Excise Taxes Archive

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

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 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

TweetShareSharePin0 Shares Keen technophiles may recall that the internet is “a series of tubes” (not a “big truck”), and sometimes those tubes get congested. The late Sen. Ted Stevens (R-AK) fretted about streaming services crowding out other data packets. The analysis is highly technical, but do your best to follow: “Ten movies streaming across that

TweetShareSharePin0 Shares New York Governor Kathy Hochul (D) has her sights trained on tobacco. Earlier this month, she proposed increasing the New York cigarette tax rate by $1.00 a pack, banning the sale of flavored vaping products, and ceasing the sale of all flavored tobacco products. If enacted, these policies would fuel black markets and create

TweetShareSharePin0 Shares Newly published data from the Congressional Budget Office (CBO) indicates in 2019, before the onset of the pandemic, American incomes continued to rise as part of a broad economic expansion. It also shows that, contrary to common perceptions, the federal tax system is progressive. The data on household incomes and tax burdens also comes

TweetShareSharePin0 Shares Key Findings A typical American household with four phones on a “family share” plan, paying $100 per month for taxable wireless service, would pay nearly $305 per year in taxes, fees, and government surcharges—up slightly from $300 in 2021. Nationally, taxes, fees, and government surcharges make up a record-high 25.4 percent tax on