Business Taxes Archive

Biden Budget Tax Proposals: Details & Analysis
March 23, 2023
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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

State Debt, State Revenue, and State Tax Collections
March 23, 2023
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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 2023 state tax

State Capital Stock Taxes, 2023 State Franchise Taxes
March 21, 2023
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TweetShareSharePin0 Shares Today’s map looks at a barrier to state tax competitiveness in a time of increasing mobility: capital stock taxes. Unlike corporate income taxes, which are levied on a business’s net income (or profit), state capital stock taxes are imposed on a business’s net worth (or accumulated wealth). As such, the tax tends to penalize investment and requires businesses to

UK Budget Tax Policies | UK Tax Reform: Full Expensing
March 17, 2023
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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

New Mexico Omnibus Tax Bill (HB 547)
March 17, 2023
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TweetShareSharePin0 Shares New Mexico was the ostensible setting of the 1966 film The Good, the Bad and the Ugly. This week, the New Mexico legislature is considering an omnibus tax bill that could make good use of the same title. House bill 547 includes some good, pro-growth tax reform, like reducing the gross receipts tax

Chile Tax Reform Recommendations | Tax Foundation
March 16, 2023
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TweetShareSharePin0 Shares Last week, Chile’s lower house of Congress rejected President Gabriel Boric’s ambitious tax reform bill. The proposal fell short of the 78 votes required to pass, with only 73 in favor, 71 against, and 3 abstentions. This new blow to the government comes six months after a new constitution backed by Boric was

Kentucky Business Tax Reform: Details & Analysis
March 15, 2023
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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

Oklahoma Tax Reform Plan Would Put State in Top 10
March 14, 2023
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TweetShareSharePin0 Shares Tax reform was front of mind for Oklahoma lawmakers during the 2022 legislative session, but major structural reforms didn’t cross the finish line. Those efforts, however, were not wasted, as they appear to be on the verge of paying off this year with a package of bills that would significantly improve Oklahoma’s competitiveness

2023 Capital Gains Tax Rates in Europe
March 14, 2023
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TweetShareSharePin0 Shares In many countries, investment income, such as dividends and capital gains, is taxed at a different rate than wage income. Today’s map focuses on how capital gains are taxed, showing how capital gains tax rates differ across European OECD countries. When a person realizes a capital gain—that is, sells an asset for a

Massachusetts Budget Tax Plan: Gov. Healey Budget
March 13, 2023
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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