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Individual Income and Payroll Taxes Archive

Montana Adopts Individual and Corporate Income Tax Reform

TweetShareSharePin0 Shares Montana adopted structural reforms to both individual and corporate income taxes during the recently adjourned legislative session, enacting three bills reducing individual tax rates, simplifying the state’s individual tax system, repealing 16 tax credits, and changing the apportionment factor for corporate income tax. This tax reform package, signed by Gov. Greg Gianforte (R)

Arizona Legislators Consider Lower, Flatter Income Tax

TweetShareSharePin0 Shares Arizona legislators are considering tax changes as part of the fiscal year 2022 budget process that is underway. Companion omnibus taxation bills HB 2900 and SB 1828 would reduce individual income tax rates for all taxpayers, consolidate the state’s graduated-rate income tax brackets into what would effectively be a two-rate structure by 2023,

Tax Relief for Families in Europe, 2021

TweetShareSharePin0 Shares Most countries provide tax relief to families with children—typically through targeted tax breaks that lower income taxes. While all European OECD countries provide tax relief for families, its extent varies substantially across countries. One way to measure targeted tax relief for families is to compare the tax burdens on labor of a family

13 States That Tax Social Security Benefits

TweetShareSharePin0 Shares Thirteen states tax Social Security benefits, a matter of significant interest to retirees. Each of these states has its own approach to determining what share of benefits is subject to tax, though these provisions can be grouped together into a few broad categories. Today’s map illustrates these approaches. Thirty-seven states and D.C. either

Oklahoma Tax Bill Included in Budget Agreement

TweetShareSharePin0 Shares Last Friday, Oklahoma Governor Kevin Stitt (R) signed House Bills 2960, 2962, and 2963 into law as part of a budget agreement, bringing the legislature’s tax plans across the finish line. These bills will reduce the state’s corporate and individual income tax rates beginning in tax year 2022. House Bill 2960 reduces the

Reviewing the Impact of Taxes on Economic Growth

TweetShare1SharePin1 Shares With the Biden administration proposing a variety of new taxes, it is worth revisiting the literature on how taxes impact economic growth. In 2012, we published a review of the evidence, noting that most studies find negative impacts. However, many papers have been written since, some using more sophisticated empirical methods to identify

A Comparison of the Tax Burden on Labor in the OECD, 2021

TweetShareSharePin0 Shares Key Findings Average wage earners in the OECD have their take-home pay lowered by two major taxes: individual income and payroll (both employee and employer side). Value-added (VAT) and sales taxes also place a tax burden on take-home pay used for consumption. Before accounting for VAT and sales tax, the average tax burden

Are Federal Taxes Progressive? | Taxes & Transfers

TweetShareSharePin0 Shares The Joint Committee on Taxation (JCT) recently released data on taxes paid at various levels of income, indicating the federal tax system is progressive, consistent with similar analysis by the Congressional Budget Office (CBO), and the Organisation for Economic Co-operation and Development (OECD). The JCT found that the bottom 50 percent of taxpayers

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

SALT Cap Repeal | State and Local Tax Deduction

TweetShareSharePin0 Shares As President Biden’s tax plans are considered in Congress, the future of the $10,000 cap for state and local tax deductions (SALT) is becoming an important part of the tax debate. Certain members of the House and Senate want the SALT deduction cap removed, which would benefit primarily higher earners—and result in a
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