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55c984159366576a63f030510a9f1307 Archive

a 61% Tax on Wealth? Tax Foundation

TweetShareSharePin0 Shares As part of President Joe Biden’s American Families Plan (AFP), the White House yesterday proposed two major tax increases on accumulated wealth, adding to a 61 percent tax on the wealth of high-earning taxpayers. First, the American Families Plan would tax unrealized capital gains at death for unrealized capital gains worth over $1 million.

Estate Taxes in Europe | Estate, Inheritance, Gift Taxes

TweetShareSharePin0 Shares Inheritance tax dates to the Roman Empire, which collected 5 percent of inherited property to pay soldiers’ pensions. Today, the practice is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland, France, Germany, Greece,

Latin America Tax Revenue & Caribbean Tax Revenue

TweetShareSharePin0 Shares The Organisation for Co-operation and Economic Development (OECD) has compiled tax revenue data for countries around the world—including 27 Latin American and Caribbean (LAC) countries, where tax revenue as a percent of GDP is on average 11 percentage points lower than in other regions. On average, the tax-to-GDP ratio for 26 countries (excluding

Louisiana Tax Reform Proposals, 2021

TweetShareSharePin0 Shares Deliberations which began well before the beginning of Louisiana’s legislative session—which has the nation’s latest start date (April 12th)—have yielded a meaningful package of tax reform proposals. Legislators aim to lower the state’s individual and corporate income tax rates, begin phasing out the capital stock tax, and bring sales tax centralization across the

Income Taxes Per Capita, By State, 2021

TweetShareSharePin0 Shares The individual income tax is one of the most significant sources of revenue for state and local governments. In fiscal year 2018, the most recent year for which data are available, individual income taxes generated 24.2 percent of state and local tax collections, just ahead of general sales taxes (23.3 percent). The following

Biden International Tax Proposals: Details & Analysis

TweetShareSharePin0 Shares Key Findings The Biden administration’s “Made in America Tax Plan” would substantially raise taxes on the activities of U.S. multinational corporations, whether these activities are located domestically or abroad. From the perspective of U.S. multinationals, the proposal would increase their federal tax liabilities by $104 billion in 2022 and $1.2 trillion over 10

Options for Boosting Economic Growth

TweetShareSharePin0 Shares As policymakers consider tax options to boost the U.S. economy’s long-run economic growth, they should consider reforms that would increase growth the most while minimizing forgone tax revenue. Using our new book, Options for Reforming America’s Tax Code 2.0, we find that providing a full and immediate deduction for business investments, as well

Tax Fairness, Economic Growth, and Funding Government Investments

TweetShareSharePin0 Shares Note: The following is the testimony of Scott A. Hodge, President of the Tax Foundation, prepared for the Senate Finance Committee (Subcommittee on Fiscal Responsibility and Economic Growth of the Committee on Finance) for a hearing on April 27, 2021, titled, “Creating Opportunity Through a Fairer Tax System.” Thank you, Madame Chairman, ranking

GILTI and Corporate Rate Reduction

TweetShareSharePin0 Shares Today, members of the Nebraska Unicameral will debate a bill (LB432 with Revenue Committee amendment AM774) that, among other provisions, would exclude Global Intangible Low-Taxed Income (GILTI) from taxation and reduce the state’s top marginal corporate income tax rate by nearly one percentage point. These two tax changes would improve the state’s economic
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