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.
Which states have the highest property taxes in 2022? See how your state compares in property taxes across the United States
5 min read
Wyoming’s low taxes are highly attractive, but policymakers are still hard at work helping the state achieve broader economic development goals.
13 min read
The sales tax is too important a part of states’ revenue toolkits to be permitted further erosion, making sales tax modernization a vital project of the 2020s.
17 min read
Arizona now joins a growing cohort of states that are moving toward a flat income tax. Pending revenue triggers, the income tax rate will be reduced to 2.5 percent giving Arizona one of the lowest individual income tax rates in the country.
7 min read
Learn more about the FDA’s proposal to ban the sale of menthol cigarettes and flavored cigars. Including its effect on revenue & public health measures.
4 min read
In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income tax to a flat tax. Another four may adopt flat tax legislation just this year. We discuss what flat taxes are, what they mean for taxpayers, and why so many states are making a push for them this year.
Efforts to improve the taxpayer experience should focus on the IRS’s operations and include structural improvements to the tax code.
4 min read
The better you understand taxes, the better equipped you are to make decisions about them. All taxes can be divided into three basic types: taxes on what you buy, taxes on what you earn, and taxes on what you own.
Ranking unemployment insurance tax codes on the 2022 State Business Tax Climate Index. Learn more about state unemployment insurance tax code and systems.
4 min read
Among the many achievements in the illustrious career of former Sen. Orrin Hatch (R-UT) was his commitment to bipartisan tax reform.
3 min read
This legislative session, the sales tax on food has garnered a great deal of attention in Kansas, with policymakers on both sides of the aisle proposing the removal of groceries from the sales tax base.
7 min read
Tax reform has become a major focus for state legislatures this session, and Missouri lawmakers are tuned in to the action: after adjusting individual income tax triggers in 2021, the legislature is exploring further tax reform options.
6 min read
More states are contemplating the tradeoffs associated with legalizing recreational marijuana and taxing it to obtain a new stream of revenue. In fact, a key point when legalizing recreational marijuana is tax design. Most states that currently allow and tax sales have opted for a price-based (ad valorem) excise tax and levy the general sales tax on recreational marijuana sales.
Only three European OECD countries levy a net wealth tax, namely Norway, Spain, and Switzerland.
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As the deadline for tax filing nears, the IRS faces scrutiny for its backlog of returns, inaccessible taxpayer service, and delays in issuing certain refunds.
5 min read
Learn 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.
What are the three basic tax types in the American Tax Code? In this lesson plan, students will learn about taxes on what you earn, taxes on what you buy, and taxes on what you own. Learn how do these taxes fit together, how they impact government revenues and the economy, and where you may encounter them in your daily life.
Excise taxes are imposed on a specific good or activity, such as cigarettes, alcohol, and fuel. Because of their narrow base, excise taxes distort production and consumption choices. Sometimes this distortion is by design. Compare the effects of sales taxes and tobacco excise taxes with real policy examples.
Total tax collections are currently running 25 percent higher than last year, and if that pattern holds, total federal tax collections will reach over $5 trillion in FY 2022—a new all-time high.
3 min read