The Department of the Treasury has finalized its rule governing State and Local Fiscal Recovery Funds (SLFRF), the $350 billion state and local governments received under the American Rescue Plan Act (ARPA). State policymakers should have three key takeaways: If states want to use the funds to replenish their unemployment compensation (UC) trust funds—and they
Taxes
Consumer prices rose by 7 percent in 2021, the highest annual rate of inflation since 1982. Where did this inflation come from and what might its impacts be? Tax and fiscal policy offer important clues. Initially thought to be “transitory” and largely the result of pandemic-related supply-chain issues, many economists at the Federal Reserve and
People often talk about the tax breaks that come with getting married — but that doesn’t mean unmarried people are out of luck when it comes to getting the most back on their taxes. In fact, there are several reasons why a single filing status may come in handy during tax refund season. To celebrate
Note: The following is Tax Foundation testimony on Kansas House Bills 2484 and 2487 (Neutral), submitted to the Kansas House Committee on Taxation on January 25, 2022. Chairman Smith and Members of the Committee: My name is Katherine Loughead, and I am a Senior Policy Analyst at the Tax Foundation. I appreciate the opportunity to speak
Tennessee made important strides in improving its tax structure when it completed phaseout of the Hall Tax—the state’s income tax, which was levied only on interest and dividends income. This change was many years in the works, making Tennessee the eighth state without an individual income tax. But while Tennessee now boasts no individual income
You worked hard in 2021. It’s time to step back and let our CPAs and tax experts do the hard work for you this tax season. There’s no need to spend time finding a reputable online accountant to do your taxes for you. It doesn’t matter if you are a new home owner, a busy
More than 170 countries worldwide—including all European countries—levy a Value-Added Tax (VAT) on goods and services. As today’s tax map shows, although harmonized to some extent by the European Union (EU), EU member states’ VAT rates vary across countries. The VAT is a consumption tax assessed on the value added in each production stage of
Mississippi, like most states, realized a significant budget surplus in 2021 and projects continued revenue growth over the coming years. As lawmakers in Jackson determine how to best invest these funds, they must also reconcile the state’s position in an increasingly competitive tax environment. Over the last two years, Mississippians watched as the region was
Filing your taxes for the first time can be intimidating. There’s a good chance you’ve heard people complain about having to file their taxes in the past, so it’s normal to be feeling a little apprehensive. But don’t stress! Filing taxes for the first time isn’t nearly as complicated as you might think. Most first-time
The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2019, showing the number of taxpayers, adjusted gross income, income tax paid, and income tax shares by income percentiles.[1] The new data outlines the tax system under the second year of the Tax Cuts and Jobs Act (TCJA), the last
It’s everyone’s favorite time of year — tax filing season. Let’s be real, nobody likes doing their taxes. That’s precisely why many taxpayers opt to pay a tax professional to file their tax forms rather than doing it themselves. Online tax services may be convenient, but many people prefer to have an expert prepare their
Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals. The OECD maintains detailed tax revenue statistics for its 38 member countries.