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Individual and Consumption Taxes Archive

Property Taxes by County | Interactive Map

TweetShareSharePin0 Shares Property taxes are the primary tool for financing local government and generate state-level revenue in some states as well. In fiscal year 2019, property taxes comprised 31 percent of total state and local tax collections in the United States, more than any other source of tax revenue. In that same year, property taxes accounted for 72 percent

Federal Proposal to Increase Tobacco and Nicotine Products Taxes

TweetShareSharePin0 Shares Key Findings: The Tobacco Tax Equity Act would double taxes on cigarettes and equalize rates on all other tobacco and nicotine products to match the new higher cigarette rate. The increase would result in substantial increases on chewing tobacco (2,034 percent), pipe tobacco (1,651 percent), and snuff (over 1,677 percent). Vapor products, which

Don’t Add More Temporary Tax Policies in Budget Reconciliation

TweetShareSharePin0 Shares As policymakers consider using the budget reconciliation process to make tax changes and enact new spending programs, they may be inclined to add to an already growing list of temporary tax provisions. New temporary tax policy should be avoided in reconciliation. Temporary policy creates uncertainty for taxpayers and scheduling more expirations will add

Medicare Part D | HR3: Lower Drug Costs Now Act

TweetShareSharePin0 Shares One of the ways lawmakers intend to pay for $3.5 trillion of new spending in the budget reconciliation package is by creating “health care savings.” The leading proposal to achieve this is H.R. 3, the Elijah Cummings Lower Drug Costs Now Act, which would change the way that prescription drug prices are negotiated

97 percent of small businesses exempt from Biden tax plan

TweetShareSharePin0 Shares The Biden administration recently cited an analysis from Treasury claiming that “the President’s agenda will protect 97 percent of small business owners from income tax rate increases.” However, the figure is misleading. To assess the economic effect of higher marginal tax rates, it matters how much income or investment will be affected—not how
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