Taxes

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…

Loss carryover tax provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover tax provisions help businesses “smooth” their risk and income, making…

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…

Key Findings The Section 232 tariffs on imports of steel and aluminum raised the cost of production for manufacturers, reducing employment in those industries, raising prices for consumers, and hurting exports. The jobs “saved” in the steel-producing industries from the tariffs came at a high cost to consumers, at roughly $650,000 per job saved according…

Note: This report was published in partnership with the Centre for Policy Studies, one of the oldest and most influential think tanks in Westminster. With a focus on taxation, economic growth, business, welfare, housing and green growth, its goal is to develop policies that widen enterprise, ownership and opportunity. Key Findings For many years, the UK has adopted a…