From policy to filing, from accounting to compliance: technology is truly shaping the future of taxes. We chat with Ben Alarie, CEO of Blue J, about how companies are utilizing technology to comply with the tax code and how policymakers can use technology to advance tax laws that support an ever-evolving economy.
’Tis the season to crack open a cold one. Ahead of International Beer Day on August 5th, let’s take a minute to discover how much of your cash is actually going toward the cost of a brew with this week’s tax map, which explores excise duties on beer.
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Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor.
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Reshaping some of these policies to generate a smoother variation of marginal tax rates over different income levels would likely raise labor supply and encourage the upward mobility of workers and especially that of average-income workers.
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While many factors influence business location and investment decisions, sales taxes are something within policymakers’ control that can have immediate impacts.
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Idaho Ballot initiative would impose an incredibly high top marginal rate that would fall on many small businesses, not just high-income earners.
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High marginal tax rates can act as barriers to upward mobility, discouraging people from advancing in their careers.
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Among the 46 states that held legislative sessions this year, structural state tax reform and temporary tax relief measures were recurring themes.
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Given the state’s strong budget surplus and projected continued revenue growth, Wisconsin is in a prime position to enact pro-growth reforms to improve the state’s competitive standing for decades to come.
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The Netherlands has the highest gas tax in the European Union, at €0.82 per liter ($3.69 per gallon). Italy applies the second highest rate at €0.73 per liter ($3.26 per gallon), followed by Finland at €0.72 per liter ($3.24 per gallon).
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While the bulk of the proposed tax increases and spending programs remain under debate, Democratic lawmakers have reportedly agreed on prescription drug pricing provisions as a starting point for a revived Build Back Better package.
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If the policy goal of taxing cigarettes is to encourage cessation, vapor taxation must be considered a part of that policy design.
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Research has shown that spikes in tax rates can act as barriers to upward mobility. High marginal tax rates might directly influence the decisions workers make about accepting a raise, working additional hours, or whether they might remain on government benefits.
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The proposals share a common goal of improving incentives for households to save during a time when inflation is impacting their finances.
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Congress should prioritize evaluation of recent international tax trends and the model rules and adjust U.S. rules in a way that supports investment and innovation and moves towards simplicity.
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Although the majority of state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Fourteen states have notable tax changes taking effect on July 1.
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To make the taxation of labor more efficient, policymakers should understand the inputs into the tax wedge, and taxpayers should understand how their tax burden funds government services.
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Oil prices have skyrocketed, posing a new risk to the post-pandemic recovery. Feeling the pressure to respond, policymakers have proposed everything from gas tax holidays, tapping into strategic reserves, and even rebate cards. One idea that has crawled back from the dead: “Windfall Profits Taxes.” This idea is seemingly simple: legislation targeted at the “excess” profits of oil companies. However, as with anything in tax policy, the reality is much more complicated.
As policymakers on both sides of the Atlantic debate the way forward on carbon border adjustment mechanisms, it is important to keep principles of good tax policy in mind.
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