According to the latest economic data from the US Census Bureau, the average per capita state and local tax burden is $7,109. However, collections vary widely by state, reflecting differences in tax rates and bases, natural resource endowments, the scale and scope of taxable economic activity in each state, and residents’ political preferences.
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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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Pairing permanent TCJA individual tax cuts with new limits on business SALT deductions would shrink the economy, reduce American incomes, and increase the federal budget deficit, undermining the policy goals of TCJA permanence.
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The Trump administration advocates an “energy dominance” agenda to boost US energy production and lower costs. Its tariff agenda runs directly counter to it.
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What happens when the country’s most important retirement program runs out of money? Social Security faces a funding crisis by 2035. We unpack how the system works, why it’s in trouble, and what fixes could keep it afloat.
The tariff policies already in effect threaten to offset the benefits of the promised tax cuts.
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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 Institute for Policy Studies (IPS) only succeeds in demonstrating that America has more millionaires than it used to, not that high-tax states are doing well in attracting or retaining them.
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Does your state have a small business exemption for machinery and equipment?
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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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