Taxes

Key Findings Research almost invariably shows a negative relationship between income tax rates and gross domestic product (GDP). The mobility of higher-skilled and higher income earners in an open economy works against the effort of progressive state and local tax systems to achieve long-term redistribution of income. The likelihood of an employed head of household

There’s no need to pretend. We know tax planning wasn’t exactly at the top of your summer to-do list. But hear us out … as you’re cooking up exciting summer plans, it’s good to remember how your tax filing could be affected. Tax tips to keep in mind this summer Here are five situations where

Noted economist Dale W. Jorgenson, the Samuel W. Morris University Professor at Harvard University, passed away on June 8. He was 89. Dr. Jorgenson’s insights and analytical approach have enormously improved the understanding by the economics community of the effect of taxation on capital formation. He developed the concept of the cost of capital, the

It doesn’t matter if you’re just starting out as a small business owner or you’ve been doing it for a while now — we all know mixing business with pleasure can be a slippery slope. Some businesses, such as LLCs and corporations, are required to keep their business and personal finances separate. When you are

The Republican Study Committee (RSC) released its FY 2023 budget today, led by Budget and Spending Task Force Chair Rep. Kevin Hern (R-OK) and RSC Chairman Jim Banks (R-IN), and prescribes several pro-growth tax reforms that would simplify the tax code and encourage business investment. Among the most impactful reforms are permanence for the Tax

Today’s map looks at which states levy a gross receipts tax, which is often considered one of the most economically damaging taxes. Shifting from state gross receipts taxes would represent a pro-growth change to make tax codes friendlier to businesses and consumers alike, which is especially necessary in an increasingly mobile economy. Gross receipts taxes are applied

Hey, you. Did you know you don’t have to be a tax genius to file your own taxes? How to DIY your tax return We get it — filing your own tax return can be intimidating if you’ve never done it before. But once you get started, you might realize it’s much easier than you

To ensure the functioning of its internal market, the European Union (EU) sets a minimum excise duty on cigarettes. It consists of a specific component and an ad valorem component, resulting in a minimum overall excise duty of €1.80 (US $2.13) per 20-cigarette pack and 60 percent of an EU country’s weighted average retail selling price

Let’s all breathe a collective sigh of relief — this year’s filing season is finally over. Now that tax filing is behind you, what could you have done differently? One common mistake taxpayers often make is waiting until tax time to think about their taxes. But by thinking ahead and making some financial tweaks now,

Last week, the Congressional Budget Office (CBO) released its long overdue report on the nation’s budget and economic outlook for the years 2022 through 2032. Normally published at the beginning of the year, the delayed report reflects higher-than-anticipated inflation, tax revenues, deficits, and debt since the previous update CBO published nearly a year ago in

Over the past decade, the state tax landscape has grown increasingly competitive as policymakers have sought to attract investment and promote economic opportunity and growth in their states. The past two years in particular have seen an extraordinary increase in tax reform efforts, given states’ strong revenue growth despite the pandemic and policymakers’ desire to

Updated for tax years 2021 and 2022. If you have a story, inspiration, or anything else you want to tell the world, there’s never been a better time to do it. It’s easier than ever before for authors to self-publish their work and get paid. The traditional publishing gatekeepers can’t stop you now! There are