To encourage greater saving, the US federal income tax provides tax-neutral treatment to some types of saving through a variety of accounts. The type of tax treatment, contribution limits, withdrawal rules, and use cases for contributions all vary by account, leading to a complicated system for households to navigate.
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Short FormWith pandemic-era savings now fully depleted and the majority of Americans pointing to their finances as their biggest source of stress, one thing is clear: the US needs policies that help people save more.
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Gas and diesel taxes continue to be prominent policy issues throughout Europe. As the EU undergoes sweeping changes for its green transition, fuel taxes are likely to be a crucial aspect of policy discussions.
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The government provides various services at the federal, state, and local levels. How are they paid for? Taxes.
Not every change in the Tax Cuts and Jobs Act simplified the tax code. However, the TCJA reduced compliance costs overall for individual filers, and allowing fundamental structural improvements to expire would make the tax code worse.
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Gov. Walz’s tax policy record is notable because of how much it contrasts with broader national trends. In recent years, most governors have championed tax cuts. Walz, rare among his peers, chose tax increases.
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Americans will spend more than 7.9 billion hours complying with IRS tax filing and reporting requirements in 2024. This is equal to 3.8 million full-time workers doing nothing but tax return paperwork—roughly equal to the population of Los Angeles.
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Short FormThe 2024 Summer Olympics are underway, drawing the attention of billions and continuing a tradition dating back thousands of years. But you know what else originated thousands of years ago and affects even more people? Taxes.
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The global tax deal and Pillar Two are shaking up the tax landscape worldwide, introducing a web of complexity and confusion.
Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic consequences.
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Next year, West Virginians will see an income tax cut thanks to revenue triggers in a 2023 law. The Mountain State joins 14 other states that have cut income taxes this year.
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The real estate transaction tax is levied on the gross sales value of a property when it changes ownership, without deductions for investment or purchasing costs. This makes the tax particularly harmful to investment in buildings and structures.
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While both President Biden and Vice President Harris aim their proposed tax hikes on businesses and high earners, key differences between their tax ideas in the past reveal where Harris may take her tax policy platform in the 2024 campaign.
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Short FormProject Apollo achieved its clear objective to put a man on the moon. But not all government spending projects are so simple (that is, if you consider flying a spaceship to the moon simple).
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“No tax on tips” might be a catchy idea on the campaign trail. But it could create plenty of headaches, from figuring out tips on previously untipped services to an unexpectedly large loss of federal revenue.
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Gov. Pillen is searching for tax burden relief. But his plan, which reportedly involves a two-tiered sales tax and the state’s assumption of most school funding responsibility, would have profound implications that even those most convinced of the urgency of property tax relief may find unworkable and unpalatable.
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A 15 percent corporate rate would be pro-growth, but it would not address the structural issues with today’s corporate tax base.
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From President Biden calling the Tax Cuts and Jobs Act the “largest tax cut in American history,” to former President Trump claiming that Biden “wants to raise your taxes by four times,” the campaign rhetoric on taxes may be sparking some confusion.
5 min read
A higher tax burden for private infrastructure investments like wireless spectrum, 5G technology, and machinery and equipment makes an existing problem worse—especially against the backdrop of outright state subsidies in countries like China.
6 min read
The aim of patent boxes is generally to encourage and attract local research and development (R&D) and to incentivize businesses to locate IP in the country. However, patent boxes can introduce another level of complexity to a tax system, and some recent research questions whether patent boxes are actually effective in driving innovation.
3 min read