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Rescheduling marijuana and rescheduling cannabis Department of Justice DOJ tax and legalization of cannabis and marijuana Section 280E

What Are the Tax Consequences of Rescheduling Marijuana?

The Department of Justice (DOJ) recently announced that it would move to reschedule marijuana. This move doesn’t do as much for legal cannabis sales as proposed federal legislation like the States 2.0 Act, but rescheduling cannabis has major ramifications for cannabis businesses.

4 min read
Modernizing State Sales Tax Reform Options Guide

Modernizing State Sales Taxes: A Policymaker’s Guide

The sales tax is the second-largest source of state tax revenue and an important source of local tax revenue, but decades of base erosion threaten the tax’s share of overall revenue and have prompted years of countervailing rate increases.

72 min read
Taxes and interstate migration data from IRS and Census state migration trends show Americans moving to low-tax states 2024 interstate migration by state

Taxes and Interstate Migration: 2024 Update

The latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.

8 min read
Gov Tim Walz tax policies

Gov. Tim Walz Raised Taxes as Most Governors Cut Them

Gov. Walz’s tax policy record is notable because of how much it contrasts with broader national trends. In recent years, most governors have championed tax cuts. Walz, rare among his peers, chose tax increases.

5 min read
IRS compliance costs tax complexity and tax compliance costs US

Tax Complexity Now Costs the US Economy Over $546 Billion Annually

Americans will spend more than 7.9 billion hours complying with IRS tax filing and reporting requirements in 2024. This is equal to 3.8 million full-time workers doing nothing but tax return paperwork—roughly equal to the population of Los Angeles.

7 min read
West Virginia Tax Relief and Reform

Good Policy Leads to More Tax Cuts for West Virginia

Next year, West Virginians will see an income tax cut thanks to revenue triggers in a 2023 law. The Mountain State joins 14 other states that have cut income taxes this year.

4 min read
Sources of personal income tax return data as of 2024 Tax Foundation

Sources of Personal Income, Tax Year 2021

Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor.

9 min read
Tax Neutrality: Balancing Priorities

Tax Neutrality: Balancing Priorities

Neutral tax codes don’t play favorites or try to influence personal or business decisions but stick to what they’re best at – raising sufficient revenue through low rates and a broad base.

National Tax Poll Results and Answers: Understanding the Tax Code

National Tax Literacy Poll: Understanding the Tax Code

To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts.

6 min read
2017 Tax Cuts and Jobs Act tax law has individual tax cuts expiring in 2025

Why Are the Individual Tax Cuts Expiring?

The TCJA improved the U.S. tax code, but the meandering voyage of its passing and the compromises made to get it into law show the challenges of the legislative process.

6 min read
Estate taxes inheritance taxes and gift taxes in Europe 2024

Estate, Inheritance, and Gift Taxes in Europe, 2024

As tempting as inheritance, estate, and gift taxes might look—especially when the OECD notes them as a way to reduce wealth inequality—their limited capacity to collect revenue and their negative impact on entrepreneurial activity, saving, and work should make policymakers consider their repeal instead of boosting them.

2 min read