As energy prices continue to rise, more European countries have been looking at windfall profit taxes—a one-time tax levied on a company or industry when economic conditions result in large, unexpected profits—to fund relief measures for consumers. As early as March 8, the European Commission recommended in its REPowerEU communication that member states temporarily impose
Taxes
On 30 September, the Council of the European Union agreed to impose an EU-wide windfall profits tax on fossil fuel companies to fund relief for households and businesses facing high energy prices (due primarily to Putin’s war on Ukraine). Given the dire economic environment for families and the urgency to transition away from Russian energy,
Establishing good business credit is one of the most important things you can do as a new small business owner. But how do you get the ball rolling? Here are some tips that can help you build a good credit rating for your business. What is business credit? Let’s start off with the basics. Just
When NFL star wide receiver Tyreek Hill weighed offers from the New York Jets (who play in New Jersey) and the Miami Dolphins, no doubt there was a lot on his mind. But one consideration towered over the rest, at least according to Hill himself: signing with the Jets “was very close to happening,” but
Key Findings Alaska’s heavy reliance on oil and gas taxes and investment income creates extreme revenue volatility and complicates revenue forecasts. Alternative revenue streams cannot easily displace existing sources. For example, to raise as much of its revenue from an income tax as the average state does, Alaska would need to have income tax burdens
A new Congressional Budget Office (CBO) report on wealth inequality trends over the last 30 years has generated much concern that wealth inequality is too high. Some attribute this to policy choices that the U.S. has made over the past few decades, implying that policy changes could significantly reduce the wealth gap. While there is
Inflation operates much like a tax, a particularly egregious one that disproportionately falls on the poor and leads to a variety of economic problems, including, as we’re seeing, higher interest rates, slow economic growth, and reduced incomes. With inflation still running high, it is worth exploring who bears the cost of the surge in prices
Italy’s legislative elections on 25 September resulted in the country’s first right-wing government since 2011. Giorgia Meloni, leader of the Brothers of Italy, will likely become Prime Minister and govern in a coalition with the League (led by Matteo Salvini) and Forza Italia (led by Silvio Berlusconi). On national tax policy, the coalition has been
Electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and other clean-energy vehicles continue to gain popularity, especially as gas prices soar. Is it time for you to make the switch? If you’re new to the EV market, you no doubt have a lot of questions — topics like EV battery range, maintenance costs, and affordability
Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate. Forty-four states and D.C. also levy taxes on corporate income, with top marginal rates ranging from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Fifteen of the states levy graduated corporate income tax rates, while the
By now, you’ve probably heard about the Inflation Reduction Act President Biden signed into law in mid-August. On the surface, it sounds like a good thing. Who wouldn’t want to reduce the sky-high inflation we’ve all been dealing with this year? But, as always, there’s a little more to it. Let’s go over the goals
Loss carryover tax provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover tax provisions help businesses “smooth” their risk and income, making
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