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2023 State Tax Changes, Effective January 1, 2023

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

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

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

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

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

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

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

“Tax Fairness” & EU Energy Security

TweetShareSharePin0 Shares On 30 September, the Council of the European Union agreed to impose an EU-wide windfall profits tax on fossil fuel companies to fund relief for households and businesses facing high energy prices (due primarily to Putin’s war on Ukraine). Given the dire economic environment for families and the urgency to transition away from

Alaska Income Tax: Economic Implications

TweetShareSharePin0 Shares Key Findings Alaska’s heavy reliance on oil and gas taxes and investment income creates extreme revenue volatility and complicates revenue forecasts. Alternative revenue streams cannot easily displace existing sources. For example, to raise as much of its revenue from an income tax as the average state does, Alaska would need to have income

Windfall Tax Policies in Europe | Windfall Profits Taxes

TweetShareSharePin0 Shares As energy prices continue to rise, more European countries have been looking at windfall profit taxes—a one-time tax levied on a company or industry when economic conditions result in large, unexpected profits—to fund relief measures for consumers. As early as March 8, the European Commission recommended in its REPowerEU communication that member states

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