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Corporate Income Taxes Archive

Biden Budget Tax Proposals: Details & Analysis

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

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

UK Budget Tax Policies | UK Tax Reform: Full Expensing

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)

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

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

Oklahoma Tax Reform Plan Would Put State in Top 10

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

Inclusive and Effective Tax Cooperation

TweetShareSharePin0 Shares The Tax Foundation appreciates the opportunity to provide public input on the report being prepared in connection to the resolution adopted by the General Assembly on 30 December 2022 on the “Promotion of inclusive and effective tax cooperation at the United Nations.”[1] We want to point out four key aspects of cross-border tax policy that

Biden Tax Fairness: Double Taxation

TweetShareSharePin0 Shares As President Biden pointed out in his State of the Union address to raucous applause, “I think a lot of you at home agree with me that our present tax system is simply unfair.” Two often overlooked aspects of unfairness in our tax code are complexity and double taxation, which would be made

Biden Budget Taxes: Details & Analysis

TweetShareSharePin0 Shares President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would bring U.S. tax rates far out of step with international norms. Some of the proposals may be familiar, recycled from prior budgets and failed legislative attempts, but some are new, like the proposed tax hikes for Medicare funding. In total,

Sources of US Government Revenue

TweetShareSharePin0 Shares Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is

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