Key Findings Seventeen states will hold a sales tax holiday in 2022, down from a peak of 19 in 2010 and unchanged from last year. Sales tax holidays do not promote economic growth or significantly increase consumer purchases; the evidence (including a 2017 study by Federal Reserve researchers) shows that they simply shift the timing
Taxes
If making money with minimal effort is a financial goal of yours, passive income just might be the answer. But what exactly counts as a passive activity from a tax standpoint? Let’s look at the different ways the IRS says you can earn passive activity income and how it affects your taxes. What is passive
With inflation continuing to skyrocket, especially for food, which reached 10.4 percent in June, it is worth examining how the ongoing U.S. trade war with China and U.S. tariff policy overall has impacted U.S. agriculture and food prices. The economic literature shows that the U.S. import tariffs and subsequent retaliatory tariffs imposed by China and
’Tis the season to crack open a cold one. Ahead of International Beer Day on August 5th, let’s take a minute to discover how much of your cash is actually going toward the cost of a brew with this week’s tax map, which explores excise duties on beer. EU law requires every EU country to
When thinking about tax policy, economists typically distinguish between the short run and long run. While there might be temporary boosts to the economy in the short term from a tax cut due to increased incomes, changes in tax policy alter the incentives to work, save, and invest, which can produce benefits to economic growth
With the Indiana General Assembly gaveled in this week for a special session called by Gov. Eric Holcomb (R), one of the issues is how to allocate portions of the $6.1 billion budget surplus for the fiscal year that ended June 30. The House, Senate, and governor agree that some of the extra revenue should
As the reality of a second quarter of negative economic growth settles in Washington, the Congressional Budget Office (CBO) released its own sobering report on the government’s long-term finances. The CBO long-term budget outlook report shows widening deficits over the next three decades as both federal spending and tax revenues are expected to rise above
Imagine a worker who gets a raise and ends up paying in tax more than 50 percent of that raise. This is the case for a Canadian worker who earns CAD 48,124. With an increase in pay of CAD 822, he would face a 59 percent marginal tax rate. This Canadian worker will end up
New Jersey’s proposed ban on the sale of menthol cigarettes (Assembly Bill 1989) would reduce excise and sales tax collections by as much as $243 million per year. And with the significant revenue loss, smoking rates are unlikely to decline. New Jersey lawmakers should look to the recent Massachusetts experiment to see what to expect
The Conservative Party in the United Kingdom is in the process of determining its new leader as Prime Minister Boris Johnson exits the stage. The new Conservative Party leader will be the next UK Prime Minister. The process has narrowed the field to two candidates: former Chancellor of the Exchequer Rishi Sunak and Foreign Secretary Liz
Efforts to raise taxes on corporations and high-income earners recently hit a brick wall when U.S. Senator Joe Manchin (D-WV) once again expressed concerns about inflation and a potential recession. That would seem to be the end of the story, as there is no reason to think inflation will be going away anytime soon and
The global tax deal that was struck last year continues to move along in slow and uncertain ways. While the global minimum tax gets much attention in the media (and in my own writings, to be honest), there is another significant piece to the deal. The global minimum tax (also known as OECD Pillar Two) would
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