Taxes

Like many states, Kentucky is experiencing another year of robust budget surpluses while projecting several years of continued revenue growth, and policymakers are looking for ways to return some of the extra tax collections to taxpayers as they budget for the upcoming fiscal biennium. With regular legislative proceedings winding down, the House and Senate (both

No policy idea is ever truly gone.  As oil prices have skyrocketed, Sen. Sheldon Whitehouse (D-RI) and Rep. Ro Khanna (D-CA) have introduced a bill targeted at oil company profits. While billed as a Windfall Profits Tax, the proposal is really an excise tax. The United States has implemented such a tax before, in 1980,

Everyone loves accounting, right? You have debits and credits that change the balance of assets, liabilities, and equity on the balance sheet and report cash flows and accruals on the income statement. The rules are complex. To make matters worse, the accounting rules for tax are different than for financial accounting used to generate reports

The Council of the EU agreed this week on a general approach to the European Commission’s Carbon Border Adjustment Mechanism (CBAM) proposal. The mechanism is a key aspect of the EU’s broader Fit for 55 package which aims to cut 55 percent of net greenhouse gas (GHG) emissions in the EU by 2030. It’s also

Nobody wants to drag out the tax filing process — just make sure you aren’t sacrificing accuracy for speedy filing. To help you avoid making any costly errors this year, we’ve put together six common mistakes taxpayers make when filing their federal tax returns so you know how to prevent them ahead of time. 1.

Key Findings Policymakers on both the left and right have brought industrial policy back into focus after slow growth over the past few decades and growing concern over the state of America’s manufacturing sector. In the context of the tax code, industrial policy usually comes in the form of non-neutral subsidies for specific industries or

You’ve heard about writing off your internet bill as a business expense — but can it also count as an education expense? We cover the answer to this question and many more. As virtual learning becomes more prevalent after the pandemic, many students and parents are wondering if there are any new tax benefits for

In his State of the Union Address, President Biden called for leveling the global research & development (R&D) playing field by increasing federal R&D spending, specifically by asking Congress to pass the bipartisan United States Innovation and Competition Act (USICA). While USICA proposes increasing government investment in R&D, it does not address a recent tax

This week’s map examines states’ rankings on the individual income tax component of our 2022 State Business Tax Climate Index. The individual income tax is important to businesses because states tax sole proprietorships, partnerships, and in most cases limited liability companies (LLCs) and S corporations under the individual income tax code. However, even traditional C corporations are

As an immigrant or non-resident of the United States, it’s normal to have many questions about filing your taxes. Why should you file? What forms do you need? How could this affect me? The list goes on and on. Americans love to complain about filing their taxes — often with good reason. But the process

When Iowa Gov. Kim Reynolds (R) delivered the Republican response to the State of the Union Address on March 1, she touted a state tax reform package on which the ink was barely dry: “Today, I signed legislation that eliminates Iowa’s tax on retirement income and sets our tax rate at 3.9 percent. That’s less

Last spring the Spanish government named an external tax reform committee to review environmental taxation, corporate tax, taxation of the digital economy, and harmonization of regional tax policies. The austerity policy plans tax hikes to close the 6.8 percentage point gap between Spain’s tax revenue and the Eurozone average as a percentage of Gross Domestic