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Next UK Prime Minister Election or UK Conservative Party or Tory Leadership Election between Rishi Sunak tax policies and and Liz Truss tax policies

Taxes and the UK’s new Prime Minister

In an already-challenging economic environment, new UK Prime Minister Liz Truss must get tax rates correct to avoid over-burdening a population and business sector facing immense uncertainty. Focusing only on rates while ignoring the base misses an opportunity for real, pro-growth reform.

4 min read
Income tax inflation adjustments europe including income tax inflation europe and automatically adjust income tax brackets for inflation europe

Inflation and Europe’s Personal Income Taxes

With continued concerns over inflation, individuals may be wondering how their tax bills will be impacted. Less than half of OECD countries in Europe automatically adjust income tax brackets for inflation every year.

2 min read
Idaho flat income tax reform Idaho flat tax Idaho income tax reform Idaho to Consider Flat Tax in Special Session

Idaho to Consider Flat Income Tax in Special Session

As Idaho attempts to further solidify its position as a growth-oriented, taxpayer-friendly state this special session, other states should look to its example and pursue similar reforms.

6 min read
New Mexico business tax climate ranking New Mexico business tax reform New Mexico tax reform

New Mexico and the Question of Tax Competitiveness

Every change to a state’s tax system makes its business tax climate more or less competitive compared to other states and makes the state more or less attractive to business.

7 min read
2022 beer taxes by state beer tax rates including state beer excise tax rates

Comparing Beer Taxes by State, 2022

Tennessee, Alaska, Hawaii, and Kentucky levy the highest beer excise tax rates in the nation. How does your state compare?

2 min read
Tax compliance costs of IRS regulations tax complexity and tax simplification Chaotic IRS filing season shows flaws in IRS benefits distribution, IRS tax credit administration, IRS budget, and 2022 tax season with filing taxes Summary of the Latest Federal Income Tax Data, 2022 Update 2022 federal income tax data

The Tax Compliance Costs of IRS Regulations

In a pattern that has become all too common in recent decades, the newly enacted Inflation Reduction Act (IRA) added yet another layer of complexity to an already complex and burdensome federal tax code.

9 min read
Carbon tax revenue recycling for border-adjusted carbon tax border adjustments Taxing Big Oil Profiteers Act Wyden excess profits tax oil and gas companies Carbon Tax definition, Carbon Emissions, CO2 Emissions, Global Temperatures, Climate Change, AOC, Ocasio-Cortez, Green New Deal, energy, environomental, payroll tax cut

“Taxing Big Oil Profiteers Act” Risks Disincentivizing Production, Inventory

In response to high oil prices, Sen. Wyden has proposed raising taxes on oil and gas companies in three ways. His “Taxing Big Oil Profiteers Act” would create an additional 21 percent tax on so-called excess profits earned over 10 percent of revenues of oil companies with annual revenues over $1 billion; levy a tax on stock buybacks; and remove last-in, first-out (LIFO) tax treatment of inventory accounting.

7 min read
Arkansas income tax cuts Arkansas tax reform Arkansas income tax reform Arkansas income tax cuts 2021 Arkansas remote work Arkansas convenience rule Arkansas Senate Bill 484 Tax Foundation testimony Arkansas Lieutenant Governor Looks to Eliminate Income Tax, Arkansas Lieutenant Governor Tim Griffin proposal to eliminate Arkansas income tax

Arkansas’s Rate Reduction Acceleration

Arkansas recently became the 13th state to authorize an individual income tax rate reduction this year. This round of tax cuts accelerated reforms enacted eight months ago.

7 min read
IRS budget increase IRS technology modernization and IRS funding for IRS e-filing electronic tax filing

IRS Funding and Technology

The Internal Revenue Service (IRS) finds itself under fire often. Outdated technology, millions of unanswered calls, and cafeterias full of paper returns—it’s clear that America’s tax collector needs improvement. Jesse is joined by Courtney Kay-Decker and Jared Ballew, chair and vice chair (respectively) of the Electronic Tax Administration Advisory Committee (ETAAC). They discuss ETAAC’s annual report that lays out what the IRS is doing right, and what it’s doing wrong, as the agency continues to see its duties grow.

IRS tax enforcement provisions to increase IRS budget and IRS funding See more on IRS expansion and Inflation Reduction Act IRS details

How to Think About IRS Tax Enforcement Provisions in the Inflation Reduction Act

The Inflation Reduction Act increases the IRS’s budget by roughly $80 billion over 10 years. The money is broken into four main categories—enforcement, operations support, business system modernization, and taxpayer services—as well as a few other small items such as an exploratory study on the potential of a free-file system.

6 min read