Taxes

On August 23rd, Jared Bernstein and Ernie Tedeschi, two members of the president’s Council of Economic Advisers, released a blog post arguing that the Biden administration’s spending agenda would help keep long-term inflation in check. Their theoretical argument is sound: in the long run, productivity enhancements should put downward pressure on prices. However, the major
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“If churches paid taxes,” runs a popular claim on social media (hashtag #taxthechurches), “everyone would only have to pay 3 percent taxes.” Other claims put the forgone tax revenue haul at $76 billion or $85 billion, oddly specific figures conspicuously lacking a meaningful citation. Whether spurred by a belief that government is improperly favoring religious
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Key Findings The Biden administration’s budget proposals have several provisions focused on raising taxes on the U.S. fossil fuel industry. These proposals largely depart from neutral tax policy and intentionally target the industry. Internal Revenue Service data does not indicate any substantial tax preference for the fossil fuel industry, rather indicating the industry pays relatively
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Sometimes the more you learn about a tax policy, the more it confuses you. Many times, the confusion lies between the intent of the policymakers and what really happens. Often, it’s when important issues were overlooked when the policy was being designed. Such is the case for U.S. companies that run losses on their domestic
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Property taxes are the primary tool for financing local government and generate state-level revenue in some states as well. In fiscal year 2019, property taxes comprised 31 percent of total state and local tax collections in the United States, more than any other source of tax revenue. In that same year, property taxes accounted for 72 percent of local
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