In a rare change of pace, tax legislation passed out of the Ways and Means Committee last week with overwhelming, bipartisan support. In a more common turn of events, it may not get much further thanks to a small group of passionate, but misled lawmakers known as the “SALT Caucus.”
The House Ways and Means Committee has advanced a tax deal to the House floor that would temporarily—and retroactively—restore two major business deductions for cost recovery and expand the child tax credit through 2025.
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The expiration date on the Tax Cuts and Jobs Act (TCJA) of 2017 is rapidly approaching. Come 2026, most taxpayers will be in for a tax hike. Which 2024 presidential candidate will support sound tax policy?
While some recommendations follow the principles of sound tax policy and may improve the District’s tax climate, some proposals make the tax code more complex and less neutral, potentially disincentivizing investment and business activity.
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In such a determinant semester for Europe, principled tax policy can be an important tool for a more competitive European Union.
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Lawmakers should use the year ahead to thoroughly review and debate lasting, fundamental tax reform and prioritize policies that best boost work and investment incentives in a fiscally responsible manner.
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Financial literacy is a problem that educators around the country are trying to tackle. Today, we’re speaking with Jed Collins, a former NFL player, who is leading the charge in the financial education arena by guiding high school and college students, as well as professional athletes, through the world of finance.
Spain’s central government could learn some valuable lessons from its regional governments about sound tax policy.
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Thirty-four states will ring in the new year with notable tax changes, including 15 states cutting individual or corporate income taxes (and some cutting both).
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With Secure 2.0, lawmakers recognized and addressed several flaws in the tax code’s treatment of saving and retirement, but there is continued work to be done simplifying and expanding savings and retirement options for taxpayers.
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Americans are saving less. While the U.S. saving rate has regularly lagged behind its peers, it has yet to return to pre-pandemic levels. Increasingly, people are turning to credit cards to fill the gaps in their budgets.
What historical lessons of wartime finance can Ukrainian and EU policymakers learn to put Ukraine’s economy on a path to success during, and especially after, the war?
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Short FormUnless Congress acts, Americans are in for a tax hike in 2026.
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Estonia has the most competitive individual tax system in the OECD for the 10th consecutive year.
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Explore the IRS inflation-adjusted 2024 tax brackets, for which taxpayers will file tax returns in early 2025.
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The 2023 version of the International Tax Competitiveness Index is the 10th edition of the report. Let’s take a look back and see how country ranks have changed over time.
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Lawmakers should simplify the tax code so that taxpayers can understand the laws and the IRS can administer them with minimum cost and frustration.
Lawmakers will have to weigh the economic, revenue, and distributional trade-offs of extending or making permanent the various provisions of the TCJA as they decide how to approach the upcoming expirations. A commitment to growth, opportunity, and fiscal responsibility should guide the approach.
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The current patchwork of state laws taxing marketplace facilitators is complex, burdensome, and inefficient. States should work to resolve these issues and standardize the otherwise disparate requirements—with or without an inducement from Congress or the courts.
29 min read
The latest tax gap report from the IRS has generated much media attention—and much misunderstanding.
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