Near-term corporate tax payments may fall, and financial statement data may appear unusual, but over time, revenues will stabilize, book-tax gaps will fade, and the US tax code will incentivize domestic investment.
8 min read
Our analysis of the major tax provisions included in the OBBBA finds it will increase long-run GDP by 0.7 percent. The major tax provisions will reduce federal tax revenue by nearly $5.2 trillion between 2025 and 2034, on a conventional basis.
12 min read
The Trump tariffs will likely raise the cost of food for Americans, particularly for liqueurs and spirits, baked goods, coffee, fish, and beer.
4 min read
One area of the tax code in which extreme complexity and low compliance go hand-in-hand—and where reform is desperately needed—is in states’ nonresident individual income tax filing and withholding laws.
9 min read
The value-added tax (VAT) compliance gap—the additional VAT revenue that could be collected if all taxpayers, consumers, and businesses fully complied with VAT rules—continues to increase, reaching €128 billion in 2023.
8 min read
The tax code is ripe for simplification, especially as complicated and targeted provisions expire in 2028.
4 min read
A focus on sustained growth, meaningful metrics, and institutional capabilities that keep simplification a focus in future regulatory efforts should underpin the decluttering agenda.
8 min read
Over the long run, OBBBA’s permanent extension of lower marginal tax rates on work, saving, and investment lays a solid foundation for stronger economic growth.
6 min read
Forty-four states levy a corporate income tax, with top rates ranging from a 2 percent flat rate in North Carolina to an 11.5 percent top marginal rate in New Jersey. Four states—Georgia, Nebraska, North Carolina, and Pennsylvania—reduced their corporate income tax rates effective January 1, 2026.
5 min read
Explore the IRS inflation-adjusted 2026 tax brackets, for which taxpayers will file tax returns in early 2027.
5 min read
The Trump administration has rightly shifted its focus from pursuing legislative changes to implementing new permanent rules. But in this shift, it’s crucial that the White House doesn’t lose focus on the larger task at hand.
Forty-three states will ring in 2026 with notable tax changes. Eight states will see reduced individual income tax rates in the new year while four states will see reduced corporate income tax rates.
30 min read
In this episode, we break down what the OBBBA did, walk through our projections, and zoom out to other defining fights of 2025: Trump’s “Liberation Day” tariffs, the Supreme Court challenge over presidential tariff power, and the growing wave of property tax revolts across the states.
While rising property values and taxes have intensified calls for reform, the reality is that property taxes fund the lion’s share of local services and lack a viable substitute. Excise taxes are far too narrow to fill the gap, and a poor candidate for filling any meaningful portion of it.
4 min read
QSBS exclusion distorts business choices by influencing business structure choices, timing of expansion, and investor’s decisions on capital allocation.
5 min read
Several states have decoupled from GILTI by name rather than statutory citation. Lawmakers in those states should amend these statutes to ensure that their tax code does not accidentally incorporate a much more aggressive tax on international income than the tax from which they previously decoupled.
6 min read
Public Law 86-272’s vague language, limited scope, and failure to evolve with modern commerce has rendered it increasingly ineffective, burdening businesses with heightened litigation and compliance challenges.
26 min read
New Jersey’s proposed data tax on corporations is based on dubious premises and made worse by its poor design.
5 min read
The recently proposed UK budget contains several tax measures that put a greater burden on the working class and ultimately fails to tackle the deeper structural problems of the UK’s tax code.
6 min read
Americans may be surprised to see just how much they are taxed for renting a car.
5 min read