federal taxes Archive
Local Income Taxes by State: Local Income Tax Data
February 23, 2023
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TweetShareSharePin0 Shares Key Findings Although most states forgo local income taxes, they are a significant source of local tax revenue in six states and at least a modest source of revenue in 10 others. Some use state definitions of income, while others define income separately or make modifications to the state base. Localities that “piggyback”
To tackle the Mafia we must end financial secrecy
February 23, 2023
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TweetShareSharePin0 Shares In January 2023, Italy’s most wanted man, Matteo Messina Denaro, was arrested in the country. While this may seem like a victory in the fight against the Mafia, the truth is that this criminal network has outlasted all its leaders and remains alive. The organisation that has killed hundreds of its opponents has
Breaching The Debt Limits Risks Hurting Children
February 22, 2023
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TweetShareSharePin0 Shares In a year when child poverty has risen substantially following the expiration of temporary tax benefits, Washington intransigence over raising the debt ceiling could put children at even greater risk. In general, children benefit from three types of federal programs: tax credits, discretionary spending programs, and mandatory spending programs. House Republicans have vowed
Breaching The Debt Limit Risks Hurting Children
February 22, 2023
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TweetShareSharePin0 Shares In a year when child poverty has risen substantially following the expiration of temporary tax benefits, Washington intransigence over raising the debt ceiling could put children at even greater risk. In general, children benefit from three types of federal programs: tax credits, discretionary spending programs, and mandatory spending programs. House Republicans have vowed
The IRS Misses Its Deadline For Completing A Plan To Spend $80 Billion In New Money
February 22, 2023
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TweetShareSharePin0 Shares Yes, I’ve known for months that my taxes are due by April 18. But I’m changing tax preparers. And I’m really busy at work. And there was the pandemic. And my return is really complicated. That sounds a bit like the IRS’s recent admission that it missed its February deadline to complete
Inflation Adjustments, IRS Uploads, And Massachusetts Tax Cuts
February 21, 2023
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TweetShareSharePin0 Shares IRS inflation adjustments for individual taxes: How does it work? TPC’s Robert McClelland has a new brief explaining why the IRS inflation adjustment was enacted, how it works, and how the change from using the so-called headline consumer price index (CPI) to chained CPI has affected taxes. Inflation last year reached its highest
2023 State Income Tax Rates and Brackets
February 21, 2023
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TweetShareSharePin0 Shares (a) Local income taxes are excluded. Eleven states have county- or city-level income taxes; the average rates expressed as a percentage of AGI within each jurisdiction are: AL–0.10%; DE–0.16%; IN–0.61%; IA–0.11%; KY–1.31%; MD–2.38%; MI–0.17%; MO–0.21%; NY–1.59%; OH–1.56%; PA–1.22%. In CA, CO, KS, NJ, OR, and WV some jurisdictions have payroll taxes, flat-rate wage
Elucidating the missing half – the tax rate of a typical millionaire in Germany
February 21, 2023
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TweetShareSharePin0 Shares We’re pleased to share this blog post written by Christoph Trautvetter from Netzwerk Steuer. Gerechtigkeit. Every year, just before the rich and powerful meet in Davos to discuss politics, Oxfam publishes a report that shows that the rich have become richer. Ten years since the first of these studies the situation hasn’t changed.
What is the inflation adjustment for taxes in 2023?
February 17, 2023
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TweetShareSharePin0 Shares Inflation last year reached its highest level in the United States since 1981. As a result, the IRS announced the largest inflation adjustment for individual taxes in decades: 7.1 percent for tax year 2023. To help people understand where inflation-related tax adjustments might be headed in 2024, I authored a new brief explaining
A New IRS Commissioner, And An Even Grimmer Fiscal Outlook
February 17, 2023
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TweetShareSharePin0 Shares Senate likely to confirm Werfel as IRS Commissioner. Senate Finance Committee Republicans say that Daniel Werfel is likely to be confirmed by the Senate, but the IRS will face tough oversight as it uses $80 billion in new funding from the Inflation Reduction Act. Untouchable spending, with no help from tax revenue. The
