Taxes

On Thursday, the Social Security Administration (SSA) announced the cost-of-living adjustment (COLA) for Social Security payments based on inflation over the previous year. This has brought renewed attention to how the tax code treats Social Security benefits, which can be a confusing subject for taxpayers. Each year, SSA adjusts Social Security benefits for inflation, much like

Whether you file early or wait until the tax deadline, there are simple things you can do today to help you cruise through tax season. Use the following five tips to start getting organized. Step 1: Know when your tax documents will arrive Your tax forms should arrive in the mail starting in January. When

“Tax fairness” has been a lingering theme in EU policy circles since the 2008 financial crisis and subsequent Euro crisis. The prevailing sentiment among policymakers is that European tax authorities need to work together to eliminate tax fraud and avoidance because government budgets depend on these missing revenues to provide essential public services. Without them,

Babydog would like you to vote against Amendment 2. Or at least that’s what the English Bulldog’s owner, West Virginia Gov. Jim Justice (R), claims, and absent the emergence of a Dr. Doolittle on the Kanawha, who is there to gainsay him? The Republican governor’s opposition to the ballot measure pits him against Republicans in

If you are self-employed and work at home — even just part-time — you may claim a tax deduction for expenses related to your home office. Alas, if you’re an employee who has been working from home due to the COVID-19 pandemic, that amazing home office deduction you’ve heard so much about does not apply.

Executive Summary The Regional Tax Competitiveness Index (RTCI) for Spain allows policymakers, businesses, and taxpayers to evaluate and measure how their regions’ tax systems compare. This Index has been designed to analyze how well regions structure their tax system. Additionally, it serves as a road map for policymakers to reform their tax systems and make

Every year, millions of Americans pack up and move from one state to another, providing unique insights into what people value when deciding where to live, work, and raise a family. For many years, policymakers, journalists, and taxpayers have debated the role state tax policy plays in individuals’ and businesses’ location decisions. Annual data about

A new Congressional Budget Office (CBO) report on wealth inequality trends over the last 30 years has generated much concern that wealth inequality is too high. Some attribute this to policy choices that the U.S. has made over the past few decades, implying that policy changes could significantly reduce the wealth gap. While there is

Key Findings Alaska’s heavy reliance on oil and gas taxes and investment income creates extreme revenue volatility and complicates revenue forecasts. Alternative revenue streams cannot easily displace existing sources. For example, to raise as much of its revenue from an income tax as the average state does, Alaska would need to have income tax burdens

On 30 September, the Council of the European Union agreed to impose an EU-wide windfall profits tax on fossil fuel companies to fund relief for households and businesses facing high energy prices (due primarily to Putin’s war on Ukraine). Given the dire economic environment for families and the urgency to transition away from Russian energy,

When NFL star wide receiver Tyreek Hill weighed offers from the New York Jets (who play in New Jersey) and the Miami Dolphins, no doubt there was a lot on his mind. But one consideration towered over the rest, at least according to Hill himself: signing with the Jets “was very close to happening,” but

Establishing good business credit is one of the most important things you can do as a new small business owner. But how do you get the ball rolling? Here are some tips that can help you build a good credit rating for your business. What is business credit? Let’s start off with the basics. Just

As energy prices continue to rise, more European countries have been looking at windfall profit taxes—a one-time tax levied on a company or industry when economic conditions result in large, unexpected profits—to fund relief measures for consumers. As early as March 8, the European Commission recommended in its REPowerEU communication that member states temporarily impose

Inflation operates much like a tax, a particularly egregious one that disproportionately falls on the poor and leads to a variety of economic problems, including, as we’re seeing, higher interest rates, slow economic growth, and reduced incomes. With inflation still running high, it is worth exploring who bears the cost of the surge in prices

Italy’s legislative elections on 25 September resulted in the country’s first right-wing government since 2011. Giorgia Meloni, leader of the Brothers of Italy, will likely become Prime Minister and govern in a coalition with the League (led by Matteo Salvini) and Forza Italia (led by Silvio Berlusconi). On national tax policy, the coalition has been

Electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and other clean-energy vehicles continue to gain popularity, especially as gas prices soar. Is it time for you to make the switch? If you’re new to the EV market, you no doubt have a lot of questions — topics like EV battery range, maintenance costs, and affordability

Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate. Forty-four states and D.C. also levy taxes on corporate income, with top marginal rates ranging from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Fifteen of the states levy graduated corporate income tax rates, while the

By now, you’ve probably heard about the Inflation Reduction Act President Biden signed into law in mid-August. On the surface, it sounds like a good thing. Who wouldn’t want to reduce the sky-high inflation we’ve all been dealing with this year? But, as always, there’s a little more to it. Let’s go over the goals

As noted in a Tax Foundation blog post last week, the Inflation Reduction Act (IRA) primarily uses carrots, not sticks, to incentivize reductions in carbon emissions. The Inflation Reduction Act creates or expands tax credits for various low- or no-emission technologies, rather than imposing a generalized penalty for emissions, such as a carbon tax. However, there

Picture this: you arrive at your polling place this November and start filling in your ballot. Member of Congress? Check. State legislators? You did your homework! Mayor? Good to go. Whether certain property tax exemptions provided for agricultural equipment and certain farm products should be expanded to include a merger of two or more family-owned