital allowances in the OECD 2023 , full expensing, full immediate expensing

Capital Cost Recovery across the OECD, 2023

To recover from the pandemic and put the global economy on a trajectory for growth, policymakers need to aim for more generous and permanent capital allowances. This will spur real investment and can also contribute to more environmentally friendly production across the globe.

33 min read
Mississippi business tax reform Mississippi capital improvement plan full expensing Governor Tate Reeves

Mississippi’s Capital Improvement Plan Leads in the South and Nationwide

A recently enacted bill in Mississippi made the Magnolia State only the second state in the country to make full expensing permanent. The bill joins reductions to the individual income tax and capital stock tax rates, already in progress, as model, pro-growth reforms for the region.

5 min read
latest state tax trends and state tax cuts include responsible state income tax relief in 2023

There’s Still Room for Responsible State Income Tax Relief in 2023

Forty-three states adopted tax relief in 2021 or 2022—often in both years—and of those, 21 cut state income tax rates. It’s been a remarkable trend, driven by robust state revenues and an increasingly competitive tax environment.

4 min read
state tax inflation response like state tax rebates and tax holidays to combat inflation Federal tax collections inflation surging 2022

State Tax Policy as an Inflation Response

At the end of 2022, prices were 14.6 percent higher than they were two years prior. That’s the fastest inflation rate over any two calendar years since the stagflation era of the late 1970s. State policymakers are understandably interested in bringing any tools at their disposal to bear on the problem. And many of them are reaching for tax policy solutions.

7 min read
Adobe Stock, Robert Hainer

Georgia Should Reinforce Its Tax Reform Intentions

By shifting to a flat income tax, Georgia has already made an important commitment to tax competitiveness. Although the state’s top rate threshold is already very low, a true single-rate income tax will help protect taxpayers from inflation-related tax increases and provide a buffer against rising tax rates in the future. To combine responsible rate reductions with these benefits, Georgia should create tax triggers that empower the state to keep pace with its competition.

3 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

Wealth Tax Proposals Are Back as States Take Aim at Investment

In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday.

7 min read
2023 State Tax Changes as of January 1, 2023, Comprehensive guide to 2020 tax changes and 2020 state tax changes

State Tax Changes Taking Effect January 1, 2023

Most of the 2023 state tax changes represent net tax reductions, the result of an unprecedented wave of rate reductions and other tax cuts in the past two years as states respond to burgeoning revenues, greater tax competition in an era of enhanced mobility, and the impact of high inflation on residents.

20 min read
UK tax plan Rishi Sunak tax plan

A Tale of Two Tax Plans in the United Kingdom

History is clear. Lowering budget deficits via spending restraint frees resources for additional private output and jobs. Lowering them by raising taxes on business investment and labor services makes it harder to dis-inflate without a recession.

7 min read