Business Consumption Taxes Archive

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 2023 state tax

TweetShareSharePin0 Shares Kentucky legislators are considering various sales and property tax changes this legislative session as part of H.B. 360, a bill that passed the House on March 8th with a committee substitute and the Senate on March 13th with a Senate committee substitute. The bill is likely to head to a conference committee that

TweetShareSharePin0 Shares Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is. For example, taxes on income can do more economic harm than taxes on consumption and property. Countries across

TweetShareSharePin0 Shares Tennessee joined the ranks of no-income-tax states in 2022 with the phaseout of the Hall Tax on interest and dividend income. But with other states upping their game to attract ever-more-mobile people and businesses, lawmakers and the governor are not content to leave Tennessee’s business taxes in their current, uncompetitive form. Gov. Bill

TweetShareSharePin0 Shares Each year, the Joint Committee on Taxation (JCT) releases a report on the tax expenditures in the U.S. tax code. The report can be useful, particularly for looking at trends over time, but defining which tax provisions count as tax expenditures is a fraught process. As such, simply eliminating all tax expenditures would

TweetShareSharePin0 Shares More than 170 countries worldwide—including all European countries—levy a Value-Added Tax (VAT) on goods and services. As today’s tax map shows, EU Member States’ VAT rates vary across countries, though they’re somewhat harmonized by the European Union (EU). The VAT is a consumption tax assessed on the value added in each production stage

TweetShareSharePin0 Shares Value-added taxes (VAT) make up approximately one-fifth of total tax revenues in European Union countries. However, countries differ significantly in how efficiently they raise VAT revenue. One way to measure a country’s VAT efficiency is the VAT Gap—the difference between revenue that should be collected under an ideal VAT system and the amount that gets collected.