Taxes

This year, you may want to give back during the holiday season. While you can always donate money to charities year-round, this holiday season you might try donating your stocks instead. By doing your research on donating your stocks to a charity, you can potentially reduce your bill come tax time. The benefits of donating

Executive Summary Overview Tax reform has been on Kentucky lawmakers’ minds for years, and while significant progress has been made recently, substantial work remains to be done. In 2018, the General Assembly made important strides in creating a more neutral, pro-growth tax structure even while generating a net increase in revenue. With its reduction in

It’s the season of giving, and you’ve decided to put your money to good use by donating to a good cause. The best part? Your charitable donation could be tax-deductible! Thanks to the extension and expansion of 2020’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act), even more taxpayers are eligible to take advantage

The Build Back Better Act (BBBA) would raise taxes to pay for social spending programs. But the design of some of the tax increases may end up hurting private pensions, among other problems. By relying on measures of income reported on company financial statements, i.e., book income, the proposed corporate alternative minimum tax and the

Last week, the Bureau of Labor Statistics (BLS) announced that prices had risen 6.2 percent in the year up to October 2021, the fastest rate since 1990. The persistently high inflation in recent months has made some lawmakers question the need for additional deficit spending, In the short term, the Build Back Better Act (BBBA)

Thanks to increased tax revenues from higher consumer spending, sustained economic growth, and both the primary and secondary effects of federal COVID-19 relief programs, many states are flush with cash, and a significant number have used at least some of their surplus to provide tax relief. Many Mississippi lawmakers would like to join them. As

One concern that some lawmakers and academics share is whether policies that incentivize investments in capital, such as full expensing or bonus depreciation, may hurt workers by encouraging firms to automate. A new paper casts doubt on that concern and finds the opposite—low-skilled workers are most helped by policies that encourage capital investments because those

Coming out of the pandemic, the state of Ohio is estimating significant tax revenue growth, and a group of Ohio lawmakers is looking to take advantage and repeal the Commercial Activity Tax (CAT). Ohio’s CAT, implemented in 2005 as part of tax reform that lowered and consolidated business taxes, is one of only a few

Florida Governor Ron DeSantis (R) knows how to make a splash, and his proposal to suspend the state’s gas tax—temporarily, but without a specific end date—will only burnish that reputation. Citing rising prices at the pump and the state’s substantial revenue surplus, the governor is calling upon the legislature to take the state’s gas tax

Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some argue that

Our recently published 2021 International Tax Competitiveness Index (ITCI) measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. This week, we examine how European OECD countries rank on individual taxes, continuing our series on the ITCI’s component rankings. The ITCI’s individual tax component scores OECD

A common argument for increasing corporate taxes is that collections as a share of gross domestic product (GDP) fell after the rate was reduced to 21 percent as part of the Tax Cuts and Jobs Act (TCJA) in 2017. But that argument is incomplete. We estimate that when accounting for the U.S. pass-through business sector