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Federal government debt is over $32 trillion, around the size of the nation’s annual economic output (its gross domestic product, or GDP). Debt levels this high mean US borrowing costs are sensitive to interest rate changes that may otherwise seem small.
When properly measured, consistent with how we assess progressivity in tax policy, Social Security benefits are progressive.
A new paper finds that foreign exporters absorbed 47 percent of the tariff burden, passing on a smaller share to US importers than estimated by other studies.
If America’s leaders today want to learn how to build a lasting system on the foundation of simplicity and neutrality, they should follow the Siim Kallas blueprint.
The Belgian proposal departs significantly from sound tax policy principles and risks generating substantial economic distortions, legal uncertainty, and trade frictions while raising relatively little revenue.
California levies the highest tax on gasoline at 73.6 cents per gallon (cpg), followed by Illinois at 70.4 cpg and Indiana at 63.1 cpg.
The new public country-by-country reporting regimes adopted by the EU and Australia, and changes from the Financial Accounting Standards Board for financial accounts, are meant to promote transparency by multinational enterprises but have ubiquitous structural differences.
Poland has one of the most restrictive approaches to the tax treatment of losses in the OECD. Loss carryover provisions allow businesses to deduct their losses in one year against taxable income in another, smoothing their taxable income over time. Their absence or restriction leads to firms with more variable profits
The Maryland Tax Court has struck down the state’s digital advertising tax and ordered that refunds be paid to taxpayers for five and a half years’ worth of collections under the unconstitutional tax.
Wealth taxes not only collect little revenue and create legal uncertainty, but an OECD report argues that they can also disincentivize entrepreneurship, harming innovation and long-term growth.
In June, the Dominican Republic rushed through a package of tax legislation in seven days. International examples demonstrate that consultation, transparency, and clarity are key factors for successful tax reform.
The California Billionaire Tax Act (Proposition 40), which imposes a one-time 5 percent tax on billionaires’ net worth, is vulnerable to numerous constitutional challenges, any of which could invalidate the tax in whole or in part.
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