Taxes

When the Trump administration imposed tariffs on various imports in 2018, the stated purpose was to boost U.S. industries and punish foreign exporters. But rather than hurting foreign exporters, the economic evidence shows it is American firms and consumers hardest hit by the Trump tariffs. The tariffs resulted in higher prices for a wide variety

I have no idea how to fill out a W-2, or wait, is it a W-4? We get it. Form W-2 and Form W-4 are very similar – in fact, you can’t really have one without the other. Here’s the difference: Form W-2: This is your income statement from your employer. It shows the amount

As the Senate considers which components of the House Build Back Better Act (BBBA) to include, one key difference between the original Ways and Means draft and the later Rules Committee version is on corporate taxes. The original draft would have raised the corporate tax rate to 26.5 percent, while the Rules Committee version would

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How should tax policy treat interest expenses? Historically, corporate income tax systems in the U.S. and around the world have allowed businesses to deduct their interest paid. As Congress contemplates adding a new worldwide interest limitation rule as part of the Build Back Better Act (BBBA), it is useful to consider the potential effects of

Faced not only with immediate surpluses but with the expectation of sustained revenue growth in coming years, Arkansas policymakers have chosen to return some of the additional revenue to taxpayers in the form of individual and corporate income tax rate reductions, with additional rate cuts if future revenues permit. Whenever a state has a short-term

There’s no place like home for the holidays, ’cause no matter how far away you roam, state tax collectors will be waiting. It’s not that state tax authorities are a bevy of Ebenezer Scrooges keeping a wary eye on travelers during the holiday season, of course. No, they do this all the time. In most

The following blog was adapted from a speech given by Mr. Graetz at the Tax Foundation’s 2021 “Tax Prom,” where Mr. Graetz was awarded the Distinguished Service Award. I always begin my classes in Federal Income Taxation by reminding my students that the tax law is the primary link between people and their government—they all

While the end of the year is a time to relax and make precious memories with loved ones, it’s also when you finally have a few days off from work. And with that time away from the workplace, you may want to clean out your house and figure out what you can donate to charity

Boosting American industry is a policy objective shared by many lawmakers and is a key issue at debate in the Build Back Better Act as well as other year-end legislation. Missing from the debates is how the tariffs put in place by the Trump administration, and largely maintained by the Biden administration, are negatively affecting

Now that the holidays are rapidly approaching, many of us are brainstorming what gifts to give our loved ones. Instead of doling out the typical gift cards or buying them a present they might never use, maybe you’re thinking of giving them money or property instead. When it comes to unconventional holiday gifting like this,

With the adoption of its new budget in mid-November, North Carolina has reinforced its position as a leader in pro-growth tax reform, becoming the 12th state to enact income tax rate reductions in 2021 alone. (An additional four states implemented income tax cuts in 2021 that were previously adopted or were automatically triggered upon meeting

Key Findings: Excessive tax rates on cigarettes in some states induce substantial black and gray market movement of tobacco products into high-tax states from low-tax states or foreign sources. New York has the highest inbound smuggling activity, with an estimated 52.2 percent of cigarettes consumed in the state deriving from smuggled sources in 2019. New

With the holidays just around the corner and the end of 2021 approaching fast, you might be wondering: should I sell my stocks before the end of the year? Maybe you’re looking for a little extra cash to help cover all the money you spent on holiday gifts, or perhaps you simply want to give

Today we examine how European countries rank on consumption taxes, continuing our map series on our recently published 2020 International Tax Competitiveness Index (ITCI). The ITCI measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems, looking at corporate income taxes, individual taxes, consumption taxes, property taxes, and the international tax

This year, you may want to give back during the holiday season. While you can always donate money to charities year-round, this holiday season you might try donating your stocks instead. By doing your research on donating your stocks to a charity, you can potentially reduce your bill come tax time. The benefits of donating

Executive Summary Overview Tax reform has been on Kentucky lawmakers’ minds for years, and while significant progress has been made recently, substantial work remains to be done. In 2018, the General Assembly made important strides in creating a more neutral, pro-growth tax structure even while generating a net increase in revenue. With its reduction in

It’s the season of giving, and you’ve decided to put your money to good use by donating to a good cause. The best part? Your charitable donation could be tax-deductible! Thanks to the extension and expansion of 2020’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act), even more taxpayers are eligible to take advantage

The Build Back Better Act (BBBA) would raise taxes to pay for social spending programs. But the design of some of the tax increases may end up hurting private pensions, among other problems. By relying on measures of income reported on company financial statements, i.e., book income, the proposed corporate alternative minimum tax and the

Thanks to increased tax revenues from higher consumer spending, sustained economic growth, and both the primary and secondary effects of federal COVID-19 relief programs, many states are flush with cash, and a significant number have used at least some of their surplus to provide tax relief. Many Mississippi lawmakers would like to join them. As