What do election results mean for the future of the federal tax code? What role will tax policy play in curbing the economic effects of the COVID-19 pandemic? How should policymakers address the federal deficit and could a carbon tax be part of that solution? How much of President-elect Joe Biden’s pre-election tax plan will actually come to pass?
New Jersey’s tax design adds another element to the ongoing experiment with legal recreational marijuana in the states.
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Voters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana.
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See the results of the most notable state and local tax ballot measures during Election 2020 with our curated resource page.
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While other countries in Europe are working towards introducing tax cuts and stimulating economic recovery by supporting business investment and employment, Spain is putting more fiscal pressure on households and businesses.
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Even in 2020, jack-o’-lanterns and fake skeletons have popped up in neighborhoods as they do every October, although Halloween may look and play out differently this time around.
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Zoom Video Communications announced that, come November, the company will start collecting and remitting local utility and communications taxes in California, New York, Maryland, and Virginia.
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They may not draw as much attention as elections for office, but Election Day 2020 will also feature a number of important votes on tax-related ballot initiatives in states around the country. What are the ballot measures taxpayers should be paying attention to this year and what could they mean for the future of state tax policy? Tax Foundation Vice President of State Projects Jared Walczak and Senior Policy Analyst Katherine Loughead break down measures ranging from recreational marijuana legalization in New Jersey and Montana to income tax increases in Illinois and Arizona.
What can the U.S. do to raise the revenue needed for infrastructure upkeep and accurately internalize the costs associated with road usage?
17 European countries have implemented a carbon tax, ranging from less than €1 per metric ton of carbon emissions in Ukraine and Poland to over €100 in Sweden.
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Oregon’s Measure 108 introduces a risk of increased tax avoidance and evasion activity as consumers of the products often procure cigarettes from lower tax jurisdictions. At $3.33 per pack, Oregon would have the highest excise tax on cigarettes in the region.
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Here are the state tax ballot measures to watch on Election Day 2020. Explore the most notable 2020 state tax ballot measures in 15 states.
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Making the Tax Cuts and Jobs Act’s individual provisions permanent combined with a carbon tax can be a revenue-neutral trade and increase the long-run size of the economy by 1 percent, making it a sustainable pro-growth option.
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Legalizing recreational marijuana is a hot topic in many states where the state budgets are in disarray because of the coronavirus pandemic and new revenue sources are being sought.
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A recent OECD report on 2020 tax reforms reveals an increase in the number of environmentally-related tax policies, including gas taxes, carbon taxes, and taxes on electricity consumption.
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Implemented in 1991, Sweden’s carbon tax was one of the first in the world. Since then, Sweden’s carbon emissions have been declining, while there has been steady economic growth. Today, Sweden levies the highest carbon tax rate in the world and its carbon tax revenues have been decreasing slightly over the last decade.
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While there are legitimate reasons for increasing and levying excise taxes, legislatures should proceed with caution in the aftermath of the pandemic. Importantly, revenue from increased excise taxes should generally be allocated to spending related to the negative externalities as that revenue is too volatile and unreliable to rely on for long-term budget priorities.
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State tax revenue collections were down 5.5 percent in FY 2020, driven by a dismal final quarter (April through June) as states began to feel the impact of the COVID-19 pandemic. While these early losses are certainly not desirable, they are manageable and far better than many feared.
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Even during a crisis when budgets are squeezed, policymakers should put their efforts into serious reforms of existing income and consumption taxes rather than leaving good tax policy behind for an excise state of mind.
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The highway trust fund is on track to run out of money by 2021, states are struggling to cover their transportation spending, and increased fuel economy, plus inflation, is chipping away at gas tax revenue year. How can Congress and state governments ensure they have the revenue necessary to fund our highways? One solution is the vehicle miles traveled (VMT) tax.
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