For policymakers in most states, the fact that the pass-through deduction doesn’t affect AGI should come as a relief. For those in the six states which use federal taxable income as their starting point for conformity, decoupling from the provision is an entirely viable option.
2 min read
How would the Tax Cuts and Jobs Act impact different households? Check out our sample taxpayers to see what would change if the bill is enacted.
5 min read
According to the Tax Foundation’s Taxes and Growth Model, the Tax Cuts and Jobs Act would lead to a 1.7 percent increase in GDP over the long term, 1.5 percent higher wages, an additional 339,000 full-time equivalent jobs, and cost $1.47 trillion on a static basis and by $448 billion on a dynamic basis.
22 min read
According to the Tax Foundation’s Taxes and Growth Model, the Tax Cuts and Jobs Act would lead to a 1.7 percent increase in GDP over the long term, 1.5 percent higher wages, an additional 339,000 full-time equivalent jobs, and cost $1.47 trillion on a static basis and by $448 billion on a dynamic basis.
2 min read
As the Tax Cuts and Jobs Act seeks to simplify the tax code, a last-minute provision closed a potential new tax-planning strategy germinating before the bill even passed.
2 min read
The Tax Cuts and Jobs Act will temporarily reduce alternative minimum tax liability, but retain the complexity inherent to the tax.
4 min read
In 2018, trends to watch in state tax policy will include reductions in corporate tax rates, the spread of gross receipts taxes, new and lower taxes on marijuana, estate tax repeal, a wait-and-see approach on federal tax reform, and more.
16 min read
As the federal government continues to debate tax reform, states, and many taxpayers, are asking an important question: How is my state’s tax code impacted? The exact impacts won’t be known until the federal bill is finalized, but a good place to start is understanding the issue of conformity.
2 min read
If the state and local tax deduction is necessary to prevent double taxation, why don’t states offer a deduction for federal and local taxes?
2 min read
As Arkansas considers tax reform, expanding or increasing the state’s property tax, if used to finance other tax changes, would be worth exploring.
7 min read
A proposal in the Senate tax reform bill to reduce alcohol taxes wouldn’t create the negative health consequences that some claim.
2 min read
The House and Senate have both passed legislation that would overhaul the federal tax code. Learn about the key differences between the two bills.
7 min read
A brief summary of the most notable provisions of the Senate Tax Cuts and Jobs Act in the form in which it enters the “vote-a-rama.”
3 min read