Combined state and local tax collections were down only $7.6 billion across the period, representing a total state and local tax revenue decline of 0.7 percent compared to the first nine months of 2019.
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Lt. Governor Griffin’s goal to eliminate the income tax is a commendable one that should be considered with cautious optimism, though with the understanding that even a well-designed process may end up putting more weight on an already uncompetitive sales tax. In the meantime, there is plenty of space for incremental improvements in Arkansas’s income tax that will make the state more competitive.
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A bipartisan group of lawmakers released two compromise relief bills to address the COVID-19 pandemic, totaling about $908 billion: The Emergency Coronavirus Relief Act and the Bipartisan State and Local Support and Small Business Protection Act.
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The Regional Tax Competitiveness Index (RTCI) for Spain allows policymakers, businesses, and taxpayers to evaluate and measure how their regions’ tax systems compare. This Index has been designed to analyze how well regions structure their tax system. Additionally, it serves as a road map for policymakers to reform their tax systems and make their regions more competitive and attractive for entrepreneurs and residents.
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Any additional relief to address a temporary economic crisis should be temporary, targeted toward those most in need, and consistent with good long-term tax policy.
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Our new study provides a 360-degree assessment of New York’s budget crisis, analyzes proposed revenue options, and offers solutions to raise revenue without driving more taxpayers out of the state or undoing recent positive reforms
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While a sweeping tax policy bill is unlikely in the near future, lawmakers may be able to come together on a smaller scale. Pairing better cost recovery on a permanent basis with support for vulnerable households as well as additional pandemic-related relief would help promote a more rapid return to growth and help businesses and households weather the ongoing crisis.
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At the end of 2020, 33 temporary tax provisions are scheduled to expire at the federal level. These provisions generally fall under four categories: cost recovery, energy, individual, and other business provisions.
20 min read
Mississippi Governor Tate Reeves (R), in his budget proposal for fiscal year (FY) 2022, has announced his goal of phasing out the state’s income tax by 2030.
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Economists have proposed taxing corporate income more uniformly through corporate integration, which can be done in a variety of ways. Biden’s plan goes in the opposite direction by making worse the double taxation of corporate income.
5 min read
While there are many tax changes built into the tax code over the coming years for individuals and businesses, the recent claim that lower- and middle-income Americans may see a “stealth tax increase” in 2021 due to the Tax Cuts and Jobs Act (TCJA) is untrue.
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Taxes on goods and services were on average the greatest source of tax revenue for African countries, at over 50 percent of total tax revenues. VAT contributed on average 30 percent, making it the most important tax on goods and services.
6 min read
A recent Deutsche Bank analysis proposes a federal work-from-home tax (“privilege tax”), which is designed to strip away the financial benefit of remote work.
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President Biden and Congress should concentrate on areas of common ground, finding incremental places to improve the tax code. A bipartisan bill recently introduced to help retirement savings is a good model for what incremental reform may look like.
4 min read
Illinois voters rejected a high graduated rate income tax (“Fair Tax”) while Arizonans embraced a large income tax rate increase for high earners, among the many attention-grabbing results from Tuesday’s elections.
7 min read
See the results of the most notable state and local tax ballot measures during Election 2020 with our curated resource page.
11 min read
Over the course of the 2020 presidential election campaign, Democratic nominee Joe Biden has proposed new tax credits for health insurance, child care, elderly care, and homeownership, in addition to expansions of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC).
3 min read
The Securing a Strong Retirement Act seeks to encourage retirement savings by simplifying and expanding the use of different types of retirement accounts.
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