pass-throughs 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 Tax reform was front of mind for Oklahoma lawmakers during the 2022 legislative session, but major structural reforms didn’t cross the finish line. Those efforts, however, were not wasted, as they appear to be on the verge of paying off this year with a package of bills that would significantly improve Oklahoma’s competitiveness

TweetShareSharePin0 Shares The tax treatment of U.S. businesses is a complicated and onerous process for tax preparers, revenue officials, and business owners alike. The tax system treats businesses differently based on their legal form, produces economic distortions, taxes income multiple times, and creates complexity and uncertainty for taxpayers. Even though business taxation has changed in

TweetShareSharePin0 Shares (a) Local income taxes are excluded. Eleven states have county- or city-level income taxes; the average rates expressed as a percentage of AGI within each jurisdiction are: AL–0.10%; DE–0.16%; IN–0.61%; IA–0.11%; KY–1.31%; MD–2.38%; MI–0.17%; MO–0.21%; NY–1.59%; OH–1.56%; PA–1.22%. In CA, CO, KS, NJ, OR, and WV some jurisdictions have payroll taxes, flat-rate wage

TweetShareSharePin0 Shares Before the pandemic, an estimated 5.8 million Americans worked outside their state of residence, while about 8.9 million people worked from home. By 2021, over 27.6 million Americans were working almost exclusively from home, while the number of workers commuting across state lines dipped to 4.5 million. Though the pandemic’s short-run effect was

TweetShareSharePin0 Shares Over the past two years, policymakers and taxpayers have grappled with proposals to increase taxes as ideas introduced in the 2020 presidential campaign were transformed into legislation. This effort culminated in August with the enactment of the Inflation Reduction Act. While many of the tax increases considered over the last two years were

TweetShareSharePin0 Shares Today’s map zeroes in on states that have a “marriage penalty” in their individual income tax brackets. Under a graduated-rate income tax system, a taxpayer’s marginal income is subject to progressively higher tax rates. A marriage penalty or “marriage tax penalty” exists when a state’s income brackets for married taxpayers filing jointly are less than