Joe Biden recently released a piece reviewing his tax proposals, contrasting them with President Donald Trump’s tax ideas. A major theme within this piece can be summarized in the title: “A Tale of Two Tax Policies: Trump Rewards Wealth, Biden Rewards Work.”
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State tax revenue collections were down 5.5 percent in FY 2020, driven by a dismal final quarter (April through June) as states began to feel the impact of the COVID-19 pandemic. While these early losses are certainly not desirable, they are manageable and far better than many feared.
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A recent OECD report reveals a tendency towards higher property taxes, often in the form of base broadening, tax rate increases, or both.
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Even during a crisis when budgets are squeezed, policymakers should put their efforts into serious reforms of existing income and consumption taxes rather than leaving good tax policy behind for an excise state of mind.
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Under an individual AMT, many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount.
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As the NYSE prepares to conduct a test of their server capacity elsewhere, New Jersey lawmakers may be forced to rethink the viability of their financial transaction tax proposal.
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What does the Senate Republican coronavirus package do? Are there better ways of providing short-run relief without making the tax code more complicated?
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A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket widths that apply to single filers.
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Tax treaties usually provide mechanisms to eliminate double taxation and can provide certainty and stability for taxpayers and encourage foreign investment and trade. A broad network of tax treaties contributes to the competitiveness of an economy.
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In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax.
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A more efficient property tax system in Greece is a better objective than just focusing on incentives for foreigners to change their tax residence.
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One of Biden’s tax proposals that has gotten little attention is a change that would shift the benefits of tax deferral in traditional retirement accounts toward lower- and middle-income earners. The plan would reduce the tax benefit for those earning above $80,250 but under $400,000, violating Biden’s tax pledge to not raise taxes on earners below the $400,000 threshold.
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New Jersey has the highest effective rate on owner-occupied property at 2.21 percent, followed closely by Illinois (2.05 percent) and New Hampshire (2.03 percent).
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Broad themes of the president’s agenda include providing tax relief to individuals and tax credits to businesses that engage in desired activities, while the status of expiring TCJA provisions and tariffs seems uncertain.
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The highway trust fund is on track to run out of money by 2021, states are struggling to cover their transportation spending, and increased fuel economy, plus inflation, is chipping away at gas tax revenue year. How can Congress and state governments ensure they have the revenue necessary to fund our highways? One solution is the vehicle miles traveled (VMT) tax.
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Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with more generous provisions for specific activities and households.
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One under-discussed part of the CARES Act, passed in March to provide economic relief during the COVID-19 epidemic, is a correction to a drafting error in the Tax Cuts and Jobs Act of 2017, often known as the “retail glitch.”
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The five counties with the highest median property tax payments are all located near New York City and have bills exceeding $10,000.
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Value-added taxes (VAT) are traditionally considered regressive, meaning they place a disproportionate burden on low-income taxpayers. However, a recent OECD study used household expenditures micro-data from 27 OECD countries to reassess this conclusion.
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