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2022 State Tax Reform & State Tax Relief

TweetShareSharePin0 Shares Key Findings Ten states enacted individual income tax rate reductions. Six states enacted corporate income tax rate reductions. Oklahoma became the first state to make permanent the full expensing of capital investments by C corporations in the year they made the investments. Two states permanently exempted groceries from their respective sales tax bases.

Gas Taxes in Europe | 2022 Fuel Tax Rates

TweetShareSharePin0 Shares The European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.55 per gallon) on gasoline (petrol). Today’s map shows that only Bulgaria, Hungary, and Poland stick to the minimum fuel tax rate, while all other EU countries opt to levy higher excise duties on gas. The

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 2022 state tax

Windfall Profits Tax Wrong for American Energy

TweetShareSharePin0 Shares No policy idea is ever truly gone.  As oil prices have skyrocketed, Sen. Sheldon Whitehouse (D-RI) and Rep. Ro Khanna (D-CA) have introduced a bill targeted at oil company profits. While billed as a Windfall Profits Tax, the proposal is really an excise tax. The United States has implemented such a tax before,

Made in America? US Manufacturing Tax & Industrial Policy

TweetShareSharePin0 Shares Key Findings Policymakers on both the left and right have brought industrial policy back into focus after slow growth over the past few decades and growing concern over the state of America’s manufacturing sector. In the context of the tax code, industrial policy usually comes in the form of non-neutral subsidies for specific

Tax Policy & Future of European Energy Security

TweetShareSharePin0 Shares In 2020, the EU agreed to the European Green Deal, which sets out to make the union climate neutral by 2050, and in 2021, the Fit for 55 package, which is intended to cut emissions by at least 55 percent by 2030. Both legislative packages outline various ways for the EU to reduce

Florida Gas Tax Holiday Has Negligible Benefits

TweetShareSharePin0 Shares With gas prices soaring in March, Florida is preparing to give drivers a gas tax holiday—in October. A cynic might wonder why the gas tax holiday aligns so closely with election season (lawmakers cite other reasons), but in many respects, the timing is the least of the issues with Florida’s pending suspension of

Suspending the Gas Tax Is a Mistake

TweetShareSharePin0 Shares Rising inflation has become a dominant issue for policymakers in the past year, with the most recent report finding inflation has risen 7.5 percent over the past 12 months. Some lawmakers have proposed suspending the gas tax to reduce inflation. Rising gas prices are certainly one piece of the inflation puzzle—but suspending the

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