Efforts to Improve Tax Treatment of Saving Gain Traction on Hill
The proposals share a common goal of improving incentives for households to save during a time when inflation is impacting their finances.
3 min readThe proposals share a common goal of improving incentives for households to save during a time when inflation is impacting their finances.
3 min readThe United States needs to grow its way out of inflation and set the economy up for continued growth—the tax code provides tools for policymakers to do just that.
3 min readEfforts to improve the taxpayer experience should focus on the IRS’s operations and include structural improvements to the tax code.
4 min readThis legislative session, the sales tax on food has garnered a great deal of attention in Kansas, with policymakers on both sides of the aisle proposing the removal of groceries from the sales tax base.
7 min readAs the deadline for tax filing nears, the IRS faces scrutiny for its backlog of returns, inaccessible taxpayer service, and delays in issuing certain refunds.
5 min readIn times of inflation, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.”
4 min readBiden’s proposal would impose a complicated never been tried before tax, adding new compliance and administrative challenges for an already overburdened IRS while weakening the U.S. economy by raising the tax burden on U.S. saving and entrepreneurship.
6 min readAfter a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.
3 min readStates are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. Tax rebates, gas tax holidays, and other temporary tax expedients have the potential to add to existing inflation—but good intentions do not always make for good policy.
5 min readFacts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readEven if 2022 sees many tax reforms, the scope of Iowa’s tax relief measures is likely to stand out. With the most recent reform package, Iowa lawmakers have made a significant investment in a more competitive tax climate for an increasingly competitive era.
6 min readIn a time of increased mobility and tax competition, a lower rate and simpler tax structure would help Georgia stand out among states. Lawmakers would be wise to consider reforming the state’s income tax to improve the state’s competitiveness.
3 min readBy reducing the tax code’s current barriers to investment and saving and simplifying its complex rules, lawmakers would greatly enhance the ability of Americans to pursue new ideas, create more opportunities, and build financial security for themselves and their families.
40 min readThe expanded Child Tax Credit from the American Rescue Plan was touted as a once-in-a-lifetime achievement toward reducing child poverty. But it was passed as a temporary tax measure. Temporary tax policy makes tax filing confusing, and the IRS has shown that it isn’t able to keep pace with being a social administrator and a tax collector. We discuss what taxpayers need to know about the ever-changing Child Tax Credit and how it may impact taxpayers this spring.
Alabama lawmakers are acting to ensure that federal relief from the American Rescue Plan Act does not increase tax liabilities in the state.
4 min readAmid record surpluses, Michigan lawmakers are looking to give relief to taxpayers and enhance the state’s competitive standing.
3 min readDenmark (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 readTax relief can take many different forms, but not all tax cuts have the same effects. Ultimately, maintaining broad tax bases while reducing tax rates is a more neutral and less complex approach than further narrowing an already-narrow sales tax base.
4 min read