Taxes

Key Findings Over the past two years, a wave of tax reform has swept the country, with a historic number of states improving their tax competitiveness by reducing income tax rates and enacting flatter structures. Since 2019, Wisconsin has made improvements to its three lowest marginal individual income tax rates, but its top marginal rate

The European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.55 per gallon) on gasoline (petrol). Today’s map shows that only Bulgaria, Hungary, and Poland stick to the minimum fuel tax rate, while all other EU countries opt to levy higher excise duties on gas. The Netherlands has

While the bulk of the proposed tax increases and spending programs remain under debate, Democratic lawmakers have reportedly agreed on prescription drug pricing provisions as a starting point for a revived Build Back Better package. Advocates of the drug pricing policy argue it would allow Medicare to negotiate prescription drug prices, but it amounts to government

Oklahoma lawmakers and Gov. Kevin Stitt (R) are at a standstill on efforts to secure tax reform in special session, but lawmakers did accomplish something important in the waning days of the state’s regular session—a national first for which the Sooner State deserves substantial credit. Full expensing—or the immediate write-off of all business investment—is now

The Tax Cuts and Jobs Act (TCJA) of 2017 made several changes to the U.S. tax system to enhance competitiveness and discourage profit shifting to low-tax jurisdictions by U.S. multinationals. Among them were a new 10 percent minimum tax on companies with significant cross-border transactions (BEAT) and new tax rates on deemed intangible income (GILTI

Today’s map looks at the design of excise taxes for vaping and tobacco alternatives, which is important in the pursuit of harm reduction from smoking. Higher vapor taxes on products such as E-cigarettes could encourage vapors to go back to smoking cigarettes and will discourage cigarette smokers from switching to vaping products.  Since vaping entered

After an unpredictable legislative journey, the European Union has entered the final stage of negotiations on the world’s first carbon border adjustment mechanism (CBAM). It would appear that some in the United States Congress are paying attention. On June 8th, the European Parliament rejected a proposal to reform the EU’s Emissions Trading System (ETS) which

The COVID-19 pandemic brought increased attention to U.S. global supply chains, as the pandemic impacted critical components within U.S. manufacturing. The attention has led to calls to structure U.S. tax policy to encourage firms to expand their manufacturing capacity in the U.S., under the belief domestic supply chains are inherently less risky than global ones.

Mistakes happen Once you realize you made a mistake or forgot to include an important piece of information on your tax return, how you handle it depends on the situation. For instance, if you entered an incorrect Social Security Number (SSN) for yourself, your spouse, or a dependent, you need to fix it. If you

Key Findings A year since the global tax deal was agreed to by more than 130 countries, progress on implementing legislation has hit a lull. Implementation of the minimum tax rules is not expected until the end of 2023 or in 2024. Since the 2017 U.S. tax reforms and other recent international rules changes, onshoring

Want to spruce up your home? You’re not alone. More than one-third of Americans are planning to remodel their homes within the next five years. If you’re like most Americans, your house is one of your biggest expenses, and it’s important to keep it up to date and in good condition. But not all home

Note: This analysis was published in conjunction with the Archbridge Institute. Below is an excerpt of the full analysis. Click the link above to access the full report in PDF format. Key Findings The marginal tax wedge is relevant for understanding how workers might benefit (or not) from an increase in pay once taxes enter