Taxpayers reported $10.4 trillion of total income on their 2015 tax returns. This report breaks down the sources of this income: wages and salaries, business income, investment income, and retirement income.
9 min read
In addition to state-level sales taxes, consumers also face local sales taxes in 38 states. These rates can be substantial, so a state with a moderate statewide sales tax rate could actually have a very high combined state and local rate.
11 min read
Recent data show that Americans stand out for consuming much more than they invest, and this is due in part to the tax code’s bias against savings.
3 min read
The Tax Cuts and Jobs Act significantly reduced the federal statutory corporate income tax rate. When combined with state and local taxes, it put the U.S.’s corporate tax rate in line with the average among OECD nations.
4 min read
State corporate income tax rates range from 3 percent in North Carolina to 12 percent in Iowa. Download and compare each state’s 2018 rates and brackets here.
6 min read
For every 1 percentage point increase in a state’s corporate tax rate, employment in start-up firms declines 3.7 percent, according to a recent Federal Reserve study.
2 min read
There are many ways that states can compete with one another for residents, and tax rates and structures should certainly be part of the conversation for states looking to attract new residents.
2 min read
You probably aren’t going to win the Powerball jackpot, but your state already has. Here’s a look at lottery withholding tax rates by state.
2 min read
With the passage of the Tax Cuts and Jobs Act (TCJA), many tax brackets, thresholds, and rates will change in 2018. Explore 2018 tax brackets, standard and personal exemptions, earned income tax credit, and more.
4 min read
Whether your state’s corporate income tax code conforms to the federal corporate income tax code matters a great deal for how the Tax Cuts and Jobs Act will impact revenue in your state.
2 min read
Overall, the Tax Cuts and Jobs Act is projected to add 339,000 new jobs to the U.S. economy and boost average after-tax incomes for middle-income families by $649.43. Here’s how jobs and after-tax wages will be impacted in your state.
2 min read
As the federal government continues to debate tax reform, states, and many taxpayers, are asking an important question: How is my state’s tax code impacted? The exact impacts won’t be known until the federal bill is finalized, but a good place to start is understanding the issue of conformity.
2 min read
See the state-by-state impact of the Senate Tax Cuts and Jobs Act for both new jobs and the boost to after-tax incomes for middle-income families.
2 min read
A typical American household with four wireless phones paying $100 per month for wireless voice service can expect to pay about $221 per year in wireless taxes, fees, and surcharges.
34 min read
Excessive tax rates on cigarettes approach de facto prohibition in some states, inducing black and gray market movement of tobacco products into high-tax states from low-tax states or foreign sources.
7 min read