Academic studies show that higher corporate tax rates depress worker wages and lead to fewer jobs. An Organisation for Co-operation and Development (OECD) study has found that the corporate tax is the least efficient and most harmful way for governments to raise revenue.
Although the majority of state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Fourteen states have notable tax changes taking effect on July 1.
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The Biden administration has been supportive of the negotiations, but the changes should be reviewed in the context of recent policy changes in the U.S. and elsewhere, the general landscape of business taxation in the U.S., and potential challenges and risks arising from the global tax deal.
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Contrary to the Biden administration’s claims, raising taxes on cross-border investment would hurt U.S. economic growth and jobs. Research shows that FDI creates jobs in the U.S. and raises workers’ wages and productivity.
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President Biden’s budget proposes several new tax increases on high-income individuals and businesses, which combined with the Build Back Better plan would give the U.S. the highest top tax rates on individual and corporate income in the developed world.
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The CBO projections show policymakers’ top priority over the next five years will need to be cleaning up our country’s fiscal situation while maintaining a pro-growth and competitive tax code.
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While Wisconsin has long been one of the highest-tax states in the nation, that distinction is increasingly detrimental as businesses and individuals enjoy increased economic and geographic mobility.
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In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income tax to a flat tax. Another four may adopt flat tax legislation just this year. We discuss what flat taxes are, what they mean for taxpayers, and why so many states are making a push for them this year.
The ongoing economic uncertainty from the COVID-19 pandemic, supply chain disruptions, and current inflationary pressures have highlighted the importance of investment.
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Tax reform has become a major focus for state legislatures this session, and Missouri lawmakers are tuned in to the action: after adjusting individual income tax triggers in 2021, the legislature is exploring further tax reform options.
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Total tax collections are currently running 25 percent higher than last year, and if that pattern holds, total federal tax collections will reach over $5 trillion in FY 2022—a new all-time high.
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While throwback and throwout rules in states’ corporate tax codes may not be widely understood, they have a notable impact on business location and investment decisions and reduce economic efficiency.
3 min read
In most European OECD countries, corporate income is taxed twice, once at the entity level and once at the shareholder level.
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The FY 2023 budget proposes several new tax increases, which in combination with the Build Back Better Act, would give the U.S. the highest top tax rates on individual and corporate income in the developed world.
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In a letter to lawmakers, the 46th President said that his $5.8 trillion budget package would “[grow] our economy, while ensuring that the wealthiest Americans and the biggest corporations begin to pay their fair share.” We break down what the President is proposing for this upcoming fiscal year and what its impact would be on the U.S. economy in the face of record-high inflation.
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.
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Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
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In recent years, EU countries have undertaken a series of tax reforms designed to maintain tax revenue levels while supporting investment and economic growth. However, not all tax reforms were created equal.
7 min read
As oil prices skyrocket, a windfall profits tax targeted at oil company profits could punish domestic production and increase reliance on imports.
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