Colombia Is in Urgent Need of Pro-Growth Comprehensive Tax Reform
Colombia should consider shifting its planned tax reforms from harmful corporate and individual taxes to less harmful consumption taxes.
5 min readColombia should consider shifting its planned tax reforms from harmful corporate and individual taxes to less harmful consumption taxes.
5 min readThe IRS recently released the new inflation adjusted 2023 tax brackets and rates. Explore updated credits, deductions, and exemptions, including the standard deduction & personal exemption, Alternative Minimum Tax (AMT), Earned Income Tax Credit (EITC), Child Tax Credit (CTC), capital gains brackets, qualified business income deduction (199A), and the annual exclusion for gifts.
4 min readWhile there are many factors that affect a country’s economic performance, taxes play an important role. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities.
41 min readThe Social Security Administration (SSA) announced the cost-of-living adjustment for Social Security payments based on inflation over the previous year. This has brought renewed attention to how the tax code treats Social Security benefits, which can be a confusing subject for taxpayers.
3 min readPresident Biden proposed a 7-point hike in the corporate tax rate to 28 percent, a new minimum book tax on corporate profits, and higher taxes on international activity. We estimated these proposals would reduce the size of the economy (GDP) by 1.6 percent over the long run and eliminate 542,000 jobs.
6 min readIn the EU, Italy plays an important role in economic policy. If the EU wants to further develop own resources, it will need the backing of the Italian government—which seems unlikely at the moment.
4 min readSome tax ballot initiatives will be straightforward, some will be complex, and—let’s be honest—some will be a drafting nightmare.
5 min readMassachusetts’ competitive tax advantage in New England is driven primarily by its competitive individual income tax rate and its sales and use tax structure. If the Commonwealth changes its tax code in ways that narrow the base or increase the rate, it cedes greater tax competitiveness to other states, regionally and nationally.
34 min readWill states consider student loan forgiveness a taxable event? In some states, the answer could be yes.
5 min readAs Idaho attempts to further solidify its position as a growth-oriented, taxpayer-friendly state this special session, other states should look to its example and pursue similar reforms.
6 min readAs Missouri legislators head into a special session, they should consider making a pro-growth change that the state is already so close to achieving: creating a flat income tax.
4 min readThe Inflation Reduction Act focused more on enforcement and hiring more auditors rather than programs that make it easier for taxpayers to comply with the code and the IRS to administer it.
6 min readIn a pattern that has become all too common in recent decades, the newly enacted Inflation Reduction Act (IRA) added yet another layer of complexity to an already complex and burdensome federal tax code.
9 min readThe Internal Revenue Service (IRS) finds itself under fire often. Outdated technology, millions of unanswered calls, and cafeterias full of paper returns—it’s clear that America’s tax collector needs improvement. Jesse is joined by Courtney Kay-Decker and Jared Ballew, chair and vice chair (respectively) of the Electronic Tax Administration Advisory Committee (ETAAC). They discuss ETAAC’s annual report that lays out what the IRS is doing right, and what it’s doing wrong, as the agency continues to see its duties grow.
The Inflation Reduction Act increases the IRS’s budget by roughly $80 billion over 10 years. The money is broken into four main categories—enforcement, operations support, business system modernization, and taxpayer services—as well as a few other small items such as an exploratory study on the potential of a free-file system.
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