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Individual Income and Payroll Taxes

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Summary of the Latest Federal Income Tax Data, 2024 Update

Summary of the Latest Federal Income Tax Data, 2024 Update

The 2021 tax year was the fourth since the Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.

9 min read
2024 wealth taxes in Europe compare wealth taxes by country

Wealth Taxes in Europe, 2024

Only three European countries levy a net wealth tax—Norway, Spain, and Switzerland. France and Italy levy wealth taxes on selected assets.

4 min read
state flat tax trend and state flat income taxes 2024

The State Flat Tax Revolution: Where Things Stand Today

In 2021 and 2022 alone, more states enacted laws converting graduated-rate individual income tax structures into single-rate income tax structures than did so in the whole 108-year history of state income taxation up until that point.

10 min read
US deficits, spending, and taxes CBO Budget and Economic Outlook 2024

Major Takeaways from CBO’s Updated Long-Term Outlook

The CBO projects deficits will be higher than historical levels, largely due to growth in mandatory spending programs While some recent legislation has reduced the deficit, the Inflation Reduction Act is proving to be more expensive than originally promised.

5 min read
2024 Top Personal Income Tax Rates in Europe

Top Personal Income Tax Rates in Europe, 2024

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.

3 min read
Maryland local income tax hike proposal

Maryland Considers Raising Local Income Taxes

Local income taxes in Maryland constitute about 35 percent of local tax collections and more than 17 percent of local revenue, giving Maryland’s localities the highest dependence on income taxes in the nation.

5 min read