Individual and Consumption Taxes

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more business income is reported on individual tax returns than corporate returns, pass-through business income, business tax returns, corporate tax returns
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Corporate and Pass-through Business Income and Returns Since 1980

More business income is reported on individual tax returns than corporate returns. The U.S. now has fewer corporations and more individually owned businesses. Corporations make up less than 5 percent of businesses but earn 60 percent of revenues.

3 min read
OECD tax revenues 2021 sources of government revenue in the oecd, 2019, government tax revenue corporate tax revenue corporate tax revenues
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Sources of Government Revenue in the OECD, 2019 Update

OECD countries have on average become more reliant on consumption taxes and less reliant on individual income taxes. These policy changes matter, considering that consumption-based taxes raise revenue with less economic damage and distortionary effects than taxes on income.

10 min read
Elizabeth Warren real corporate profits tax, Senator warren real corporate profits tax, elizabeth warren corporate tax proposal, Senator warren corporate tax proposal
Research

An Analysis of Senator Warren’s ‘Real Corporate Profits Tax’

Sen. Elizabeth Warren introduced a 7 percent surtax on corporate profits called the “Real Corporate Profits Tax.” We estimate that this tax would reduce the incentive to invest in the United States, and result in a 1.9 percent smaller economy, a 3.3 percent smaller capital stock, and 1.5 percent lower wages. The surtax would raise $872 billion between 2020 and 2029 on a conventional basis and $476 billion on a dynamic basis. The tax would make the tax code more progressive, but it would fall on taxpayers in every income group.

9 min read
capital gains taxes, high capital gains tax rates
Research

An Overview of Capital Gains Taxes

Capital gains taxes create a burden on saving because they are an additional layer of taxes on a given dollar of income. The capital gains tax rate cannot be directly compared to individual income tax rates, because the additional layers of tax that apply to capital gains income must also be part of the discussion.

14 min read
2019 state cigarette tax rankings 2019 cigarette taxes 2019 cigarette tax rates, tobacco tax
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How High Are Cigarette Taxes in Your State?

Cigarette taxes around the country are levied on top of the federal rate of $1.0066 per 20-pack of cigarettes. As of 2016, taxes accounted for almost half of the retail cost of a pack of cigarettes.

2 min read
Augusta Exemption: Rental Income & The Masters Tax Exemption Masters golf tournament, Masters tax exemption Augusta National Golf, A tradition unlike any other
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A Tradition Unlike Any Other: The Masters Tax Exemption

Augusta National Golf Club is famous for more than green jackets and pimento cheese sandwiches—legend has it that it’s the impetus for one of the tax code’s many exemptions.

3 min read
American independence, which we celebrate this week, was born of a tax revolt. See more on "No Taxation without Representation" Fourth of July tax revolt.
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Tax Freedom Day 2019 is April 16th

Tax Freedom Day represents how long Americans as a whole have to work in order to pay the nation’s tax burden. In 2019, Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of over $5.2 trillion, or 29 percent of the nation’s income.

5 min read