and Deductions Archive

TweetShareSharePin0 Shares Key Findings The U.S. system of taxes and transfers is highly progressive. Measuring comprehensive income, inclusive of market-based income and government taxes and transfers, illustrates the total fiscal burden created by a fiscal system. Income transfer programs amplify the U.S. federal tax system’s progressivity, move the state and local system from moderate regressivity

TweetShareSharePin0 Shares Topline Preliminary Estimates Net Deficit Impact Long-run GDP Wages FTE Jobs Note: *On a conventional basis. Source: Tax Foundation General Equilibrium Model, March 2023. President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would add up to nearly $4.8 trillion in new taxes targeted at businesses and high-income individuals. After $833 billion

TweetShareSharePin0 Shares At his Spring Budget on Wednesday, British Chancellor Jeremy Hunt announced the introduction of a form of full expensing in the UK. Firms will benefit from a 100 percent up-front deduction for most investments in plant and machinery, with certain ‘integral features’ and ‘long life items’ subject to a 50 percent first-year deduction

TweetShareSharePin0 Shares The tax relief package in Massachusetts Governor Maura Healey (D)’s fiscal year 2024 budget proposal includes several positive developments for the Bay State. It acknowledges that Massachusetts is an outlier with respect to the estate tax and its bifurcated capital gains tax. It also subtly concedes the poor condition of the Commonwealth’s tax

TweetShareSharePin0 Shares The President of the European Commission, Ursula von der Leyen, will meet with President Biden in Washington, D.C., on Friday to discuss ways to maintain transatlantic leadership in clean tech. President Leyen’s trip across the Atlantic comes on the heels of a virtual meeting between Treasury Secretary Janet Yellen and European Commission Executive

TweetShareSharePin0 Shares Note: The following is the testimony of Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, prepared for U.S. Senate Committee on Finance hearing on March 7, 2023, titled, “Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families.” Reforming the Low-Income Housing Tax Credit and Improving Cost Recovery

TweetShareSharePin0 Shares West Virginia’s long road to tax relief was beginning to feel older than the trees, but after many years of efforts, the state’s lawmakers are finally taking home a win. Under an agreement reached over the weekend and pending final action in the House, lawmakers and Gov. Jim Justice (R) reached a deal