In dollar terms, the industries that would account for the largest book minimum tax liabilities are manufacturing, at $73.2 billion, followed by finance, insurance, and management at $46.9 billion.
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How will the Inflation Reduction Act taxes impact inflation, economic growth, tax revenue, and everyday taxpayers? See Inflation Reduction Act tax changes.
12 min read
While exempting accelerated depreciation from the book minimum tax would reduce some of the economic harm of the tax, there remain many unresolved problems within the design and structure of the tax that make it a poorly chosen revenue option.
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Expediting income tax rate reductions and indexing major income tax provisions for inflation are two of the most important tax policy changes policymakers could make to provide meaningful tax relief to Hoosiers both now and in the years to come.
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New Jersey lawmakers should be weary of flavor bans after seeing the results in Massachusetts.
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’Tis the season to crack open a cold one. Ahead of International Beer Day on August 5th, let’s take a minute to discover how much of your cash is actually going toward the cost of a brew with this week’s tax map, which explores excise duties on beer.
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Among the 46 states that held legislative sessions this year, structural state tax reform and temporary tax relief measures were recurring themes.
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The Netherlands has the highest gas tax in the European Union, at €0.82 per liter ($3.69 per gallon). Italy applies the second highest rate at €0.73 per liter ($3.26 per gallon), followed by Finland at €0.72 per liter ($3.24 per gallon).
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While the bulk of the proposed tax increases and spending programs remain under debate, Democratic lawmakers have reportedly agreed on prescription drug pricing provisions as a starting point for a revived Build Back Better package.
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If the policy goal of taxing cigarettes is to encourage cessation, vapor taxation must be considered a part of that policy design.
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Congress should prioritize evaluation of recent international tax trends and the model rules and adjust U.S. rules in a way that supports investment and innovation and moves towards simplicity.
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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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Oil prices have skyrocketed, posing a new risk to the post-pandemic recovery. Feeling the pressure to respond, policymakers have proposed everything from gas tax holidays, tapping into strategic reserves, and even rebate cards. One idea that has crawled back from the dead: “Windfall Profits Taxes.” This idea is seemingly simple: legislation targeted at the “excess” profits of oil companies. However, as with anything in tax policy, the reality is much more complicated.
As policymakers on both sides of the Atlantic debate the way forward on carbon border adjustment mechanisms, it is important to keep principles of good tax policy in mind.
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The French election results are paralyzing for French pro-growth tax reforms, pessimistic for EU own resources, and dire for overall economic certainty.
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Our new analysis reviews the basic structure of carbon taxes, how they compare to the existing set of climate policies, and how they could fit into various pro-growth tax reform packages.
26 min read
In recent years, several countries have taken measures to reduce carbon emissions, including instituting environmental regulations, emissions trading systems, and carbon taxes. In 1990, Finland was the world’s first country to introduce a carbon tax.
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Ireland and France levy the highest excise duties on cigarettes in the EU, at €8.85 ($10.47) and €6.88 ($8.13) per 20-cigarette pack, respectively.
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Tax Foundation comments on the state tax and revenue implications of the proposed tobacco product standard for menthol in cigarettes.
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Amidst bipartisan climate negotiations on Capitol Hill, there have been renewed calls for a carbon tax. Carbon taxes have long been magnets for political controversy. But from an economic standpoint, they deserve to be taken seriously. Here’s why.