![Ways & means tax proposal seeks to combat extraterritorial taxes and discriminatory taxes Global minimum tax revenue OECD Pillar Two revenue OECD impact assessment OECD Pillar One tax Pillar one amount a Biden interest limitation Biden interest deduction rule Biden interest expense limitation Business interest expense limitation Democrat Senate international tax overhaul discussion draft legislation (Wyden Brown Warner international tax overhaul) or Sen Wyden international tax plan,](https://taxfoundation.org/wp-content/uploads/2021/08/global-international-map-us-e1630689247673-300x200.jpg)
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![Ways & means tax proposal seeks to combat extraterritorial taxes and discriminatory taxes Global minimum tax revenue OECD Pillar Two revenue OECD impact assessment OECD Pillar One tax Pillar one amount a Biden interest limitation Biden interest deduction rule Biden interest expense limitation Business interest expense limitation Democrat Senate international tax overhaul discussion draft legislation (Wyden Brown Warner international tax overhaul) or Sen Wyden international tax plan,](https://taxfoundation.org/wp-content/uploads/2021/08/global-international-map-us-e1630689247673-300x200.jpg)
![Biden global minimum tax OECD Pillar Two Blueprint Biden international tax proposal GILTI cross-border investment profit shifting base erosion rules G7 tax and G7 global minimum tax deal. Some questions for global tax reform proposals and negotiations US](https://taxfoundation.org/wp-content/uploads/2021/06/global-international-tax-world-32-300x200.jpg)
![Carbon Border Adjustment Mechanism EU CBAM carbon price carbon tariffs US global minimum tax US tax incentives Build Back Better tax rate on gilti Global Intangible Low Tax Income (GILTI) Global intangible low-taxed income US cross-border tax reform and GILTI Global Intangible Low Tax Income. Foreign tax credits](https://taxfoundation.org/wp-content/uploads/2021/02/global-map-international-300x200.jpg)
U.S. Tax Incentives Could be Caught in the Global Minimum Tax Crossfire
The current prospect for the global minimum tax requires the attention of U.S. lawmakers. Otherwise, a tax benefit at home will just mean a tax increase abroad.
6 min read![American Rescue Plan Treasury Guidance on Fiscal Recovery Funds and restrictions on federal pandemic relief for states](https://taxfoundation.org/wp-content/uploads/2022/01/US-Treasury-department-and-rules-e1643385574898-300x198.jpeg)
States Should Act Fast on UC Trust Fund Deposits, and Other Takeaways from the New Treasury Guidance on ARPA Funding
States will continue to cut taxes because revenues are skyrocketing. But some will also be keeping a close eye on litigation targeting this dubious restriction on states’ fiscal autonomy.
8 min read![Tennessee tax reform opportunities, Tennessee income tax and Tennessee business tax reform Tennessee corporate tax reform](https://taxfoundation.org/wp-content/uploads/2022/01/Tennessee-tax-reform-opportunities-Tennessee-income-tax-and-Tennessee-business-tax-reform-Tennessee-corporate-tax-reform-e1643217333911-300x199.jpeg)
Tennessee Should Build on Success and Improve Corporate Taxes
While Tennessee now boasts no individual income tax, there is still more work to be done for businesses—Tennessee is in a good position to get the job done.
7 min read![2022 VAT rates in Europe, 2022 VAT rates by country, 2022 value-added tax rates in Europe and 2022 value-added tax rates by country](https://taxfoundation.org/wp-content/uploads/2022/01/2022-VAT-rates-in-Europe-2022-VAT-rates-by-country-2022-value-added-tax-rates-in-Europe-and-2022-value-added-tax-rates-by-country-300x290.png)
VAT Rates in Europe, 2022
The VAT is a consumption tax assessed on the value added in each production stage of a good or service. Every business along the value chain receives a tax credit for the VAT already paid. The end consumer does not, making it a tax on final consumption.
4 min read![Mississippi income tax repeal and Mississippi income tax eform, Mississippi sales tax changes, Mississippi eliminate income tax proposal. Mississippi income tax phase out Governor Tate Reeves](https://taxfoundation.org/wp-content/uploads/2018/04/AdobeStock_182153323-e1523883021150-300x200.jpeg)
Mississippi Nears Income Tax Repeal but Additional Work Is Necessary
Before declaring victory, it is imperative to get the details right. The latest proposal is a drastic improvement over the last one, but there is still more work to be done if the Magnolia State is to sustain the intended transformation.
7 min read![Impending recession market crash recession definition federal reserve actionsfiscal policy inflation tax options, fiscal inflation taxes](https://taxfoundation.org/wp-content/uploads/2020/11/federal-reserve-building-3-300x200.jpeg)
Taxes, Fiscal Policy, and Inflation
Consumer prices rose by 7 percent in 2021, the highest annual rate of inflation since 1982. Where did this inflation come from and what might its impacts be? Tax and fiscal policy offer important clues.
5 min read![2022 State Corporate Tax Rates including State Corporate Income Tax Rates and Brackets Corporate Income Tax Rates and Brackets by State](https://taxfoundation.org/wp-content/uploads/2022/01/2022-State-Corporate-Tax-Rates-including-State-Corporate-Income-Tax-Rates-and-Brackets-Corporate-Income-Tax-Rates-and-Brackets-by-State-300x293.png)
State Corporate Income Tax Rates and Brackets, 2022
Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey.
