In his FY 2025 budget, Illinois Gov. Pritzker outlined a number of proposed tax changes, including to individual and corporate income taxes, state sales taxes, and sports betting excise taxes.
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While the approaches differ, they share a reliance on similar linkages: new capital investment drives productivity growth, which grows the economy and raises wages for workers.
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If a multilateral solution to remove digital services taxes (DSTs) is not agreed to, then DSTs will continue to spread and mutate with negative impacts on some of the most innovative companies in the world.
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Though providing permanent R&D expensing alone would not be a China-competition magic bullet, it is a no-brainer place to start. In this technological race, we should first make sure we have not tied our own shoes together.
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Does your state have a small business exemption for machinery and equipment?
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Portugal has the second highest top corporate tax rate in the OECD at 31.5 percent, including multiple top-up taxes. Unlike most OECD countries, Portugal imposes a highly progressive tax structure on corporate income.
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Expanding Virginia’s sales tax base to include B2B digital transactions could lead to tax pyramiding, hide the true cost of government, and make the sales tax system much less neutral and transparent.
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Creative options including changes in Social Security benefits growth for higher earners and reforms to how Medicare compensates for health services should be on the table, along with broad-based and well-structured tax reforms.
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As the world of tax policy becomes more interconnected, the Tax Foundation is stepping up, recognizing the pressing need for informed and principled tax policy education in an ever-evolving landscape.
Pillar Two, the international global minimum tax agreement, has a considerable chance of failing and may ultimately allow the same problems it was designed to address.
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Only three European countries levy a net wealth tax—Norway, Spain, and Switzerland. France and Italy levy wealth taxes on selected assets.
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What does it mean to be an American company?
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Tax-preferred private retirement accounts often have complex rules and limitations. Universal savings accounts could be a simpler alternative—or addition—to many countries’ current system of private retirement savings accounts.
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Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
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The pandemic led to one of the largest fiscal responses in U.S. history, impacting households across the income distribution.
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Short FormWorking from home is great. The tax complications? Not so much.
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The landscape of tax policy is changing—and we at the Tax Foundation are changing with it.
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Sales taxes go beyond a few extra bucks at the register. It’s not just about what you pay, but who pays. What are the implications of state sales tax bases across the U.S.?
The CBO projects deficits will be higher than historical levels, largely due to growth in mandatory spending programs While some recent legislation has reduced the deficit, the Inflation Reduction Act is proving to be more expensive than originally promised.
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One particular provision of the Biden administration’s proposal to ban so-called “junk fees” would have unintended consequences.
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