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Individual Income and Payroll Taxes

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Top Rates in Each State Under Joe Biden’s Tax Plan

President Joe Biden’s tax plan would yield combined top marginal state and local rates in excess of 60 percent in three states: California, Hawaii, and New Jersey (also New York City).

4 min read
The Biden Tax Plan Would Rank the U.S. Below Where It Stood Prior to Tax Reform International Tax Competitiveness Index Ranks for 2020 with the U.S. ranks for 2017, 2020, and the Biden tax plan us competitiveness

How Would Biden’s Tax Plan Change the Competitiveness of the U.S. Tax Code?

While the Biden campaign is certainly focused on increasing taxes on U.S. businesses and high-income earners, it is important that policymakers also understand what that reversal might do to U.S. competitiveness, and the competitive global environment in which U.S. companies and U.S. workers operate.

3 min read

Arizona Proposition 208 Threatens Arizona’s Status as a Destination for Interstate Migration

Significantly raising the income tax through Proposition 208 will only serve to make Arizona less competitive, especially at a time when individuals and small businesses are already struggling. If Arizona is looking for a long-term way to increase education funding, it would do well to avoid overburdening struggling taxpayers and look toward more broad-based, stable sources of revenue.

5 min read
European country rankings on the 2020 International Tax Competitiveness Index. European tax systems ranked, Europe tax rankings

International Tax Competitiveness Index 2020

Our International Index compares OECD countries on over 40 variables that measure how well each country’s tax system promotes sustainable economic growth and investment.

13 min read
The US federal tax system is progressive overall

Congressional Budget Office Releases 2017 Data on Household Income and Tax Burdens

Contrary to the perceptions of some, new data indicate that (1) income earned after taxes and transfers has increased over the past several decades for all income groups; (2) the federal tax system is increasingly progressive; and (3) that system relies heavily on higher earners to raise revenue for government services and means-tested transfers.

3 min read
Illinois fair tax, Governor Pritzker

Twelve Things to Know About the “Fair Tax for Illinois”

Heading into Election Day, the Illinois legislature and Governor J.B. Pritzker (D) are trying to convince voters to scrap a key constitutional feature of Illinois’ tax system: a provision in the state constitution that prohibits a graduated-rate income tax.

18 min read
New Jersey millionaires tax, New Jersey FY 2021 budget

Seventh Time’s the Charm: New Jersey Passes Millionaires Tax

After six unsuccessful tries at passage, it appears the coronavirus crisis has tipped the scales in favor of Gov. Phil Murphy’s (D) millionaires tax. New Jersey may be feeling the financial squeeze right now, but this large income tax change will not solve budget problems and may exacerbate funding issues by making the state even unfriendlier to businesses.

3 min read
Biden capital gains tax rate proposal historical context of capital gains tax proposal under Biden tax plan

Joe Biden’s Tax Plan Explained

Depending on the outcome of the 2020 presidential election, we could be looking at a very different tax code in the years to come. What tax changes has former Vice President Joe Biden proposed and what would they mean for U.S. taxpayers, businesses, and the overall economy?

Sweden's 2021 budget, Sweden 2021 permanent personal income tax cuts

Sweden’s 2021 Budget: Permanent Income Tax Cuts

Sweden’s 2021 budget outlines an aggressive plan to both cut income taxes in a permanent manner alongside multiple other tax cuts and spending increases

3 min read
How have your state's tax revenues changed in FY 2020 compared to FY 2019? State revenue collections beat state revenue expectations in FY 2020 despite coronavirus pandemic and economic downturn

New Census Data Shows States Beat Revenue Expectations in FY 2020

State tax revenue collections were down 5.5 percent in FY 2020, driven by a dismal final quarter (April through June) as states began to feel the impact of the COVID-19 pandemic. While these early losses are certainly not desirable, they are manageable and far better than many feared.

16 min read
State marriage penalty, state marriage penalties, does your state have a marriage penalty?

Does Your State Have a Marriage Penalty?

A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket widths that apply to single filers.

2 min read
President Trump tax plan and proposals second term

President Trump Outlines Second Term Tax Ideas

Broad themes of the president’s agenda include providing tax relief to individuals and tax credits to businesses that engage in desired activities, while the status of expiring TCJA provisions and tariffs seems uncertain.

4 min read
Biden Made in America manufacturing plan to boost R&D

Reviewing Joe Biden’s Tax Vision

Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with more generous provisions for specific activities and households.

4 min read