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.
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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?
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The House and Senate have both passed legislation that would overhaul the federal tax code. Learn about the key differences between the two bills.
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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.”
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Here’s how the individual income tax provisions of the amended Senate’s Tax Cuts and Jobs Act would impact individuals and families across the income spectrum.
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The House of Representatives passed the Tax Cuts and Jobs Act by a vote of 227-205. Here is a summary of the major provisions in the final package.
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The Senate Tax Cuts and Jobs Act is right to make the most pro-growth policies permanent and sunset the ones that will do less economic harm.
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The Chairman’s Mark of the Senate’s Tax Cuts and Jobs Act includes a number of important changes. Here’s a quick overview of those that matter most.
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Here’s how the individual income tax provisions of the Senate’s Tax Cuts and Jobs Act would impact individuals and families across the income spectrum.
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This list, though not exhaustive, catalogues the major differences between the House and Senate version of the Tax Cuts and Jobs Act.
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Even with large changes, many in the pass-through community are arguing that small pass-throughs don’t benefit since most or all of their taxable income falls below the 25 percent maximum rate. While correct on the small point, advocates miss the greater tax reform picture. Small pass-through businesses would still benefit from a number of other changes.
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According to the Taxes and Growth model, the House Tax Cuts and Jobs Act should increase after-tax income by 4.5 percent for those in the second-lowest quintile, and by 4.6 percent for those in the middle quintile.
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The way the state and local tax deduction, alternative minimum tax, and Pease limitation interact is complex. This primer makes things easier to understand.
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The House Tax Cuts and Jobs act would fundamentally reform the U.S. tax code for the first time in over 30 years. Here are all the important details.
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To achieve meaningful tax reform, Congress will require significant base-broadeners. Saving the property tax deduction makes the math more difficult, but still leaves clear paths forward.
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For 15 years, our State Business Tax Climate Index has been the standard for legislators and taxpayers to understand how their state’s tax code compares and how it can be improved. Now, for the first time ever, you can explore our Index’s 100+ variables in an easy to use, interactive format.
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Based on the details we have, the Big Six tax plan would lower taxes on the bottom 80% of taxpayers, and raise the tax burden on the top 20% of taxpayers.
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