Taxes

A centerpiece of the Build Back Better Act (BBBA) as passed by the House last year was drug pricing legislation, which could be included in the next version of the BBBA, now rebranded as an inflation-control, climate, and deficit-reduction bill. While headline inflation is at an alarming rate, with the most recent 12-month reading at…

Tax reform has become a major focus for state legislatures this session, and Missouri lawmakers are tuned in to the action: after adjusting individual income tax triggers in 2021, the legislature is exploring further tax reform options. Senate Bill 739 would create an additional tax trigger mechanism for the individual income tax, while SB 701…

The second round of voting in the French presidential election will be 24 April between incumbent Emmanuel Macron and National Rally candidate Marine Le Pen. Although tax policy has not been a central theme of the campaign due to the war in Ukraine, immigration debates, and cost of living issues, the winner’s policy preferences over…

Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth tax is similar to a real property tax. But instead of only taxing real estate, it covers all wealth an individual owns. As today’s map shows, only three European OECD countries levy a net wealth tax, namely…

If 2021 was a big year for state tax reform, 2022 may give it a run for its money. With January now in the books, the 40 states which have convened their legislative sessions—six more will join them, while four states’ legislatures do not meet in odd-numbered years—already show a flurry of activity on taxes,…

The April 18 tax deadline is quickly approaching. If you haven’t filed your taxes yet and are starting to feel the pressure, you’re not alone. According to a recent IPX 1031 survey, one-third of Americans say they wait until the last minute to file their taxes. But if tax season snuck up on you this…

In times of inflation, like we are experiencing now, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.” That works for some structural components…

This week’s state tax map looks at throwback and throwout rules in states’ corporate tax codes. These rules may not be widely understood, but they have a notable impact on business location and investment decisions and reduce economic efficiency for the states which impose such rules. Over the long run, these rules reduce competitiveness while yielding very…

Updated for tax year 2020. When you start a new job as an employee, your new employer typically asks you to fill out Form W-4, Employee Withholding Certificate. This document is a one-page Internal Revenue Service (IRS) form. It tells your employer how much money to take out of your paycheck to cover federal and…

After corporate tax revenue came in at a record high of $372 billion in fiscal year 2021, we have been eagerly awaiting the forecast for fiscal year 2022, which the Congressional Budget Office (CBO) normally publishes in January but now plans for the week of May 23rd. The White House has included a forecast in…

Key Findings Exempting groceries from the sales tax base reduces economic efficiency without achieving its objective of enhancing tax progressivity. The poorest decile of households experiences 9 percent more sales tax liability with a grocery tax exemption than they would if groceries were taxed and the general rate were reduced commensurately. Grocery tax credits provide…

Do you need more time to file your business return this year? No sweat — that’s what tax extensions are for. Read on to learn more about filing for a business return extension this year. What is a business tax extension? Sole proprietorships, partnerships, LLCs, and corporations can file a six-month extension request with the…