Last week, the Organisation for Economic Co-operation and Development (OECD) released new revenue estimates for the global minimum tax and other significant changes to the international tax system. The headline number for Pillar Two’s global minimum tax: $220 billion. This is comparable to the total U.S. corporate tax receipts from 2019 and 2020 ($230 billion
Taxes
Heading into the 2011 elections, only two of West Virginia’s 34 state senators were Republicans. Today, only three of them aren’t. The House of Delegates, which was comfortably Democratic until the 2014 elections, now has a Republican supermajority of 88 members to only 12 Democrats. It is the fourth-most-lopsided delegation in the country, after Wyoming
Value-added taxes (VAT) make up approximately one-fifth of total tax revenues in European Union countries. However, countries differ significantly in how efficiently they raise VAT revenue. One way to measure a country’s VAT efficiency is the VAT Gap—the difference between revenue that should be collected under an ideal VAT system and the amount that gets collected. The difference
As Americans prepare to file their 2022 tax returns, the Internal Revenue Service (IRS) remains mired in a backlog of millions of returns from previous tax filing seasons. The National Taxpayer Advocate issued a warning to lawmakers in her annual report to Congress that the backlog creates “challenges for the 2023 tax filing season before
On 1 January 1993, the European Union launched the Single Market by abolishing border controls between EU Member States and ensuring the free movement of people, goods, services, and capital (otherwise known as the EU’s four freedoms). Thirty years later, the liberal economic principles that have driven the EU Single Market’s success are being questioned.
Iowa State Tax Filing Deadlines 2023 The State of Iowa government has issued the following guidance concerning income tax filing deadlines and extensions: The tax filing due date for 2022 Iowa income tax returns is May 1, 2023. Qualifying taxpayers who file and pay by this date will not be subject to late-filing or underpayment
On the heels of adopting one of the most comprehensive state tax reform packages in years, Iowa lawmakers are back in Des Moines with property tax relief in their sights. But while the issue is worthy of their attention, House File 1 (HF 1) as currently drafted misses the mark. Property tax limitations come in
Georgia lawmakers brought a tax reform package across the finish line in 2022 that will change the state’s progressive income tax to a 5.49 percent flat tax beginning in 2024, with triggers to provide additional rate reductions. This is an important step forward, but if the state truly wants to cement its status as a
Iowa State Tax Brackets 2023 The state of Iowa collects income tax from its residents at the same rate regardless of filing status. Here’s a breakdown of those rates for tax year 2022. Iowa state taxes are due May 1, 2023. For married taxpayers filing jointly Taxable Income Tax Over
Wealth taxes are back in a big way. In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday. The campaign is part of a broader national focus on new taxes on investment, entrepreneurship,
Start a side gig in 2022? Whether you lost your traditional job or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit. Over the years, the IRS refined its rules for gig workers. But obviously, the IRS still wants you to pay taxes on any income,
There are many changes coming to Washington, D.C., now that Republicans have taken control of the U.S. House of Representatives. Uncertainty surrounds President Biden’s ability to pass his economic agenda through a divided Congress and few can predict the path U.S. tax policy will take at home or abroad. However, despite a bleak outlook for
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