Taxes

Now that the holidays are rapidly approaching, many of us are brainstorming what gifts to give our loved ones. Instead of doling out the typical gift cards or buying them a present they might never use, maybe you’re thinking of giving them money or property instead. When it comes to unconventional holiday gifting like this,

With the adoption of its new budget in mid-November, North Carolina has reinforced its position as a leader in pro-growth tax reform, becoming the 12th state to enact income tax rate reductions in 2021 alone. (An additional four states implemented income tax cuts in 2021 that were previously adopted or were automatically triggered upon meeting

Key Findings: Excessive tax rates on cigarettes in some states induce substantial black and gray market movement of tobacco products into high-tax states from low-tax states or foreign sources. New York has the highest inbound smuggling activity, with an estimated 52.2 percent of cigarettes consumed in the state deriving from smuggled sources in 2019. New

With the holidays just around the corner and the end of 2021 approaching fast, you might be wondering: should I sell my stocks before the end of the year? Maybe you’re looking for a little extra cash to help cover all the money you spent on holiday gifts, or perhaps you simply want to give

Today we examine how European countries rank on consumption taxes, continuing our map series on our recently published 2020 International Tax Competitiveness Index (ITCI). The ITCI measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems, looking at corporate income taxes, individual taxes, consumption taxes, property taxes, and the international tax

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