President Trump has repeatedly floated the idea of entirely replacing the federal income tax with new tariffs. Recently, he has said that when tariff revenues come in, he will use them to replace or substantially cut income taxes for people making under $200,000.
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Raising the top income tax rate would raise several hundred billion dollars but would offset most of the pro-growth effects of making the TCJA’s individual tax provisions permanent by reducing incentives to work and invest.
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By implementing a more sophisticated and nuanced trigger system for its tax reduction goals, North Carolina can sustain its trajectory toward lower tax rates, reinforce its reputation as a business-friendly state, and ensure long-term fiscal stability in an ever-changing economic landscape.
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Hemp, intoxicating or otherwise, is a growing market that needs to be addressed with tax policy. A well-designed tax will generate tax revenues for states while improving public health by shifting consumers away from illicit markets.
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Without aligning fiscal discipline with pro-growth tax policies, Germany and the EU risk high deficits, mounting debt, and sustained inflation.
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Daniel Bunn had the opportunity to interview the Vice-Minister for Economy and Finance of Italy, Maurizio Leo, about the tax policy priorities of the Italian government. The conversation shows a commitment to reforming rules that create legal uncertainty and support competitiveness.
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Without businesses as their taxpayers and tax collectors, governments would not have the resources to provide even the most basic services.
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Policymakers may consider a broader, more comprehensive property tax reform that creates a uniform system with effective levy limits to prevent unauthorized increases in property tax revenues and, in most cases, property tax bills.
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New leadership at the FDA will have the opportunity to revisit decisions that have shifted consumption to illicit products and discouraged harm reduction—policies that, however well intended, have come at a significant cost in lives.
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One area of the tax code in which extreme complexity and low compliance go hand-in-hand—and where reform is desperately needed—is in states’ nonresident individual income tax filing and withholding laws.
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The flat tax trend is gaining momentum nationwide, and Missouri lawmakers are right to identify income tax rate reductions as particularly pro-growth.
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The tariffs amount to an average tax increase of nearly $1,300 per US household in 2025.
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Short FormThe better we understand taxes, the better we can manage our finances, but it starts with familiarizing ourselves with basic tax concepts like how tax brackets work.
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On April 10, the House adopted the Senate’s amended version of the budget resolution, which allows $5.3 trillion in deficit-financed tax cuts.
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The trend of tax exemptions on tips, overtime, and bonuses may sound like a win for workers, but it is a shortsighted fix with long-term drawbacks.
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North Dakota’s financial position provides it with a rare capacity to deliver meaningful property tax relief. However, policymakers must balance immediate relief with fiscal sustainability and ensure that local governments remain adequately funded in the years ahead.
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If adopted, these reforms would make Kansas’ tax code substantially more competitive while returning revenue growth to taxpayers in a fiscally responsible manner.
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As Congress attempts to prevent the expiration of major Tax Cuts and Jobs Act provisions, it needs to find ways to pay for them. Ideally, it should use the least economically harmful means possible.
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The proposed changes to federal tax code conformity in Oregon are a good example of a change that could significantly reshape the state’s tax code in the future, despite being framed as temporary technical adjustments.
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Twenty-four out of the 35 European countries covered in this map currently levy estate, inheritance, or gift taxes.
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