Taxes and The Economy 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 Today’s map looks at a barrier to state tax competitiveness in a time of increasing mobility: capital stock taxes. Unlike corporate income taxes, which are levied on a business’s net income (or profit), state capital stock taxes are imposed on a business’s net worth (or accumulated wealth). As such, the tax tends to penalize investment and requires businesses to

TweetShareSharePin0 Shares New Mexico was the ostensible setting of the 1966 film The Good, the Bad and the Ugly. This week, the New Mexico legislature is considering an omnibus tax bill that could make good use of the same title. House bill 547 includes some good, pro-growth tax reform, like reducing the gross receipts tax

TweetShareSharePin0 Shares Last week, Chile’s lower house of Congress rejected President Gabriel Boric’s ambitious tax reform bill. The proposal fell short of the 78 votes required to pass, with only 73 in favor, 71 against, and 3 abstentions. This new blow to the government comes six months after a new constitution backed by Boric was

TweetShareSharePin0 Shares As President Biden pointed out in his State of the Union address to raucous applause, “I think a lot of you at home agree with me that our present tax system is simply unfair.” Two often overlooked aspects of unfairness in our tax code are complexity and double taxation, which would be made

TweetShareSharePin0 Shares The President of the European Commission, Ursula von der Leyen, will meet with President Biden in Washington, D.C., on Friday to discuss ways to maintain transatlantic leadership in clean tech. President Leyen’s trip across the Atlantic comes on the heels of a virtual meeting between Treasury Secretary Janet Yellen and European Commission Executive

TweetShareSharePin0 Shares President Biden signed the bipartisan CHIPS and Science Act of 2022 into law in August of last year, promising $52 billion of manufacturing incentives on top of $24 billion of investment tax credits. But passing a law to authorize billions of dollars’ worth of incentives for semiconductor investment is not a guarantee to