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Individual Income and Payroll Taxes

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Details and analysis of the economic growth and opportunity US tax reform plan includes federal flat tax, distributed profits tax, and eliminating the federal estate tax

Details and Analysis of a Tax Reform Plan for Growth and Opportunity

The federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way.

42 min read

Sources of Personal Income, Tax Year 2020

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.

9 min read
2023 state tax changes taking effect july 1

State Tax Changes Taking Effect July 1, 2023

At least 32 notable tax policy changes recently took effect across 18 states, including alterations to income taxes, payroll taxes, sales and use taxes, property taxes, and excise taxes. See if your state tax code changed.

15 min read
NC budget North Carolina tax reform proposals in the NC budget taxes 2023

North Carolina’s Budget Should Prioritize Pro-Growth Structural Reforms

As fiscal year 2023 draws to a close, North Carolina’s House and Senate have each passed their own versions of the biennial budget for fiscal years 2024-25. While legislative leaders have generally agreed to overall spending levels, negotiations remain ongoing to resolve different approaches to tax policy.

7 min read
Oklahoma franchise tax repeal and Oklahoma marriage penalty repeal 2023

Oklahoma Adopts Franchise Tax Repeal, Eliminates Marriage Penalty

In the closing days of the 2023 legislative session, Oklahoma lawmakers repealed the state’s corporate franchise tax and eliminated the marriage penalty in its individual income tax. Both tax changes represent a positive step forward for the state.

4 min read
Tackling US debt crisis requires Medicare reform and Social Security reform to reduce the deficit

Tackling America’s Debt and Deficit Crisis Requires Social Security and Medicare Reform

Any serious proposal to tackle the emerging debt and deficit crisis must also address our largest mandatory spending programs: Social Security and Medicare. Together, these two programs will be responsible for nearly 80 percent of the deficit’s rise between 2023 and 2032, according to Congressional Budget Office (CBO) projections.

8 min read

Tax Burden on Labor in Europe

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.

3 min read

What’s Missing from the Tax Burden Debate

When we discuss tax policy, the conversation inevitably turns to who pays, who should pay, and how much they should pay. Unfortunately, the tax burdens debate is often missing a key point: how income transfer programs—like Social Security or Medicaid—affect households’ tax burdens.

US Tax Burden on Labor 2023 US Income Tax Burden and US Payroll Tax Burden

The U.S. Tax Burden on Labor, 2023

Although the U.S. has a progressive tax system and a relatively low tax burden compared to the OECD average, average-wage workers still pay more than 30 percent of their wages in taxes.

4 min read
New wealth taxes in Europe 2023 European countries with a new wealth tax

Wealth Taxes in Europe, 2023

Instead of reforming and hiking the wealth tax, perhaps policymakers should consider whether the tax is serving its intended objectives, and, if not, consider repealing the tax altogether.

4 min read