8 min read![State Net Operating Loss Provisions: State Treatment and the Economic Benefits, State NOL provisions State NOL tax provisions](https://taxfoundation.org/wp-content/uploads/2022/01/calendar-calculator-e1641929175568-300x200.jpeg)
Net Operating Loss Provisions: State Treatment and the Economic Benefits
Well-designed Net Operating Loss (NOL) provisions benefit the economy by smoothing business income, which mitigates entrepreneurial risk and helps firms survive economic downturns.
24 min read![Comparing cross-border tax sysems in Europe international tax policies](https://taxfoundation.org/wp-content/uploads/2022/01/Comparing-cross-border-tax-sysems-in-Europe-international-tax-policies-300x289.png)
Comparing Europe’s Tax Systems: Cross-Border Tax Rules
Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of each country’s tax code.
3 min read![2022 state tax changes effective January 1, 2022 child tax credit changes and child tax credit reform options 2021 state tax changes July 1 2021 US business tax collections remained close to historical norm in 2018. US business tax revenue and taxes paid by pass-through firms](https://taxfoundation.org/wp-content/uploads/2021/04/Money-calendar-time-calculator-economy-business-tax-filing-e1618504666865-300x200.jpeg)
State Tax Changes Effective January 1, 2022
Twenty-one states and D.C. had significant tax changes take effect on January 1, including five states that cut individual income taxes and four states that saw corporate income tax rates decrease.
17 min read![California health care tax proposal California tax proposal California healthcare tax proposal](https://taxfoundation.org/wp-content/uploads/2020/05/california_capitol_3_36-e1590699526536-300x196.jpeg)
California Considers Doubling its Taxes
Practically doubling state taxes—even if the burden is partially offset through state-provided health coverage—could send taxpayers racing for the exits.
6 min read![Remote work tax reform options to improve state tax mobility and state tax modernization 2022](https://taxfoundation.org/wp-content/uploads/2022/01/Remote-work-tax-reform-options-to-improve-state-tax-mobility-and-state-tax-modernization-2022-e1641324321115-300x200.jpeg)
Eight State Tax Reforms for Mobility and Modernization
States are unprepared for the ongoing shift to remote and flexible work arrangements, or for the industries and activities of today, to say nothing of tomorrow. In some states, moreover, existing tax provisions exacerbate the impact of high inflation and contribute to the supply chain crisis.
40 min read![2021 State Population Change 2021 state migration trends. Where are Americans moving to low-tax states. Which is the fastest growing state What state is losing population the fastest](https://taxfoundation.org/wp-content/uploads/2022/01/2021-State-Population-Change-2021-state-migration-trends.-Where-are-Americans-moving-to-low-tax-states.-Which-is-the-fastest-growing-state-What-state-is-losing-population-the-fastest-300x258.png)
Americans Moved to Low-Tax States in 2021
The pandemic has accelerated changes in the way we live and work, making it far easier for people to move—and they have. As states work to maintain their competitive advantage, they should pay attention to where people are moving, and try to understand why.
5 min read![Biden research and development tax treatment of R&D expenses R&D expensing R&D tax treatment in the US US COVID19 fiscal response Comparing fiscal responses to the pandemic House Democrats tax plan US competitiveness Build Back Better Act reconciliation bill](https://taxfoundation.org/wp-content/uploads/2020/04/us-flag-34-300x169.jpg)
U.S. Fiscal Response to COVID-19 Among Largest of Industrialized Countries
As the U.S. grapples with rising price inflation, a large and growing national debt, as well as a possible economic slowdown due to Omicron, the decision to provide additional fiscal support will prove to be a difficult one. Policymakers can debate how much stimulus is appropriate, but what is clear is that the U.S. fiscal support so far during the pandemic outranks nearly every industrialized country.
3 min read![temporary tax policies in budget reconciliation, Tax Provisions Expiring After 2025, TCJA expirations](https://taxfoundation.org/wp-content/uploads/2021/08/tax-extenders-tax-expirations-calendar-time-date-e1630345634537-300x200.jpeg)
A Holiday Tradition: Tax Extenders Slated to Expire at End of 2021
Tax extenders this year can be split into three rough groups: expiring parts of the Tax Cuts and Jobs Act (TCJA), expiring parts of various COVID-19 economic relief packages, and the Island of Misfit Extenders.
8 min read![Companies that don't pay income taxes](https://taxfoundation.org/wp-content/uploads/2021/07/Vaccine-Corporate-C_G-video-300x168.png)
Going Beyond the Headlines: Understanding Corporate Taxes
Every so often, you will see headlines highlighting large companies that pay little or no corporate income tax. While these stories may seem shocking, the reality is much more mundane.
![Who bears the burden of the corporate income tax? Real impact of the corporate tax](https://taxfoundation.org/wp-content/uploads/2021/09/Who-bears-the-burden-of-the-corporate-income-tax-300x168.png)
Who Bears the Burden of the Corporate Income Tax?
Raising the corporate income tax is often promoted as a way to generate revenue for helpful government services. Unfortunately, higher corporate taxes typically hurt the very people they’re supposed to help through lost wages and fewer opportunities.
![](https://taxfoundation.org/wp-content/uploads/2021/06/layoffs-GILTI-300x168.png)
GILTI: Foreign Tax, Local Impact
Since only U.S. businesses pay the GILTI tax, not foreign businesses, it makes U.S.-based brands less competitive abroad. Whatever its intentions, GILTI is a flawed policy, and doubling down on it will hurt us abroad, and at home.