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Small Business Taxes Archive

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

2023 Tax Brackets and Federal Income Tax Rates

TweetShareSharePin0 Shares On a yearly basis the Internal Revenue Service (IRS) adjusts more than 60 tax provisions for inflation to prevent what is called “bracket creep.” Bracket creep occurs when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income. The IRS

2022 International Tax Competitiveness Index

TweetShareSharePin0 Shares Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2022 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2022 Index. To access the full report, click the download button

Massachusetts Graduated Income Tax Amendment: Details & Analysis

TweetShareSharePin0 Shares Key Findings Massachusetts’ tax advantage in New England is primarily driven by its competitive individual income tax rate and its sales and use tax structure. The graduated income tax amendment would be paid by many small businesses, in addition to wealthy individuals. The proposed surtax is likely to have negative economic effects that

Ensuring Tax Rates Don’t Rise with Inflation

TweetShareSharePin0 Shares With record inflation now squeezing American household budgets, you can thank our Senior Fellow Emeritus Steve Entin for shielding U.S. workers from being pushed into higher tax brackets. If ever there was a paycheck protection program, defending people from bracket creep may be the most important one ever designed. It all started some

New Mexico Business Tax Climate

TweetShareSharePin0 Shares A few weeks ago, I had the privilege of testifying before members of the New Mexico legislature regarding policies that could generate greater economic growth and promote more stable revenue streams for the state. That afternoon, I heard a particular comment raised more than once: there are many factors that influence why a

State and Local Tax Revenue by State

TweetShareSharePin0 Shares Key Findings Property taxes are the primary source of tax collections at the local level, responsible for 72.2 percent of local tax revenue in fiscal year 2020 (the most recent year for which data are available). Once a significant driver of state budgets as well, their share of state collections has dropped to

Personal Income (PI) in the US

TweetShareSharePin0 Shares Key Findings Taxpayers reported nearly $12.1 trillion of total income on their 2019 tax returns. About 68 percent ($8.3 trillion) of the total income reported on Form 1040 consisted of wages and salaries, and 82 percent of all tax filers reported earning wage income. Retirement accounts such as 401(k)s and pensions are important

Idaho Income Tax Ballot Measure

TweetShareSharePin0 Shares A pending tax ballot measure in Idaho may take the prize for gaffe-riddled drafting. Proponents had a straightforward goal: to create a new top marginal individual income tax rate of 10.925 percent on high earners. That is dubious enough, as it would create the highest rate between New York and California. But through a

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