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Business Taxes Archive

DC Income Tax Hike Helps Maryland and Virginia, Not DC

TweetShareSharePin0 Shares The District of Columbia weathered the pandemic with stable tax collections, down less than 1 percent in FY 2020 while recovering above pre-pandemic levels in FY 2021. Yet, even as lawmakers in eleven states have cut income taxes this year, the D.C. Council has responded to surpluses and growth by voting to include

Sports Owners Deductions & Amortization

TweetShareSharePin0 Shares Over the past few weeks the media has reported on how wealthy taxpayers who own sports teams lower their tax liability by deducting the cost of purchasing a sports team over 15 years. Contrary to claims that deducting the cost of a sports team from taxable income is a “loophole,” such deductions are

Tax Complexity for Multinationals is Growing: Survey

TweetShareSharePin0 Shares Initial data from a global survey on tax complexity shows that the overall level of tax complexity for multinational businesses has substantially increased between 2018 and 2020—much like it did between 2016 and 2018. These are the initial results from the third edition of the Tax Complexity Index—a project carried out jointly by

North Carolina Income Tax Reform & Proposals

TweetShareSharePin0 Shares Eleven states have enacted laws this year to reduce income tax rates, in most cases paired with other structurally sound tax reforms. If North Carolina state senators get their way, their state will be the twelfth—and perhaps the most significant to date. On June 10, 2021, the North Carolina Senate passed House Bill

State Tax Incentives & Their Hidden Costs

TweetShareSharePin0 Shares Job creation tax credits. Investment tax credits. Research and development tax credits. Payroll withholding tax rebates. Property tax abatements. Those are just five of the major categories of tax incentives states offer with the goal of encouraging new investment and economic development in their state. Nearly all states offer at least one of

Territorial Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Under a territorial tax system, multinational businesses primarily pay taxes to the countries in which they are physically located and earn their income. This means that territorial tax regimes do not generally tax the income companies earn in foreign countries. A worldwide tax system, on the other hand—such as the system previously employed

Biden Infrastructure Spending Plan Offsets Small Portion of the Cost

TweetShareSharePin0 Shares As Congress considers turning the $579 billion bipartisan infrastructure deal and President Joe Biden’s $2.2 trillion American Jobs Plan (AJP) into legislative text, policymakers may consider using additional tax revenue generated from infrastructure spending to offset the plans’ deficit impact. Applying dynamic scoring to the spending side of the proposals would only generate

How Biden Business Tax Proposals Would Impact Taxpayers Across States

TweetShareSharePin0 Shares The Biden administration has proposed several tax increases on businesses, whether structured as C corporations subject to the corporate income tax or passthrough entities such as S corporations, partnerships, or sole proprietorships that are subject to the individual income tax. It is important to remember that those business taxes ultimately fall on people,
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