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.
If lawmakers are looking to maximize the positive economic effects from a tax bill, then improving tax depreciation for structures should probably be part of the conversation. Here are a few options.
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Republican leadership in the House, Senate, and White House released a framework for a tax proposal that would lower taxes on businesses and individuals and simplify a number of aspects of the federal tax code. Here are the details we know right now.
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The Ohio Commercial Activity Tax, a 0.26 percent tax on business gross receipts above $1 million, is a throwback to an earlier era of taxation, bringing back a tax type that had been in steady retreat for nearly a century.
34 min read
The last time the U.S. reduced its federal corporate income tax rate was in 1986. Since then, countries throughout the world have significantly reduced their rates, leaving the U.S. with the fourth highest statutory corporate tax rate in the world and an overall uncompetitive tax system.
11 min read
While most states enact tax changes at the beginning of the calendar year, a number of them implement changes at the beginning of the fiscal year. Eight states have tax changes that will take effect on July 1, 2017, the beginning of the 2018 fiscal year.
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Some federal lawmakers want a longer budget window to keep temporary tax cuts in place longer. However, temporary tax cuts would still have drawbacks and won’t provide the benefits of permanent tax reform.
5 min read