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High-Income Taxpayers, Progressivity, and Inequality

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States eye taxes on high earners, including state capital gains tax plans or taxes on long-term capital gains income and state estate tax proposals

Wealth Taxes Reach the States

Since 2021, 43 states have provided substantial tax relief for taxpayers and businesses. But this year, a new trend has emerged in the opposite direction: a push for states to tax investment. Jared Walczak joins Jesse to discuss how wealth tax proposals to higher capital gains income taxes would affect investment, job creation, and migration between states—and why they’re happening now.

state wealth tax proposals state flat tax state income tax reform state tobacco taxes, state cigarette tax rates and cigarette taxes state tax incentives 2021 state revenue and 2021 state budget projections state tax reform covid and state tax cuts covid

Wealth Tax Proposals Are Back as States Take Aim at Investment

In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday.

7 min read
The top 1 percent of taxpayers pay about 25 percent of all federal taxes US progressive tax code

CBO Analysis Finds Income Growth and Progressive Tax Code in 2019

Newly published data from the CBO indicates in 2019, before the onset of the pandemic, American incomes continued to rise as part of a broad economic expansion. It also shows that, contrary to common perceptions, the federal tax system is progressive.

4 min read
2023 State Tax Changes as of January 1, 2023, Comprehensive guide to 2020 tax changes and 2020 state tax changes

State Tax Changes Taking Effect January 1, 2023

Most of the 2023 state tax changes represent net tax reductions, the result of an unprecedented wave of rate reductions and other tax cuts in the past two years as states respond to burgeoning revenues, greater tax competition in an era of enhanced mobility, and the impact of high inflation on residents.

20 min read
EU fiscal fairness economic fairness and tax fairness Testimony before the EU Parliament’s Subcommittee on Tax Matters Public hearing on “The impact of national tax reforms on the EU economy”

EU “Fiscal Fairness”

Europe is facing difficult times. Governments are balancing the need for more resources with the need to maintain peace and prosperity domestically. To properly strike this balance, EU policymakers must incorporate “Fiscal Fairness” into the debate.

2 min read
Massachusetts budget tax proposal Governor Healey budget question 1 ballot measure Massachusetts millionaires tax or Massachusetts graduated income tax amendment MA

What to Expect in a Post-Flat Tax Massachusetts

On Election Day, a narrow majority of Massachusetts voters approved Question 1, also known as the Fair Share Amendment, which will transition the Commonwealth from a flat rate individual income tax to a graduated rate system.

7 min read
Latest IRS data of federal estate tax returns and federal real estate taxes

Putting a Face on America’s Estate Tax Returns

While supporters of the federal estate tax may be correct that only a fraction of estate tax returns eventually pays the estate tax, IRS data shows that it disproportionately impacts estates tied to successful privately owned businesses. Thus, it acts as a second or third layer of federal tax on these successful businesses over the owners’ lifetime.

9 min read
2023 tax brackets 2023 federal tax brackets 2023 federal income tax rates and brackets

2023 Tax Brackets

The IRS recently released the new inflation adjusted 2023 tax brackets and rates. Explore updated credits, deductions, and exemptions, including the standard deduction & personal exemption, Alternative Minimum Tax (AMT), Earned Income Tax Credit (EITC), Child Tax Credit (CTC), capital gains brackets, qualified business income deduction (199A), and the annual exclusion for gifts.

4 min read
International Rankings of Germany's Tax System. Learn more about Germany tax system.

International Tax Competitiveness Index 2022

While there are many factors that affect a country’s economic performance, taxes play an important role. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities.

41 min read
California tax increases, California tax ballot measure California Proposition 30 and California windfall profits tax proposal for California gas prices and tax on oil companies

California Can’t Give Up Tax Increases

California is no stranger to high taxes, and the state has enough going for it that its economy can withstand higher tax burdens than would be viable in other parts of the country. But there’s always a tipping point.

5 min read
Junk fees ban from the FTC Biden tax hike proposals live on Build Back Better Inflation Reduction Act Biden tax rates

Tax Hike Proposals Live on Despite Being Dropped in the Inflation Reduction Act

President Biden proposed a 7-point hike in the corporate tax rate to 28 percent, a new minimum book tax on corporate profits, and higher taxes on international activity. We estimated these proposals would reduce the size of the economy (GDP) by 1.6 percent over the long run and eliminate 542,000 jobs.

6 min read
Tyreek Hill taxes Tyreek hill state taxes and tax liability NFL federal tax on sports betting, excise tax on sports betting. BILL TO REPEAL EXCISE TAX ON LEGAL SPORTS BETS, Rep. Dina Titus (D-NV) and Rep. Guy Reschenthaler (R-PA) Super bowl sports betting. States Positioned for a Super Bowl Win with New Taxes on Sports Betting. The American Gaming Association estimates that Americans will wager a total of $4.3 billion on the highly anticipated matchup of the defending champion Kansas City Chiefs vs. the Tampa Bay Buccaneers in Tampa.

Tyreek Hill’s Tax Liability with Every NFL Franchise

When NFL star wide receiver Tyreek Hill weighed offers from the New York Jets and the Miami Dolphins, no doubt there was a lot on his mind. But one consideration towered over the rest, at least according to Hill himself: signing with the Jets “was very close to happening,” but “those state taxes man. I had to make a grown-up decision.”

7 min read
wealth inequality trends cbo bernie sanders wealth gap social security benefits

Focusing on Wealth Inequality Is Counterproductive

While there is more we can do to encourage lower- and middle-class households to save more and build wealth, a closer, more comprehensive look at the data and trends in other countries suggests that America’s wealth gap is not as alarming as some may think.

5 min read