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and Inequality Archive

Massachusetts Question 1: Massachusetts Millionaires Tax

TweetShareSharePin0 Shares On Election Day, a narrow majority of voters approved Massachusetts Question 1, also known as the Fair Share Amendment, which will transition the Commonwealth from a flat rate individual income tax to a graduated rate system. Effective January 1, 2023, the Bay State will begin taxing all individual income above $1 million at a

Federal Estate Tax Returns: IRS Data

TweetShareSharePin0 Shares Supporters of the federal estate tax often defend it by saying that “because it only affects the heirs of the wealthiest Americans—fewer than one in 1,000 estates—the estate tax is the most progressive part of the tax code.” Despite the relatively small number of estates that pay the tax, there are real people

2023 State Business Tax Climate Index

TweetShareSharePin0 Shares Launch Our Interactive Tool Executive Summary The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well

State Tax Ballot Measures to Watch on Election Day 2022

TweetShareSharePin0 Shares On Election Day 2022, most eyes will be on Congress, with polls showing control of both chambers up for grabs. But the action is not limited to Washington, D.C.: across the country, voters will decide important questions through state and local ballot measures. At the state level, 25 measures in 12 states relate

Colorado Proposition 121: Income Tax Rate Reduction

TweetShareSharePin0 Shares When Coloradans go to the polls this November, they will be given the opportunity to permanently lower their income taxes—or to increase those tax burdens. Colorado Proposition 121 would reduce the state’s flat statutory income tax rate from 4.55 percent to 4.4 percent, effective retroactively for tax year 2022. Colorado Proposition FF, on the

2022 International Tax Competitiveness Index

TweetShareSharePin0 Shares Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2022 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2022 Index. To access the full report, click the download button

California Tax Increases: Details & Analysis

TweetShareSharePin0 Shares California is awash in plans to raise taxes. An under-the-radar piece of legislation will functionally increase the top marginal income tax rate by 1.1 percent in 2024 (with administrative authority to bring it to 1.5 percent), while a pending ballot measure would add a new 1.75 percent surcharge on the income of the

Focusing on Wealth Inequality Is Counterproductive

TweetShareSharePin0 Shares A new Congressional Budget Office (CBO) report on wealth inequality trends over the last 30 years has generated much concern that wealth inequality is too high. Some attribute this to policy choices that the U.S. has made over the past few decades, implying that policy changes could significantly reduce the wealth gap. While

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