Exploring the Impact of the 2024 Tax Relief Act
We’re exploring the intricacies of the latest congressional act stirring up Washington—The Tax Relief for American Families and Workers Act of 2024.
All Related Articles
After 90 Years, It Is Time to Wean Credit Unions off Taxpayer Subsidies
Credit unions’ privileged status as tax-exempt nonprofit organizations may have filled a market need during the Great Depression, but 90 years later, there is no longer a justification to subsidize these institutions.
A Lower, Flat Income Tax Would Promote Long-Term Economic Growth in Kansas
After years of strong revenue growth, Kansas has substantial cash reserves on hand, and policymakers on both sides of the aisle have expressed a desire to return some of the extra revenue to taxpayers.
5 min read
Kentucky Sales Tax Modernization: Keeping the Sales Tax on Sales, Not Production
As policymakers continue efforts to improve Kentucky’s tax structure and competitiveness, they should keep in mind that not all offsets are created equal.
59 min read
State Corporate Income Tax Rates and Brackets, 2024
Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min read
Details and Analysis of the Tax Relief for American Families and Workers Act of 2024
The House Ways and Means Committee has advanced a tax deal to the House floor that would temporarily—and retroactively—restore two major business deductions for cost recovery and expand the child tax credit through 2025.
10 min read
JCT Report Shows How Corporate Tax Breaks Have Expanded
Lawmakers should prioritize creating a tax system that supports investment more broadly rather than subsidizing specific industries and allowing broad, neutral pro-investment provisions to expire.
3 min read
D.C. Tax Revision Commission Recommends Major Tax Changes
While some recommendations follow the principles of sound tax policy and may improve the District’s tax climate, some proposals make the tax code more complex and less neutral, potentially disincentivizing investment and business activity.
6 min read
Tax Files under New Council of EU Presidency: Belgium
In such a determinant semester for Europe, principled tax policy can be an important tool for a more competitive European Union.
5 min read
Which Provisions of the Tax Cuts and Jobs Act Should Be Made Permanent?
Lawmakers should use the year ahead to thoroughly review and debate lasting, fundamental tax reform and prioritize policies that best boost work and investment incentives in a fiscally responsible manner.
4 min read
Spanish Regions Are Not Surrendering Their Tax Competitiveness without a Fight
Spain’s central government could learn some valuable lessons from its regional governments about sound tax policy.
7 min read
State Tax Changes Taking Effect January 1, 2024
Thirty-four states will ring in the new year with notable tax changes, including 15 states cutting individual or corporate income taxes (and some cutting both).
17 min read
Is the Foreign Pollution Fee Act a Carbon Price?
A national-level carbon price—a tax or cap-and-trade scheme placed on CO2 or other greenhouse gases—may seem distant in the U.S., especially since the Inflation Reduction Act, which included major climate policy, omitted one. However, policymakers on both sides of the aisle have been nibbling around the edges of carbon taxes.
5 min read
Tax Reform Is Key to Ukraine’s Economic Health, Now and after the War
What historical lessons of wartime finance can Ukrainian and EU policymakers learn to put Ukraine’s economy on a path to success during, and especially after, the war?
5 min read
Tim Scott Suspends 2024 Campaign but the Need for His Cost Recovery Tax Policies Remains
While not perfect, Senator Scott provided a more detailed and sound tax plan than other 2024 candidates, and he prioritized pro-growth tax reforms like full cost recovery.
4 min read
Assessing the EU Tax Observatory’s View on Profit Shifting and the Global Minimum Tax
The EU Tax Observatory has taken an extreme view in assessing the global minimum tax. The rules were not meant to immediately reduce the stock of shifted profits or align profitability levels more closely with employment costs. The rules do change incentives for multinationals, but profits may continue to remain in low-tax jurisdictions for many years.
6 min read
2024 Tax Brackets
Explore the IRS inflation-adjusted 2024 tax brackets, for which taxpayers will file tax returns in early 2025.
4 min read
Movers and Shakers in the International Tax Competitiveness Index
The 2023 version of the International Tax Competitiveness Index is the 10th edition of the report. Let’s take a look back and see how country ranks have changed over time.
5 min read
How Well Do Carbon Taxes Match Their Promise? A New Proposed Metric
While existing carbon taxes are a step towards the right direction in addressing climate change and incentivizing reductions in emissions, there is considerable room for improvement to reach the ideal theoretical carbon tax model.
59 min read
Details and Analysis of Making the 2017 Tax Reforms Permanent
Lawmakers will have to weigh the economic, revenue, and distributional trade-offs of extending or making permanent the various provisions of the TCJA as they decide how to approach the upcoming expirations. A commitment to growth, opportunity, and fiscal responsibility should guide the approach.
18 min read