President Trump has repeatedly floated the idea of entirely replacing the federal income tax with new tariffs. Recently, he has said that when tariff revenues come in, he will use them to replace or substantially cut income taxes for people making under $200,000.
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Raising the top income tax rate would raise several hundred billion dollars but would offset most of the pro-growth effects of making the TCJA’s individual tax provisions permanent by reducing incentives to work and invest.
4 min read
By implementing a more sophisticated and nuanced trigger system for its tax reduction goals, North Carolina can sustain its trajectory toward lower tax rates, reinforce its reputation as a business-friendly state, and ensure long-term fiscal stability in an ever-changing economic landscape.
4 min read
Without aligning fiscal discipline with pro-growth tax policies, Germany and the EU risk high deficits, mounting debt, and sustained inflation.
5 min read
One area of the tax code in which extreme complexity and low compliance go hand-in-hand—and where reform is desperately needed—is in states’ nonresident individual income tax filing and withholding laws.
7 min read
The flat tax trend is gaining momentum nationwide, and Missouri lawmakers are right to identify income tax rate reductions as particularly pro-growth.
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On April 10, the House adopted the Senate’s amended version of the budget resolution, which allows $5.3 trillion in deficit-financed tax cuts.
8 min read
The trend of tax exemptions on tips, overtime, and bonuses may sound like a win for workers, but it is a shortsighted fix with long-term drawbacks.
11 min read
If adopted, these reforms would make Kansas’ tax code substantially more competitive while returning revenue growth to taxpayers in a fiscally responsible manner.
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As Congress attempts to prevent the expiration of major Tax Cuts and Jobs Act provisions, it needs to find ways to pay for them. Ideally, it should use the least economically harmful means possible.
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Lawmakers are right to enact a single-rate individual income tax. However, lawmakers should consider the full effects of the reform, ensuring that relief is not financed by shifting the tax burden to lower-income individuals and families.
4 min read
Do tariffs really level the playing field, or are they just bad economics? In this emergency episode, we fact-check the Trump administration’s claims that retaliatory tariffs make trade fairer.
What are the biggest tax stories shaping policy today—and what do they mean for you? In our 100th episode, we break down the five biggest tax stories, from the global tax deal to the looming expiration of the Tax Cuts and Jobs Act.
With a wealth tax, property tax increases, and this new payroll tax on the agenda, Washington lawmakers have reason to fear that many employers could be looking for the exits.
5 min read
This legislative session, local taxes are a major topic of debate in Indiana. Although the state’s property tax system is already nationally competitive, dramatic increases in assessed values have created discontent in recent years.
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Surtaxes such as Germany’s solidarity surtax run counter to the principles of simplicity and transparency of the tax system because they impose an additional layer of tax on taxpayers and create a more complex tax structure that often obscures the actual tax burden.
4 min read
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min read
A North Carolina House bill titled “No Tax on Tips, Overtime, Bonus Pay,” is gaining bipartisan traction in the General Assembly, mirroring similar proposals nationwide, including those championed by President Trump.
4 min read
The amount of revenue states raise through roadway-related revenues varies significantly across the US. Only three states raise enough revenue to fully cover their highway spending.
5 min read
Lawmakers should finish the work they have begun over the past few decades, tackling tax rates and structures to give the state a leg up in an era of enhanced competition.
84 min read