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Treasury Department Archive

Aligning Kentucky’s Tax Code for Growth

TweetShareSharePin0 Shares Executive Summary Overview Tax reform has been on Kentucky lawmakers’ minds for years, and while significant progress has been made recently, substantial work remains to be done. In 2018, the General Assembly made important strides in creating a more neutral, pro-growth tax structure even while generating a net increase in revenue. With its

All Eyes On The Senate

TweetShareSharePin0 Shares The Senate returns this week with a long to-do list. The Senate first will consider an annual defense bill, then measures to prevent a government shut down and a debt limit breach. Later in December it will address—and certainly change—the House-passed Build Back Better Act (BBB). Will Congress get all of this done

‘Power concedes nothing without a demand:’ the OECD, the G77 and a UN framework convention on tax proposal

TweetShareSharePin0 Shares With the OECD tax reforms having lost most of their original ambition, and the remaining benefits captured almost entirely by a few larger OECD members, attention is switching to the search for alternatives. In October, the G77 – by far the largest of all the ‘G’ country groups – once again tabled at

Florida Gas Tax: DeSantis Gas Tax Relief Proposal

TweetShareSharePin0 Shares Florida Governor Ron DeSantis (R) knows how to make a splash, and his proposal to suspend the state’s gas tax—temporarily, but without a specific end date—will only burnish that reputation. Citing rising prices at the pump and the state’s substantial revenue surplus, the governor is calling upon the legislature to take the state’s

Bonus Depreciation Helps Disadvantaged Workers, Study Finds

TweetShareSharePin0 Shares One concern that some lawmakers and academics share is whether policies that incentivize investments in capital, such as full expensing or bonus depreciation, may hurt workers by encouraging firms to automate. A new paper casts doubt on that concern and finds the opposite—low-skilled workers are most helped by policies that encourage capital investments

Ohio Gross Receipts Tax Repeal

TweetShareSharePin0 Shares Coming out of the pandemic, the state of Ohio is estimating significant tax revenue growth, and a group of Ohio lawmakers is looking to take advantage and repeal the Commercial Activity Tax (CAT). Ohio’s CAT, implemented in 2005 as part of tax reform that lowered and consolidated business taxes, is one of only

Sustainable Mississippi Income Tax Reduction

TweetShareSharePin0 Shares Thanks to increased tax revenues from higher consumer spending, sustained economic growth, and both the primary and secondary effects of federal COVID-19 relief programs, many states are flush with cash, and a significant number have used at least some of their surplus to provide tax relief. Many Mississippi lawmakers would like to join

Digital Services Taxes in Europe

TweetShareSharePin0 Shares Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some

It’s Going To Be A Long December

TweetShareSharePin0 Shares The Senate is likely to take at least a month to “Build Back Better.” The Senate is start on its version of the Build Back Better (BBB) tax and spending package the House passed on Friday. The Senate is almost certain to make changes. Among the most contentious issues: The fate of the
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