The corporate income tax is levied by federal and state governments on business profits. State-level corporate income tax rates vary across the country. Learn about the effects of reduction and elimination of corporate income taxes and the economic result by comparing examples from North Carolina and Ohio
In this lesson plan, students will know how average and marginal tax rates are calculated. Students will compare the two tax rates. Students will learn how marginal and average tax rates combine to impact the taxpayer and economy.
Excise taxes are imposed on a specific good or activity, such as cigarettes, alcohol, and fuel. Because of their narrow base, excise taxes distort production and consumption choices. Sometimes this distortion is by design. Compare the effects of sales taxes and tobacco excise taxes with real policy examples.
More states are contemplating the tradeoffs associated with legalizing recreational marijuana and taxing it to obtain a new stream of revenue. In fact, a key point when legalizing recreational marijuana is tax design. Most states that currently allow and tax sales have opted for a price-based (ad valorem) excise tax and levy the general sales tax on recreational marijuana sales.
President Biden and Congressional Democrats introduced a scaled-back proposal of their reconciliation package, with House leadership saying they hope to vote on this new trillion-dollar package ASAP. We talk through what made it into the deal, what was cut, and what the impact of these tax changes would be.
Infrastructure has made its way across the finish line, but the tax debate is far from over on Capitol Hill. Senior policy analyst Garrett Watson joins host Jesse Solis to walk us through the latest iteration of Democrats’ trillion-dollar reconciliation package and the myriad tax changes that are being proposed to finance this deal.
Since 2021, 43 states have provided substantial tax relief for taxpayers and businesses. But this year, a new trend has emerged in the opposite direction: a push for states to tax investment. Jared Walczak joins Jesse to discuss how wealth tax proposals to higher capital gains income taxes would affect investment, job creation, and migration between states—and why they’re happening now.
Senior policy analyst Garrett Watson joins host Jesse Solis to discuss the Build Back Better Act’s prospects and what tax changes—ranging from the SALT deduction to the Child Tax Credit—could change in order to gain enough support for passage.
The expanded Child Tax Credit from the American Rescue Plan was touted as a once-in-a-lifetime achievement toward reducing child poverty. But it was passed as a temporary tax measure. Temporary tax policy makes tax filing confusing, and the IRS has shown that it isn’t able to keep pace with being a social administrator and a tax collector. We discuss what taxpayers need to know about the ever-changing Child Tax Credit and how it may impact taxpayers this spring.
In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income tax to a flat tax. Another four may adopt flat tax legislation just this year. We discuss what flat taxes are, what they mean for taxpayers, and why so many states are making a push for them this year.