Taxes

Updated for tax year 2021 The Child Tax Credit (CTC) underwent some hefty changes in 2021: Max credit amount: The credit’s maximum amount increased from the original $2,000 per child to up to $3,000 per qualifying child age 6-17 and up to $3,600 for children ages 5 and under in 2021. Child’s age: Children ages 17 and

Inheritance tax dates to the Roman Empire, which collected 5 percent of inherited property to pay soldiers’ pensions. Today, the practice of inheritance tax is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland, France, Germany,

One of the hardest parts about doing your taxes? Waiting for that refund to hit your bank account. If you’re expecting a tax refund this year, here’s how you can check on the status of your refund — and when you can expect to have that cash in hand. Ways to check the status of

Congress is hammering out the details of legislation designed to make the U.S. more competitive with China. Any package to incentivize further R&D should begin by ending the current tax penalty against it.   While the House and Senate-passed versions of the competitiveness legislation differ, they would support American semiconductor manufacturing, increase public funding for

In light of high inflation and rising prices, the Biden administration announced it’s considering dropping its current tariffs on Chinese imports to ease inflationary pressures. The tariffs have indeed hurt both U.S. industry and workers. Another consequence of the U.S. imposed tariffs is that they invited retaliatory tariffs, primarily from China, on U.S. exports. Retaliatory

Wyoming is, without question, a low tax state, with the nation’s second-lowest overall tax burdens on residents[1] and highly competitive taxes for many businesses. Residents benefit from the high exportability of state taxes, particularly those on extractive industries. Taxes on oil, gas, coal, and other industries are borne by investors and consumers across the country

Today’s map shows states’ rankings on the property tax component of our 2022 State Business Tax Climate Index. The Index’s property tax component evaluates state and local taxes on real and personal property, net worth, and asset transfers. The property tax component accounts for 14.4 percent of each state’s overall Index score. Property taxes matter to businesses for several reasons. First, businesses own a

At a moment when we are seeing clear weaknesses in supply chains and needs for gearing production toward more environmentally friendly approaches, capital investment is critical. Policymakers have an opportunity to change a coming decline in investment incentives by adopting permanent policies to support growth. Expiring tax policies in major economies could create a setback

Key Findings Sales taxes account for 29.52 percent of state tax revenue, but most sales taxes are imposed on narrow—and still-narrowing—bases, with average sales tax breadth of only 29.71 percent and a median of 35.72 percent. Sales tax bases range from 19.32 percent of personal income in Massachusetts to 93.89 percent in Hawaii; the Massachusetts

Key Findings Federal policymakers are debating a legislative package focused on boosting U.S. competitiveness vis-a-vis China; however, it currently contains little to no improvements to the U.S. tax code. The existing U.S. tax code is biased against capital investment and it is scheduled to worsen over the next decade. The tax bias against domestic investment

Among the many achievements in the illustrious career of former Sen. Orrin Hatch (R-UT), who passed away Saturday at 88, was his commitment to tax reform. The longest-serving Republican senator in history helped shepherd passage of the Tax Cuts and Jobs Act of 2017, when he was chairman of the Senate Finance Committee. The Tax

Key Findings A capital allowance is the amount of capital investment costs a business can deduct from its revenue through the tax code via depreciation. Ideally, countries should provide higher capital allowances, as they can boost business investment which, in turn, spurs economic growth. The average of OECD countries’ capital allowances gradually decreased between 2000