Key Findings In tax year 2020, taxpayers claimed more than 159 million tax credits on their individual income tax returns worth a total of more than $277 billion. That was an increase of $35.3 billion from tax year 2019, largely due to an influx of pandemic relief administered through the tax code in 2020. Taxpayers
Taxes
Key Findings One year after the enactment of the Inflation Reduction Act (IRA), the law’s complicated tax increases on large corporations, particularly the minimum tax on book income, have resulted in extraordinary implementation challenges and taxpayer confusion, with many questions left unresolved. Payments for both the minimum tax and the stock buyback tax are currently
Debate on how to reform the Child Tax Credit (CTC) is heating up as lawmakers offer competing ideas. The credit was most recently boosted temporarily in 2021 under President Biden’s American Rescue Plan Act (ARPA), and just a few years prior, Republicans gave it their own temporary boost under their 2017 tax reform package, the
A hot summer travel season makes fuel taxes salient to many Americans. Today’s map shows state gas tax rates as of July 2023. States tax fuel in several ways, including sales taxes, per-gallon excise taxes collected at the pump, taxes imposed on wholesalers (which are passed along to consumers in the form of higher prices), and
A bill introduced in the Massachusetts House, (H. 74) would expand funding for community media programming by imposing a new tax on the gross revenues of digital streaming service providers. The sentiment is understandable, but the proposed solution leaves much to be desired. Municipally operated local access television channels, the no-frills stations residents can use
Latest Updates Updated to reflect recent developments. Originally published. See Full Timeline Starting on September 1st, federal student loan payments will resume after a three-and-a-half-year pause on payments and accrued interest following the onset of the COVID-19 pandemic. The resumption comes three months after the U.S. Supreme Court struck down President Biden’s student loan debt
This is part of our educational blog series, “The Short Form,” to simplify tax issues and explore the world through the lens of tax policy. Learn more about taxes with TaxEDU. It’s no “Cruel Summer” this year if you’re a Swiftie. Taylor Swift’s Eras Tour could be the highest-grossing tour ever by the time its 131
Note: Remarks prepared for a congressional event, “Unraveling China’s Impact: Exploring Taxation, Illicit Trade, and the Nicotine Market in the United States,” on July 25, 2023. Taxation plays a key role in driving illicit trade. People respond to incentives, and sizable price markups for legal cigarettes create incentives for tax avoidance. Tax avoidance can take
Transcript We may not like it, but we need taxes to raise revenue for all sorts of things that we depend on. But not all taxes are created equal. There are 3 main types of taxes: taxes on what you earn, what you buy, and what you own. Every type of tax impacts the economy,
Montana is renowned for its vast natural beauty and outdoor recreation, but the state also boasts a competitive tax climate, ranking fifth in our 2023 State Business Tax Climate Index. Like many other states, its coffers are overflowing, and lawmakers have rightly prioritized tax reform to share the strong revenue position with those calling the
Patent box regimes (also referred to as intellectual property [IP] regimes) provide lower effective tax rates on income derived from IP. Most commonly, eligible types of IP are patents and software copyrights. Depending on the patent box regime, income derived from IP can include royalties, licensing fees, gains on the sale of IP, sales of
Latest Updates Originally published on June 12, 2023, this analysis was updated on July 25th to include additional examples and details on itemizers. See Full Timeline House Republicans have proposed three new tax bills packaged as the American Families and Jobs Act that would temporarily extend certain business provisions from the Tax Cuts and Jobs
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