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Federal Tax Updates Archive

Debt Limits, Trust, and Optimism

TweetShareSharePin0 Shares Get ready for the debt limit crisis. Treasury warned that it may have to take its usual “extraordinary measures” to keep the federal government funded after July 31. It added, however, “In light of the substantial Covid-related uncertainty about receipts and outlays in the coming months, it is very difficult to predict how

Top Personal Income Tax Rates in Europe

TweetShareSharePin0 Shares Most countries’ personal income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top statutory personal income tax rate applies to the share of income that

Delaying Required IRA Distributions Again Would Largely Help Only The Wealthy

TweetShareSharePin0 Shares  The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts (IRAs) and 401(k)s. Each time, Congress eases the required minimum distribution (RMD) rules at great cost to the federal government. Yet the beneficiaries would overwhelmingly be wealthy retirees

Should Government Use Tax Incentives to Encourage People to Get The COVID-19 Vaccine?

TweetShareSharePin0 Shares Tax incentives can encourage action that supports the public good—like lifting children out of poverty, giving to charity, pursuing higher education, or using alternatives to fossil fuels.  How about helping end a global pandemic? COVID-19 has weakened economies and killed more than 3.1 million people worldwide, with over 575,000 deaths in the US

The State Tax Costs of Doing Business

TweetShareSharePin0 Shares Note: A landmark comparison of corporate tax costs in all 50 states, Location Matters calculates and analyzes the tax burdens of eight model firms: a corporate headquarters, a research and development facility, a technology center, a data center, a shared services center, a distribution center, a capital-intensive manufacturer, and a labor-intensive manufacturer. Each

Kansas Tax Reform Passes: Outlier No More

TweetShareSharePin0 Shares Legislators in Kansas have had enough of their state being a tax policy outlier. After three years of deliberations, more than two-thirds of members in both the Senate and the House enacted tax reform and relief legislation Monday over the veto of Gov. Laura Kelly (D). Senate Bill 50 puts the state on

25 Percent Corporate Income Tax Rate?

TweetShareSharePin0 Shares Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent. Including state corporate taxes, a 25 percent federal corporate income tax rate would result in a combined average top corporate tax
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