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Individual Income and Payroll Taxes

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Top Personal Income Tax Rates in Europe 2023 Income Tax Rates or Individual Income Tax Rates

Top Personal Income Tax Rates in Europe, 2023

Denmark (55.9 percent), France (55.4 percent), and Austria (55 percent) have the highest top statutory personal income tax rates among European OECD countries.

2 min read
2023 local income taxes by state and municipality 2023 local income tax rates and local taxes or local income tax data by county

Local Income Taxes: A Primer

Most states avoid municipal income taxes for good reason. These taxes are more volatile and less economically competitive than other forms of taxation available to local governments, and add substantial complexity for governments and taxpayers alike.

23 min read
2023 local income taxes by state and municipality 2023 local income tax rates and local taxes or local income tax data by county

A Look at Local Income Taxes

Levied in thousands of cities, counties, school districts, and other localities, local income taxes are often used to either lower other taxes (like property taxes) or raise more revenue for local services. While they may make sense on paper, local income taxes come with more challenges than other local revenue sources.

Deteriorating federal budget deficits highlight need to stabilize federal debt. See federal deficit taxes contextualized amid push to balance the budget

Deteriorating Federal Budget to Run $1.4 Trillion Deficit in 2023, CBO Projects

Immediately balancing the $20 trillion budget shortfall would take drastic, unwanted policy changes. Instead, lawmakers should target a more achievable goal, such as stabilizing debt and deficits with an eye toward comprehensive tax reform that can produce sufficient revenue with minimal economic harm.

4 min read
Biden state of the union address 2023 tax proposals stock buybacks tax billionaire minimum tax expanded child tax credit

State of the Union Reaction 2023

President Biden shared his policy aspirations during the State of the Union address, outlining three tax proposals in his remarks: quadrupling the brand-new excise tax on stock buybacks, instituting a “billionaire minimum tax,” and extending the now-lapsed expanded Child Tax Credit. We discuss the prospects of major tax changes becoming law in a divided government and what these proposals signal about how President Biden thinks about tax policy as he enters the latter half of his first term.

Will the Federal Government Tax Your State Tax Rebates Inflation Relief Checks

Will the Federal Government Tax Your State Tax Rebate?

If your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet.

5 min read
Biden state of the union address 2023 tax proposals stock buybacks tax billionaire minimum tax expanded child tax credit

Tax Policy in Biden’s 2023 State of the Union Address

President Biden’s State of the Union Address outlined three tax proposals, including raising the tax on stock buybacks, imposing a billionaire minimum tax, and expanding the child tax credit.

6 min read
latest state tax trends and state tax cuts include responsible state income tax relief in 2023

There’s Still Room for Responsible State Income Tax Relief in 2023

Forty-three states adopted tax relief in 2021 or 2022—often in both years—and of those, 21 cut state income tax rates. It’s been a remarkable trend, driven by robust state revenues and an increasingly competitive tax environment.

4 min read
state tax inflation response like state tax rebates and tax holidays to combat inflation Federal tax collections inflation surging 2022

State Tax Policy as an Inflation Response

At the end of 2022, prices were 14.6 percent higher than they were two years prior. That’s the fastest inflation rate over any two calendar years since the stagflation era of the late 1970s. State policymakers are understandably interested in bringing any tools at their disposal to bear on the problem. And many of them are reaching for tax policy solutions.

7 min read
States eye taxes on high earners, including state capital gains tax plans or taxes on long-term capital gains income and state estate tax proposals

Wealth Taxes Reach the States

Since 2021, 43 states have provided substantial tax relief for taxpayers and businesses. But this year, a new trend has emerged in the opposite direction: a push for states to tax investment. Jared Walczak joins Jesse to discuss how wealth tax proposals to higher capital gains income taxes would affect investment, job creation, and migration between states—and why they’re happening now.

GOP FairTax proposal or Fair Tax Act includes national sales tax and abolishing IRS

Fair Tax FAQ

The FairTax is a proposal to replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax and rebate, abolishing the IRS in the process.

7 min read
Analysis of West Virginia tax reform options including West Virginia income tax relief and property tax reform

West Virginia Is Being Left Behind on Tax Relief

West Virginia is one of only seven states that hasn’t offered any significant tax relief since 2021—and five of the other six forgo an individual income tax.

6 min read