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Austria budget 2021 tax cuts and carbon levy

Austria’s Budget Comes with Tax Cuts and Carbon Levies

Austria should not shy from lowering the corporate income tax rate sooner or even implementing a more ambitious tax reform to improve its tax competitiveness and contribute to greater economic growth.

3 min read

Lawmakers Consider Untested and Complex Policies to Fund Reconciliation Bill

Congress is debating new ways to raise revenue that would make the tax code more complex and more difficult to administer. The new proposals—imposing an alternative minimum tax on corporate book income, applying an excise tax on stock buybacks, and, at one point this week, a tax on unrealized capital gains for billionaires—are unreliable and highly complex ways to raise revenue.

10 min read
Cell phone, Wireless consumers face excess Tax Burdens

Wireless with Strings Attached

As of 2020, there were 448 million active cell phone and wireless plans in the U.S. than there were Americans. The taxes on those plans brought in approximately $11.3 billion and constituted a record 24.96 percent of the cost of an average cell phone bill. Explore why cellphone taxes are climbing, the places they’re the highest, the consumers they impact the most, and how things can be improved.

Federal cigarette tax harm reduction efforts, federal cigarette tax proposal House Democrats tobacco tax New Year's Resolutions for tax policymakers. New Year's Resolutions for tax policy

Should Tax Policy Play a Role in Tobacco Harm Reduction?

In an effort to raise roughly $100 billion, the House proposal would double cigarette taxes and increase all other tobacco and nicotine taxes to comparable rates—a strategy with severe unintended consequences.

5 min read
2019 local income taxes 2019, local income tax rates

Federal Plastics Tax Is Not a Good Revenue Raiser

One of the Senate’s proposals to pay for the Build Back Better Act is a federal excise tax on virgin plastics, which are plastics that are not reprocessed or recovered.

4 min read
emergency savings accounts retirement savings accounts Build Back Better plan inflation Build Back Better plan deficit carbon tax reconciliation hr3 tax prescription drugs tax help pay for reconciliation, revenue for federal government retirement savings federal reform proposals SECURE Act Securing a Strong Retirement Act of 2021

Carbon Tax: Weighing the Options for Financing Reconciliation

A carbon tax would be a less economically harmful pay-for than either personal or corporate income tax hikes and a more efficient way to reduce carbon emissions than green energy tax credits, but would come with other trade-offs.

4 min read
tax definition why do we pay taxes tax policy us tax system progressive tax code benefits of the state and local tax deduction by country. Compare SALT deduction by county benefits of SALT deduction by county

Yes, the U.S. Tax Code Is Progressive

As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code.

2 min read
House tobacco proposal Bidens tax pledge House Democrats' tobacco tax increased taxes on vaping, increased taxes on smoking, tax on vaping, tax on smoking, merkley, romney, e-cigarette taxes

House Tobacco Proposals Defy Biden’s Tax Pledge and Undermine Harm Reduction Efforts

House Democrats’ newly released $3.5 trillion tax legislation includes a tax increase on tobacco, nicotine, and vapor products levied on tobacco manufacturers. But ultimately it would fall heavily on tobacco consumers—many of the group that earns less than $400,000 that President Biden pledged would not see a tax increase.

6 min read
Infrastructure bill taxes inflation pressure on inflation returns to work incentives

Tax Reform and Infrastructure Investment: The Two Theories

The Biden administration does have a point about how some components of the infrastructure bill could put downward pressure on inflation in the long term. However, the taxes chosen to pay for those investments would counteract those effects, by reducing investment and productivity growth.

4 min read
Wyden tax proposals reconciliation Wyden tax reconciliation

Reviewing Wyden’s Reconciliation Tax Policy Proposals

Congressional lawmakers are putting together a reconciliation bill to enact much of President Biden’s Build Back Better agenda. Many lawmakers including Senate Finance Committee Chair Ron Wyden (D-OR), however, want to make their own mark on the legislation.

5 min read
Cigarette tax Europe, cigarette taxes in the EU, Cigarette taxes in Europe and Cigarette tax rates in Europe 2021, European cigarette taxes

Cigarette Taxes in Europe

Ireland and France levy the highest excise duties on cigarettes in the EU, at €8.42 ($9.60) and €6.61 ($7.53) per 20-cigarette pack, respectively. This compares to an EU average of €3.34 ($3.80). Bulgaria (€1.81 or $2.06) and Poland (€2.08 or $2.37) levy the lowest excise duties.

2 min read
A Wave of Digital Taxation EU digital tax

The One About Crypto

How should policymakers view crypto? How big is the issue of tax evasion in the cryptocurrency market and what can realistically be done to curb it? Is it possible to design a rational tax system around what, at times, can appear to be a less-than-rational market and, if so, what should it look like?

emergency savings accounts retirement savings accounts Build Back Better plan inflation Build Back Better plan deficit carbon tax reconciliation hr3 tax prescription drugs tax help pay for reconciliation, revenue for federal government retirement savings federal reform proposals SECURE Act Securing a Strong Retirement Act of 2021

Lawmakers’ Tax Rate to Help Pay for Reconciliation is 1,900 Percent

While the excise tax penalty in H.R. 3 is referred to as a 95 percent tax rate, it actually amounts to a 1,900 percent tax rate because of how the proposal defines the tax base. In other words, under the H.R. 3 tax penalty, a drug that sells for $100 would incur a $1,900 tax.

3 min read