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Alternative Minimum Tax Archive

2022 State Income Tax Rankings

TweetShareSharePin0 Shares This week’s map examines states’ rankings on the individual income tax component of our 2022 State Business Tax Climate Index. The individual income tax is important to businesses because states tax sole proprietorships, partnerships, and in most cases limited liability companies (LLCs) and S corporations under the individual income tax code. However, even traditional C

Iowa Tax Reform: Details & Analysis

TweetShareSharePin0 Shares When Iowa Gov. Kim Reynolds (R) delivered the Republican response to the State of the Union Address on March 1, she touted a state tax reform package on which the ink was barely dry: “Today, I signed legislation that eliminates Iowa’s tax on retirement income and sets our tax rate at 3.9 percent.

Alternative Minimum Tax, Tax on Unrealized Capital Gains

TweetShareSharePin0 Shares Tax reform should simplify the tax code. Instead, Congress is debating new ways to raise revenue that would make the tax code more complex and more difficult to administer. The new proposals—imposing an alternative minimum tax on corporate book income, applying an excise tax on stock buybacks, and, at one point this week,

Analysis of SALT Cap Repeal Proposal

TweetShareSharePin0 Shares As policymakers weigh whether to lift or repeal the $10,000 cap on state and local tax (SALT) deductions enacted by the Tax Cuts and Jobs Act (TCJA), they have to wrestle with how that change would primarily benefit high-earning taxpayers. As some have pointed out, other TCJA changes may further increase the benefits

Don’t Add More Temporary Tax Policies in Budget Reconciliation

TweetShareSharePin0 Shares As policymakers consider using the budget reconciliation process to make tax changes and enact new spending programs, they may be inclined to add to an already growing list of temporary tax provisions. New temporary tax policy should be avoided in reconciliation. Temporary policy creates uncertainty for taxpayers and scheduling more expirations will add

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