Rate Reductions Would Put Michigan in Top 10
Amid record surpluses, Michigan lawmakers are looking to give relief to taxpayers and enhance the state’s competitive standing.
3 min read
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States on the Move: Cutting Across Party Lines
After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done. We discuss why states are looking to make so many tax changes now and how these proposals might play out in statehouses.
Indonesia Reform Simplifies Tobacco Taxes but More Work Remains
More than 300 billion cigarettes are sold each year in Indonesia—making it the world’s second-largest cigarette market to China. As such, it is important how Indonesia taxes tobacco products.
4 min read
Business Tax Refunds Must Be Provided Quickly During Future Downturns
A new report finds many businesses have yet to receive tax refunds that they are due from pandemic-related emergency relief. Future business tax relief must be provided in a timely manner during the next downturn, because delayed tax relief is not much better than no relief at all.
3 min read
Does Your State Levy a Capital Stock Tax?
States can better position themselves for success by moving away from economically-damaging taxes like the capital stock tax.
3 min read
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
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 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
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 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
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
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
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 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
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 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
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