Taxes

The Senate has begun deliberations over a bipartisan plan to provide $550 billion in new spending for a wide range of infrastructure projects, including roads, bridges, public transit, broadband, and the electrical grid. The good news is that lawmakers avoided raising taxes to cover the cost of the new spending and instead used some reasonable
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This is the beginning of a map series in which we’ll explore different types of excise taxes throughout Europe, starting with excise duties on beer. According to EU law, every EU country is required to levy an excise duty on beer of at least €1.87 per 100 liters (26.4 gal) and degree of alcohol content, translating
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This map shows state gas tax rates as of July 2021, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers (which are passed along to consumers in the form of higher prices), and sales taxes that apply
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The Organisation for Economic Co-operation and Development (OECD) recently published a report on tax revenue statistics in selected Asian and Pacific countries. The report, covering 24 tax jurisdictions, provides tax revenue data from 1990 to 2019 and includes a section on nontax revenue data for selected Asian and Pacific economies. Additionally, a special feature co-authored by the
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Under a territorial tax system, multinational businesses primarily pay taxes to the countries in which they are physically located and earn their income. This means that territorial tax regimes do not generally tax the income companies earn in foreign countries. A worldwide tax system, on the other hand—such as the system previously employed by the
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While sales tax holidays have been politically popular for a long time, they’ve seen a boost with lawmakers in several states this year as a way to share unanticipated surpluses with taxpayers. Although state budgets may be in unusual places this year, sales tax holidays remain the same as they always have been—ineffective and inefficient.
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In the United States, tobacco is taxed at both the federal and state and sometimes even local levels. These layers of taxes often result in very high levels of taxation—the highest of any consumer item. The retail price of cigarettes, for instance, is more than 40 percent taxes on average. In some states, like Minnesota
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Job creation tax credits. Investment tax credits. Research and development tax credits. Payroll withholding tax rebates. Property tax abatements. Those are just five of the major categories of tax incentives states offer with the goal of encouraging new investment and economic development in their state. Nearly all states offer at least one of those major
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The Biden administration has proposed several tax increases on businesses, whether structured as C corporations subject to the corporate income tax or passthrough entities such as S corporations, partnerships, or sole proprietorships that are subject to the individual income tax. It is important to remember that those business taxes ultimately fall on people, including business
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When you file your taxes, you may discover that you owe money to the government. If it’s a large sum of money, you might find you are unable to pay it right away. If you find yourself in this situation, it is strongly advised that you sign up for an IRS payment plan to avoid
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