Gas 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

Biden Tax Fairness: Double Taxation
March 13, 2023
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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

2023 State Tax Changes, Effective January 1, 2023
December 22, 2022
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TweetShareSharePin0 Shares Most state tax changes take effect at the beginning of the calendar year (January 1) or at the beginning of the fiscal year (July 1 for most states). On January 1, 2023, thirty-eight states have noteworthy tax changes taking effect. Most of these changes represent net tax reductions, the result of an unprecedented

Rishi Sunak UK Tax Plan: Details & Analysis
December 1, 2022
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TweetShareSharePin0 Shares In two months, the United Kingdom has had two new tax plans, two new Prime Ministers (Liz Truss, then Rishi Sunak), and two new Finance Ministers (Kwasi Kwarteng, then Jeremy Hunt). The Truss-Kwarteng tax proposal would have lent modest support to real economic growth, cushioning economic fallout from the Bank of England’s overdue

EU Subsidies & Inflation Reduction Act
November 30, 2022
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TweetShareSharePin0 Shares French President Macron is coming to Washington, D.C., this week to ask President Biden the question on the minds of European leaders: “Why did you do this to us?” When President Biden signed the Inflation Reduction Act into law, he put many European companies at a disadvantage unless they move production to the

Inflation Reduction Act EU Tax & Trade Cooperation: EV Tax Credit
November 9, 2022
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TweetShareSharePin0 Shares Over the last six months, European perceptions of the Inflation Reduction Act have been a rollercoaster. European policymakers were hopeful that the Inflation Reduction Act would implement Janet Yellen’s Pillar Two commitment at the Organisation for Economic Cooperation and Development (OECD). But hope turned to disappointment when the final text was fundamentally different from

Carbon Tax Revenue Recycling: Carbon Tax Border Adjustment
November 3, 2022
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TweetShareSharePin0 Shares Key Findings Carbon leakage occurs when a climate policy in one jurisdiction leads to emissions-producing activity simply shifting to a different jurisdiction. Leakage raises both environmental concerns—as it undermines emissions reduction efforts—and economic concerns. In the aggregate, leakage is relatively small, but it could have an outsized impact on specific emissions-intensive, trade-exposed (EITE)

2023 State Business Tax Climate Index
October 25, 2022
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TweetShareSharePin0 Shares Launch Our Interactive Tool Executive Summary The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well

California Tax Increases: Details & Analysis
October 17, 2022
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TweetShareSharePin0 Shares California is awash in plans to raise taxes. An under-the-radar piece of legislation will functionally increase the top marginal income tax rate by 1.1 percent in 2024 (with administrative authority to bring it to 1.5 percent), while a pending ballot measure would add a new 1.75 percent surcharge on the income of the