Taxes

The Senate has begun deliberations over a bipartisan plan to provide $550 billion in new spending for a wide range of infrastructure projects, including roads, bridges, public transit, broadband, and the electrical grid. The good news is that lawmakers avoided raising taxes to cover the cost of the new spending and instead used some reasonable
0 Comments
This map shows state gas tax rates as of July 2021, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers (which are passed along to consumers in the form of higher prices), and sales taxes that apply
0 Comments
The IRS issued the first round of monthly payments for the Child Tax Credit last week on July 15. Families who are eligible for the credit based on their most recently filed tax return received the payments via direct deposit or paper check. Monthly payouts will continue throughout the rest of the year with families
0 Comments
When you file your taxes, you may discover that you owe money to the government. If it’s a large sum of money, you might find you are unable to pay it right away. If you find yourself in this situation, it is strongly advised that you sign up for an IRS payment plan to avoid
0 Comments
Six months after the approval of the digital services tax (DST), the Spanish government has finally published regulatory guidelines to implement it. The first digital services tax draft bill was published by the Spanish Council of Ministers in October 2019; in October 2020 an identical draft was published and adopted. Although the digital services tax took effect
0 Comments
A bipartisan group of Senators introduced the Facilitating American-Built Semiconductors (FABS) Act this week to create a permanent 25 percent investment tax credit for investments in semiconductor manufacturing equipment and construction of related facilities’but their proposal would not address underlying bias against investment that exists in the tax code today. Rather than provide industry-specific tax
0 Comments
With many state legislative sessions wrapping up for this year, and a new fiscal year about to begin, it’s a good time to examine some of the 2021 legislative trends’and sports betting taxes are among the more prominent. This year, 11 states have made changes to sports betting regulation and taxes, and Ohio is still
0 Comments
Of all alcoholic beverages subject to taxation, stiff drinks’and all distilled spirits’face the stiffest tax rates. Ostensibly, this is because distilled spirits (liquor) have higher alcohol content than the other categories, like wine and beer. This round of information is on us, so help yourself to the following map to see whether you’re shaken or stirred by how
0 Comments
The Flavored Tobacco Product Prohibition Amendment Act of 2021 (B24-0020) under consideration by the D.C. City Council would, as the name suggests, ban all flavored tobacco product sales in the District. That means banning the majority of cigarettes being sold, since more than 50 percent of the market is menthol flavored, which could have a
0 Comments
One of the themes within Tax Foundation’s Options for Reforming America’s Tax Code 2.0 is that taxes on consumption tend to be a more economically efficient revenue source than taxes on income and capital that reduce the incentive to work and invest. Comparing the economic effects of taxes on consumption and income can apply to
0 Comments
As Wisconsin legislators work to finalize the state budget for the fiscal year (FY) 2022-23 biennium that begins July 1, the Wisconsin Legislative Fiscal Bureau (LFB) on Tuesday reported the state has substantially more revenue to work with than was anticipated when the LFB issued revenue projections earlier this year. Specifically, the LFB’s revised three-year
0 Comments
In the Tax Foundation’s new Options for Reforming America’s Tax Code 2.0, there are several options that would simplify the tax code, including eliminating the alternative minimum tax (AMT). While this move would remove a source of complexity, policymakers should also consider reforming the deductions that created a justification for the AMT in the first
0 Comments
President Biden has privately pitched dropping his proposed 28 percent corporate tax rate from an infrastructure package and funding it through his proposed minimum tax on corporate book income. However, the proposal for a minimum book tax misunderstands the important reasons why a corporation may not owe federal tax liability in a given year. Recently,
0 Comments
Montana adopted structural reforms to both individual and corporate income taxes during the recently adjourned legislative session, enacting three bills reducing individual tax rates, simplifying the state’s individual tax system, repealing 16 tax credits, and changing the apportionment factor for corporate income tax. This tax reform package, signed by Gov. Greg Gianforte (R) in early
0 Comments
Table of Contents Launch Resource Center: President Biden’s Tax Proposals The Biden administration’s proposed American Jobs Plan (AJP) would increase federal spending by about $2.2 trillion over 10 years, including $1.7 trillion for infrastructure, partially funded with permanently higher corporate taxes of about $1.7 trillion over 10 years (conventionally estimated). Using the Tax Foundation General
0 Comments