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Individual and Consumption Taxes Archive

Biden’s First 100 Days: Taxes & Tax Policy

TweetShareSharePin0 Shares In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States. While proposing ways to pay for new spending and for

Kansas Tax Reform Bill: Lawmakers Consider Veto Override

TweetShareSharePin0 Shares The Kansas legislature will reconvene next week for its 2021 veto session, when legislators will reconsider bills that were vetoed by the governor. One such bill that has a second chance of being enacted, Senate Bill 50, would enhance Kansas’ economic competitiveness by improving the state’s corporate, individual, and sales tax structure while

a 61% Tax on Wealth? Tax Foundation

TweetShareSharePin0 Shares As part of President Joe Biden’s American Families Plan (AFP), the White House yesterday proposed two major tax increases on accumulated wealth, adding to a 61 percent tax on the wealth of high-earning taxpayers. First, the American Families Plan would tax unrealized capital gains at death for unrealized capital gains worth over $1 million.

Estate Taxes in Europe | Estate, Inheritance, Gift Taxes

TweetShareSharePin0 Shares Inheritance tax dates to the Roman Empire, which collected 5 percent of inherited property to pay soldiers’ pensions. Today, the practice is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland, France, Germany, Greece,

Latin America Tax Revenue & Caribbean Tax Revenue

TweetShareSharePin0 Shares The Organisation for Co-operation and Economic Development (OECD) has compiled tax revenue data for countries around the world—including 27 Latin American and Caribbean (LAC) countries, where tax revenue as a percent of GDP is on average 11 percentage points lower than in other regions. On average, the tax-to-GDP ratio for 26 countries (excluding

Louisiana Tax Reform Proposals, 2021

TweetShareSharePin0 Shares Deliberations which began well before the beginning of Louisiana’s legislative session—which has the nation’s latest start date (April 12th)—have yielded a meaningful package of tax reform proposals. Legislators aim to lower the state’s individual and corporate income tax rates, begin phasing out the capital stock tax, and bring sales tax centralization across the

Income Taxes Per Capita, By State, 2021

TweetShareSharePin0 Shares The individual income tax is one of the most significant sources of revenue for state and local governments. In fiscal year 2018, the most recent year for which data are available, individual income taxes generated 24.2 percent of state and local tax collections, just ahead of general sales taxes (23.3 percent). The following

Tax Fairness, Economic Growth, and Funding Government Investments

TweetShareSharePin0 Shares Note: The following is the testimony of Scott A. Hodge, President of the Tax Foundation, prepared for the Senate Finance Committee (Subcommittee on Fiscal Responsibility and Economic Growth of the Committee on Finance) for a hearing on April 27, 2021, titled, “Creating Opportunity Through a Fairer Tax System.” Thank you, Madame Chairman, ranking
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