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Individual Tax Expenditures, Credits, and Deductions

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Stockholm Sweden Scandinavian tax systems to fund large social safety net and public service programs

Insights into the Tax Systems of Scandinavian Countries

Scandinavian countries are well known for their broad social safety net and their public funding of services such as universal health care, higher education, parental leave, and child and elderly care. So how do Scandinavian countries raise their tax revenues?

7 min read
IRS funding increase Inflation Reduction Act IRS strategic operating plan includes auditors

IRS Strategic Operating Plan Shows Promise, but Concerns Remain

While the IRS hopes to increase revenue collection and minimize additional burdens on taxpayers, uncertainty remains regarding its ability to deliver, particularly on the latter. Furthermore, some concerns about the original funding package are already surfacing, specifically around insufficient funding for taxpayer services.

6 min read
Expanding affordable housing tax policies

Rethinking Affordable Housing Tax Policy

Affordable housing is an issue that has had long-standing bipartisan interest in D.C. But the path to increase the supply of affordable housing, though often well-intentioned, has created a bureaucratic nightmare.

West Virginia tax relief plan includes Governor Justice tax cut and West Virginia tax reform proposals

West Virginia Lawmakers Reach Deal on Tax Relief

In a day and age when businesses and individuals alike are increasingly mobile, West Virginians can be relieved that their state is getting off the sideline and into the action.

4 min read
Top Personal Income Tax Rates in Europe 2023 Income Tax Rates or Individual Income Tax Rates

Top Personal Income Tax Rates in Europe, 2023

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.

2 min read
Deteriorating federal budget deficits highlight need to stabilize federal debt. See federal deficit taxes contextualized amid push to balance the budget

Deteriorating Federal Budget to Run $1.4 Trillion Deficit in 2023, CBO Projects

Immediately balancing the $20 trillion budget shortfall would take drastic, unwanted policy changes. Instead, lawmakers should target a more achievable goal, such as stabilizing debt and deficits with an eye toward comprehensive tax reform that can produce sufficient revenue with minimal economic harm.

4 min read
Biden state of the union address 2023 tax proposals stock buybacks tax billionaire minimum tax expanded child tax credit

State of the Union Reaction 2023

President Biden shared his policy aspirations during the State of the Union address, outlining three tax proposals in his remarks: quadrupling the brand-new excise tax on stock buybacks, instituting a “billionaire minimum tax,” and extending the now-lapsed expanded Child Tax Credit. We discuss the prospects of major tax changes becoming law in a divided government and what these proposals signal about how President Biden thinks about tax policy as he enters the latter half of his first term.

New Tax Expenditures Report Highlights Concerning Changes in Tax System

New Tax Expenditures Report Highlights Concerning Changes in Tax System

A new tax expenditures report by the Joint Committee on Taxation (JCT) reveals two problematic developments: 1) policymakers have increasingly relied on the tax code to deliver benefits to individuals, and 2) the broad, neutral tax treatment of investment has shifted to targeted subsidies for businesses.

4 min read
state tax inflation response like state tax rebates and tax holidays to combat inflation Federal tax collections inflation surging 2022

State Tax Policy as an Inflation Response

At the end of 2022, prices were 14.6 percent higher than they were two years prior. That’s the fastest inflation rate over any two calendar years since the stagflation era of the late 1970s. State policymakers are understandably interested in bringing any tools at their disposal to bear on the problem. And many of them are reaching for tax policy solutions.

7 min read
Tax filing Tax Season Stone's Throwe Photo

Frustration and Delays as the 2023 Tax Filing Season Begins

A combination of long-standing IRS operational deficiencies, the agency’s temporary closure due to the pandemic, and the now-expired pandemic relief produced a perfect recipe for a paper backlog.

4 min read