Taxes

Last week, the Congressional Budget Office (CBO) released its long overdue report on the nation’s budget and economic outlook for the years 2022 through 2032. Normally published at the beginning of the year, the delayed report reflects higher-than-anticipated inflation, tax revenues, deficits, and debt since the previous update CBO published nearly a year ago in

Over the past decade, the state tax landscape has grown increasingly competitive as policymakers have sought to attract investment and promote economic opportunity and growth in their states. The past two years in particular have seen an extraordinary increase in tax reform efforts, given states’ strong revenue growth despite the pandemic and policymakers’ desire to

As out-of-control inflation strains families’ budgets, lawmakers across the country are casting about for ways to respond. In Oklahoma, legislators have proposed sending taxpayers $75 checks in December ($150 for married couples) to help blunt the impact of higher prices. In one respect, it’s a drop in the bucket, with inflation costing the average household

A decade after Kansas’s failed tax experiment, memories linger and continue to color the debate on tax reform and tax relief across the country, no matter how dissimilar other states’ plans are from the unbalanced and imprudent plan championed by then-Gov. Sam Brownback (R). The Kansas experience is so infamous that “what about Kansas?” is

Today we continue our map series on the 2022 State Business Tax Climate Index with a map showing states’ rankings on the Index’s sales and excise tax component. The sales tax rate and structure can make a state more or less attractive to businesses for two key reasons: (1) some states apply the sales tax to business inputs, which drives up

Last month the European Union (EU) gave the final green light to update the EU Value-added Tax (VAT) Directive and broaden the list of goods and services to which two reduced VAT rates can be applied while allowing for a reduced VAT rate below 5 percent for the first time. Prior to the COVID-19 pandemic,

Updated for tax years 2021 and 2022. If you have a story, inspiration, or anything else you want to tell the world, there’s never been a better time to do it. It’s easier than ever before for authors to self-publish their work and get paid. The traditional publishing gatekeepers can’t stop you now! There are

This week it was reported that during her recent trip Poland, Treasury Secretary Janet Yellen offered estimates from the EU Tax Observatory as evidence that the Polish government would benefit from supporting the global tax deal. Poland has been cautious to lend its support to the EU legislation to implement the minimum tax rules, and

Updated for tax year 2021. You have plenty of expenses while your children are young. Fortunately, some of those expenses can directly or indirectly turn into tax credits and exemptions that may mean big savings on your tax bill. Take a look at the following tax benefits to see which ones could be beneficial for

Starting this year, firms must amortize their research and development (R&D) expenses over five years rather than immediately deduct them from taxable income, a policy change designed to raise federal tax revenue in the short term. As policymakers consider the future of the R&D tax change, one option on the table is to delay the

Updated for tax years 2021 and 2022. Surprise — Mom and Dad gave you a nice check! Maybe it’s enough for dinner, or maybe it’s something more substantial. Either way … are there any tax implications for receiving such a gift? How much is the annual gift tax for 2021? First, let us put your

The Tax Foundation respectfully submits comment on the state tax and revenue implications of the proposed tobacco product standard for menthol in cigarettes. Alongside the intended consequence of limiting sales of menthol cigarettes, menthol cigarette prohibition will have a significant impact on state revenue collections, in excess of the losses associated with individuals who respond