Taxes

Table of Contents Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2022 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2022 Index. To access the full report, click the download

California is awash in plans to raise taxes. An under-the-radar piece of legislation will functionally increase the top marginal income tax rate by 1.1 percent in 2024 (with administrative authority to bring it to 1.5 percent), while a pending ballot measure would add a new 1.75 percent surcharge on the income of the highest earners,

Whether you file early or wait until the tax deadline, there are simple things you can do today to help you cruise through tax season. Use the following five tips to start getting organized. Step 1: Know when your tax documents will arrive Your tax forms should arrive in the mail starting in January. When

“Tax fairness” has been a lingering theme in EU policy circles since the 2008 financial crisis and subsequent Euro crisis. The prevailing sentiment among policymakers is that European tax authorities need to work together to eliminate tax fraud and avoidance because government budgets depend on these missing revenues to provide essential public services. Without them,

Updated Sept. 12, 2022 At the end of August 2022, President Biden revealed that borrowers could get up to $10,000 of their federal student loans forgiven. If you received a Pell Grant, a federal grant designed to provide student aid to those from low-income households, you could have up to $20,000 of your federal student

On Thursday, the Social Security Administration (SSA) announced the cost-of-living adjustment (COLA) for Social Security payments based on inflation over the previous year. This has brought renewed attention to how the tax code treats Social Security benefits, which can be a confusing subject for taxpayers. Each year, SSA adjusts Social Security benefits for inflation, much like

If you are self-employed and work at home — even just part-time — you may claim a tax deduction for expenses related to your home office. Alas, if you’re an employee who has been working from home due to the COVID-19 pandemic, that amazing home office deduction you’ve heard so much about does not apply.

Key Findings Last-in, First-out (LIFO) and First-in, First-out (FIFO) are two methods of inventory accounting used for both financial accounting and tax purposes. Both LIFO and FIFO rely on the accounting principle of deducting costs from income when goods are sold. This principle often comes into conflict with the economic principle of deducting costs when

Babydog would like you to vote against Amendment 2. Or at least that’s what the English Bulldog’s owner, West Virginia Gov. Jim Justice (R), claims, and absent the emergence of a Dr. Doolittle on the Kanawha, who is there to gainsay him? The Republican governor’s opposition to the ballot measure pits him against Republicans in

Executive Summary The Regional Tax Competitiveness Index (RTCI) for Spain allows policymakers, businesses, and taxpayers to evaluate and measure how their regions’ tax systems compare. This Index has been designed to analyze how well regions structure their tax system. Additionally, it serves as a road map for policymakers to reform their tax systems and make

Every year, millions of Americans pack up and move from one state to another, providing unique insights into what people value when deciding where to live, work, and raise a family. For many years, policymakers, journalists, and taxpayers have debated the role state tax policy plays in individuals’ and businesses’ location decisions. Annual data about

Over the past two years, policymakers and taxpayers have grappled with proposals to increase taxes as ideas introduced in the 2020 presidential campaign were transformed into legislation. This effort culminated in August with the enactment of the Inflation Reduction Act. While many of the tax increases considered over the last two years were eventually shelved,