New York, Oregon, and Other States Eye Much Higher Taxes on High Earners
Despite robust revenues, some state lawmakers are champing at the bit to raise taxes on higher-income households, sometimes to extraordinary levels.
7 min readDespite robust revenues, some state lawmakers are champing at the bit to raise taxes on higher-income households, sometimes to extraordinary levels.
7 min readNew Jersey levies the highest top statutory corporate tax rate at 11.5 percent, followed by Minnesota (9.8 percent) and Illinois (9.50 percent). Alaska and Pennsylvania levy top statutory corporate tax rates of 9.40 percent and 8.99 percent, respectively.
6 min readThe first-in-the-nation digital advertising tax was recently struck down by a Maryland circuit court on three separate grounds. Other states might want to avoid getting themselves into this situation in the first place.
5 min readWhen examining tax burdens on businesses, it is important to consider both federal and state corporate taxes. Corporate taxes are one of the most economically damaging ways to raise revenue and are a promising area of reform for states to increase competitiveness and promote economic growth, benefiting both companies and workers.
2 min readSome tax ballot initiatives will be straightforward, some will be complex, and—let’s be honest—some will be a drafting nightmare.
5 min readThe mix of tax sources states choose can have important implications for both revenue stability and economic growth, and the many variations across states are indicative of the different ways states weigh competing policy goals.
29 min readAlthough 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.
7 min readEliminating state gross receipts taxes would be a pro-growth change to make the tax code better for businesses and consumers. How does your state compare?
4 min readLearn where and when taxes originated and how they resemble taxes we have today. Understand how the American tax code developed from the beginning of the colonies. Learn about some of the weirder taxes throughout history, designed not just to raise revenue, but influence behavior too.
After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.
3 min readFacts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readA group of lawmakers in Ohio have proposed to repeal the state’s gross receipt tax (GRT), also known as the commercial activity tax (CAT).
5 min readNot only is the tax inequitable and inefficient, it also could be what drives businesses and remote workers into another state.
7 min readWhile Tennessee now boasts no individual income tax, there is still more work to be done for businesses—Tennessee is in a good position to get the job done.
7 min readPractically doubling state taxes—even if the burden is partially offset through state-provided health coverage—could send taxpayers racing for the exits.
6 min readComing out of the pandemic, the state of Ohio is estimating significant tax revenue growth, and some lawmakers are looking to take advantage and repeal the Commercial Activity Tax (CAT), one of only a few gross receipts taxes still levied in the country.
7 min readAs policymakers consider ways to improve their tax structure to encourage business investment and promote economic growth, corporate income tax rate reductions are a crucial part of that conversation, but they shouldn’t be the only consideration.
6 min readThirteen states have notable tax changes taking effect on July 1, 2021, which is the first day of fiscal year (FY) 2022 for every state except Alabama, Michigan, New York, and Texas. Individual and corporate income tax changes usually take effect at the beginning of the calendar year for the sake of maintaining policy consistency throughout the tax year, but sales and excise tax changes often correspond with the beginning of a fiscal year.
11 min readOhio is one of a growing number of states which experienced revenue increases despite the economic slowdown from the coronavirus pandemic and is now looking to return some of that through tax relief.
5 min readA landmark comparison of corporate tax costs in all 50 states, Location Matters provides a comprehensive calculation of real-world tax burdens, going beyond headline rates to demonstrate how tax codes impact businesses and offering policymakers a road map to improvement.
8 min read