While there are many factors that affect a country’s economic performance, taxes play an important role. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities.
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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.
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In recent years, European countries have undertaken a series of tax reforms designed to maintain tax revenue levels while protecting households and businesses from high inflation.
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Property taxes are the primary tool for financing local governments and generate a significant share of state and local revenues.
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Recharacterizing a rather simple repayment transaction as a tax rebate is concerning, not just for sound tax policy, but also for the future of public-private financing partnerships.
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Discover why there are better and worse ways for governments to raise a dollar of revenue. That’s because no two taxes impact the economy the same.
Montana Policymakers should pursue principled property tax reform that benefits all property owners without creating market distortions or unfairly shifting the tax burden.
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The federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way.
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At least 32 notable tax policy changes recently took effect across 18 states, including alterations to income taxes, payroll taxes, sales and use taxes, property taxes, and excise taxes. See if your state tax code changed.
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Texas’s robust surpluses create an opportunity to use state funds to lower local property taxes. However, it remains important for legislators to pursue a principled approach to rate compression, rather than enacting a plan that will simply shift the tax burden in nonneutral ways.
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States are in a better position to attract business investment when they maintain competitive real property tax rates and avoid harmful taxes on tangible personal property, intangible property, wealth, and asset transfers.
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Legislation currently advancing in Louisiana—related to the franchise tax, inventory tax, and corporate rebate and exemption programs—would make the state’s tax code simpler and more competitive.
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A better-designed tax system should be a goal of any fiscal consolidation package. That said, our simulations suggest that even substantially higher tax increases are insufficient to curtail long-run debt-to-GDP growth.
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Instead of reforming and hiking the wealth tax, perhaps policymakers should consider whether the tax is serving its intended objectives, and, if not, consider repealing the tax altogether.
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The overall U.S. tax and transfer system is overwhelmingly progressive, and understanding the extent—and source—of that progressivity is essential for lawmakers considering the trade-offs associated with each tax policy decision.
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As housing prices are rapidly increasing, and property tax bills along with them, the property tax has come into the spotlight in many states. The design of a state’s property tax system can affect how attractive that state is to businesses and residents.
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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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As final negotiations occur between the House and Senate, legislators should avoid adopting new policies that would jeopardize Kentucky’s business tax competitiveness.
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In a day and age when businesses and individuals alike are increasingly mobile, West Virginians can be relieved that their state is getting off the sideline and into the action.
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