and Deductions Archive

Public R&D and Private R&D are Complements, Not Substitutes
May 16, 2022
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TweetShareSharePin0 Shares Congress is hammering out the details of legislation designed to make the U.S. more competitive with China. Any package to incentivize further R&D should begin by ending the current tax penalty against it. While the House and Senate-passed versions of the competitiveness legislation differ, they would support American semiconductor manufacturing, increase public

Tax Filing Season: Options for Improvement
April 27, 2022
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TweetShareSharePin0 Shares Tax Day came and went on April 18th with the regular tax filing deadline, and the Internal Revenue Service (IRS) is facing difficulties. It struggled to manage a deluge of 282 million calls made in fiscal year 2021, only answering 11 percent, and a backlog of several million returns from 2021 were left

Kansas Food Tax: Research & Analysis
April 22, 2022
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TweetShareSharePin0 Shares This legislative session, the sales tax on food has garnered a great deal of attention in Kansas, with policymakers on both sides of the aisle proposing the removal of groceries from the sales tax base. While this issue has long been a subject of debate in Kansas, it has gained increased attention this

French Election: Macron vs. Le Pen
April 20, 2022
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TweetShareSharePin0 Shares 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

Corporate Tax Revenue and Federal Tax Collections Reach Record High
April 13, 2022
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TweetShareSharePin0 Shares 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

Personal Income Tax Adjusts for Inflation, But It Could Do Better
April 13, 2022
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TweetShareSharePin0 Shares 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

Biden Budget Tax Plan Raises Tax Rates to Highest in Developed World
March 31, 2022
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TweetShareSharePin0 Shares President Biden’s budget came out this week with a very sensible message about the need for stronger economic growth and sound fiscal policy: “Critically, my Budget would also keep our Nation on a sound fiscal course. It fights inflation and helps families deal with rising costs by growing our economy, making more goods

Biden Minimum Tax on Billionaires Unrealized Capital Gains
March 30, 2022
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TweetShareSharePin0 Shares This week, President Biden introduced a new tax proposal as part of the White House fiscal year 2023 budget to raise taxes on households with net wealth over $100 million. The proposal would require wealthy households to remit taxes on unrealized capital gains from assets such as stocks, bonds, or privately held companies.

Are Tax Rebates a Good Way to Provide Tax Relief from Rising Prices?
March 29, 2022
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TweetShareSharePin0 Shares States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. It’s unsurprising that many policymakers have jumped at the chance to apply surpluses to meet the genuine needs of many residents—but good intentions do not always make for good policy. Tax rebates, gas tax holidays, and other temporary

State Debt, State Revenue, and State Tax Collections
March 29, 2022
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TweetShareSharePin0 Shares How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2022 state tax