All Related Articles
Revenue Gains in Asian and Pacific Countries Likely Offset by COVID-19
Because of the COVID-19 pandemic and the associated economic crisis, countries in the Asia-Pacific region will see a differentiated impact on their capacity of mobilizing domestic revenue depending on the structure of their economy. According to the OECD report, those economies that rely mostly on natural resources, tourism, and trade taxes are especially vulnerable.
New York and New Jersey Consider Financial Transaction Taxes
Seeking new sources of funding, New York and New Jersey—two states at the heart of global financial markets—are considering financial transaction taxes.
Sales Tax Holidays: Politically Expedient but Poor Tax Policy, 2020
In the midst of the coronavirus crisis, some states are hoping that a sales tax holiday might help restart struggling industries by stimulating the economy. However, sales tax holidays can mislead consumers about savings and distract from genuine, permanent tax relief.
Tax Options to Promote Short-Term Recovery and Long-Term Economic Growth in Wisconsin
From a revenue standpoint, Wisconsin was better off than many states going into this crisis, but the policy decisions—including tax policy decisions—state policymakers make in the months ahead will have far-reaching implications for how quickly jobs and wages are restored in Wisconsin.
Financial Transaction Tax Could Hit Average Spanish
Spain is planning to implement two major taxes during the next few months, a digital services tax and a financial transaction tax, which have the potential to negatively impact capital formation, growth, and economic recovery and start a harmful trade war.
Cigarette Taxes in Europe
Ireland and the United Kingdom levy the highest excise duties on cigarettes in the European Union (EU), at €8.00 ($8.95) and €6.83 ($7.64) per 20-cigarette pack, respectively. This compares to an EU average of €3.22 ($3.61). Bulgaria (€1.80 or $2.01) and Slovakia (€2.07 or $2.32) levy the lowest excise duties.
Sources of Personal Income, Tax Year 2017
Reviewing the sources of personal income shows that the personal income tax is largely a tax on labor, primarily because our personal income is mostly derived from labor. However, varied sources of capital income also play a role in American incomes.
Hungarian COVID-19 Response: Surtax for Banks and Retail
Hungary is the only EU state to have actually implemented COVID-19 tax hikes.
State Forecasts Indicate $121 Billion 2-Year Tax Revenue Losses Compared to FY 2019
Revised state revenue forecasts show a significant decline in projected revenues for both the recently concluded FY 2020 and current FY 2021, though the picture they paint is considerably less dire than many feared a few months ago.