Taxes

Key Findings Policymakers should carefully analyze tax expenditures before categorizing one as a loophole—some tax expenditures are important structural elements of the tax code while others are unsound. Generally, if a provision is broadly available and helps to eliminate the double taxation of saving, or broadly contributes to a consumption tax base, it is sound
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Key Findings States have paid out $175 billion in unemployment benefits since the start of the pandemic, with the federal government providing an additional $660 billion. Taking debt into account, state trust funds now have a negative aggregate balance of -$11 billion and are $115 billion shy of minimum adequate solvency levels. States are authorized
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Living paycheck to paycheck is stressful. You may struggle to pay the bills, be in debt, and not have any savings you can rely on in case of an emergency. Unfortunately, there are many people who are in your same position. One poll showed that 56% of Americans are living paycheck to paycheck, and 48%
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Note: Below is an excerpt of the 2021 Spanish Regional Tax Competitiveness Index (RTCI), a recent report published in collaboration with Fundación para el Avance de la Libertad. The RTCI for Spain is designed to analyze how well regions structure their tax systems, allows policymakers, businesses, and taxpayers to evaluate and measure how their regions’ tax systems compare,
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Much has been written about the House Democrats’ proposal to increase tobacco and nicotine products taxes over the last week. The proposal, which would double the tax on cigarettes while taxing every other tobacco and nicotine product at comparable rates, would have significant implications on the availability of non-cigarette tobacco products. And the potential federal
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Under the House Democrats’ reconciliation plan, the top tax rate on pass-through business income would exceed 50 percent in most states. Pass-through businesses, such as sole proprietorships, S corporations, and partnerships, make up a majority of businesses and majority of private sector employment in the United States. The owners of these firms pay individual income tax on income derived from these
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As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code. While the image that rich Americans pay little taxes is popular, it’s a misconception: high-income individuals already pay a large share of taxes, even when compared to their share of national income.
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Preliminary Revenue and Economic Estimates Revenue (Trillions) Long-run GDP Wages FTE Jobs Source: Tax Foundation Taxes and Growth Model, September 2021. Democratic lawmakers on the House Ways and Means Committee have advanced legislation containing the tax elements of President Biden’s Build Back Better agenda. The draft legislation could be modified by the House Rules Committee
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