sources of revenue Archive

UK Budget Hole: Shrinking Revenue from Sin Taxes
March 31, 2023
No Comments
TweetShareSharePin0 Shares Younger and healthier Brits have created a $17.1 billion budget hole by smoking and drinking less. That’s great news. Excise taxes are generally levied on consumer products with negative public effects. Policymakers use these taxes to incentivize market participants to produce and purchase less of these ‘sinful’ products. Common excise taxes include

Federal State Local Tax Burden, Government Transfers
March 30, 2023
No Comments
TweetShareSharePin0 Shares Key Findings The U.S. system of taxes and transfers is highly progressive. Measuring comprehensive income, inclusive of market-based income and government taxes and transfers, illustrates the total fiscal burden created by a fiscal system. Income transfer programs amplify the U.S. federal tax system’s progressivity, move the state and local system from moderate regressivity

National Debt, Deficit, Social Security, Medicare
March 29, 2023
No Comments
TweetShareSharePin0 Shares Note: The following is the testimony of Scott Hodge, President Emeritus and Senior Policy Advisor at the Tax Foundation, prepared for House Budget Committee hearing on March 29, 2023, titled, “The Fiscal State of the Union.” Mr. Chairman and Ranking Member Boyle, Thank you for the opportunity to speak with you today about the nation’s

Sources of US Government Revenue
February 27, 2023
No Comments
TweetShareSharePin0 Shares Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is

California Flavored Tobacco Ban: Details & Analysis
February 24, 2023
No Comments
TweetShareSharePin0 Shares One month following California’s implementation of a state-wide flavored cigarette ban, tax-paid cigarette sales dropped 17.3 percent. More than 5.6 million fewer packs were sold in January 2023 than in January 2022. On an annual basis, California will likely see revenues fall by more than $300 million. We previously estimated that a menthol

Sources of Government Revenue, 2023
February 23, 2023
No Comments
TweetShareSharePin0 Shares Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is. For example, taxes on income can do more economic harm than taxes on consumption and property. Countries across

FairTax FAQ
January 25, 2023
No Comments
TweetShareSharePin0 Shares The FairTax is a proposal to replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax and rebate, abolishing the IRS in the process. Source link TweetShareSharePin0 Shares

Alaska Income Tax: Economic Implications
October 4, 2022
No Comments
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

Federal Tax Collections & Inflation Surging
September 19, 2022
No Comments
TweetShareSharePin0 Shares The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent). While not part of the CPI, another measure of inflation (call it

State and Local Tax Revenue by State
August 25, 2022
No Comments
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