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Individual Tax Expenditures, Credits, and Deductions

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2023 State Tax Changes as of January 1, 2023, Comprehensive guide to 2020 tax changes and 2020 state tax changes

State Tax Changes Taking Effect January 1, 2023

Most of the 2023 state tax changes represent net tax reductions, the result of an unprecedented wave of rate reductions and other tax cuts in the past two years as states respond to burgeoning revenues, greater tax competition in an era of enhanced mobility, and the impact of high inflation on residents.

20 min read
Chile tax reform Chile income tax system, Taxes in chile

Chile’s Tax Reform Heads in the Wrong Direction

As Chile looks to the future, the accelerated deductions for capital investment costs should be extended and made permanent while unnecessary tax hikes on individuals and capital should be avoided. Policymakers should focus on growth-oriented tax policy that encourages investment, savings, and entrepreneurial activity, increasing Chile’s international tax competitiveness.

4 min read
Do tax increases reduce inflation. See higher taxes inflation policies and cause for inflation amid looming recession

Prospects for Federal Tax and Budget Policy after the 2022 Midterms

Two weeks after the 2022 midterm elections, it’s becoming clearer where tax policy may be headed for the rest of the year and into 2023. In the short term, Congress must deal with tax extenders and expiring business tax provisions that may undermine the economy.

5 min read
Comparing income tax systems in Europe best and worst personal income taxes Europe 2022

Comparing Europe’s Tax Systems: Individual Taxes

France’s individual income tax system is the least competitive among OECD countries. France’s top marginal tax rate of 45.9 percent is applied at 14.7 times the average national income. Additionally, a 9.7 surtax is applied to those at the upper end of the income distribution. Capital gains and dividends are both taxed at comparably high top rates of 34 percent.

2 min read
2023 tax brackets 2023 federal tax brackets 2023 federal income tax rates and brackets

2023 Tax Brackets

The 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 read
International Rankings of Germany's Tax System. Learn more about Germany tax system.

International Tax Competitiveness Index 2022

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

Inflation Is Surging, So Are Federal Tax Collections

Federal tax collections are approaching the highest levels in U.S. history set during World War II and again during the dot-com bubble in 2000. Meanwhile, federal spending in FY 2022 was over 25 percent of GDP—a level only exceeded during the height of the pandemic in 2020 and 2021, and during World War II.

3 min read
Junk fees ban from the FTC Biden tax hike proposals live on Build Back Better Inflation Reduction Act Biden tax rates

Tax Hike Proposals Live on Despite Being Dropped in the Inflation Reduction Act

President 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 read
Income tax inflation adjustments europe including income tax inflation europe and automatically adjust income tax brackets for inflation europe

Inflation and Europe’s Personal Income Taxes

With continued concerns over inflation, individuals may be wondering how their tax bills will be impacted. Less than half of OECD countries in Europe automatically adjust income tax brackets for inflation every year.

2 min read
Tax compliance costs of IRS regulations tax complexity and tax simplification Chaotic IRS filing season shows flaws in IRS benefits distribution, IRS tax credit administration, IRS budget, and 2022 tax season with filing taxes Summary of the Latest Federal Income Tax Data, 2022 Update 2022 federal income tax data

The Tax Compliance Costs of IRS Regulations

In 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 read