Treasury Department Archive

Taxes, Scholarships, And A College Freshman: No Such Thing As Free Money

TweetShareSharePin0 Shares Spring is nearly here, and our college-bound high school senior—like millions of others across the country—is playing two well-known waiting games. Which universities will admit her? And which will award scholarships that reduce her costs of attending? Lesser known to many: Depending on their use, scholarships may have tax consequences. But should they,

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

Sources of US Government Revenue

TweetShareSharePin0 Shares Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is

A Soft Landing, The Debt Limit, And IRS Deadlines

TweetShareSharePin0 Shares A soft landing? Treasury Secretary Janet Yellen told Reuters that the economy is in “fundamentally good shape” and may be able to handle the pressure of the Federal Reserve’s efforts to reduce inflation. She said she believes a “soft landing” – reducing inflation without prompting a recession – is possible due to a

California Flavored Tobacco Ban: Details & Analysis

TweetShareSharePin0 Shares One month following California’s implementation of a state-wide flavored cigarette ban, tax-paid cigarette sales dropped 17.3 percent. More than 5.6 million fewer packs were sold in January 2023 than in January 2022. On an annual basis, California will likely see revenues fall by more than $300 million. We previously estimated that a menthol

Organised crime and financial secrecy: the Tax Justice Network podcast, the Taxcast

TweetShareSharePin0 Shares Welcome to the latest episode of the Tax Justice Network’s monthly podcast, the Taxcast. You can subscribe either by emailing naomi [at] or find us on your podcast app. All our podcasts are unique productions in five languages: English, Spanish, Arabic, French, Portuguese. They’re all available here. In this edition of the Taxcast: After 30 years on the run, Italy’s most

Sources of Government Revenue, 2023

TweetShareSharePin0 Shares Developed countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is. For example, taxes on income can do more economic harm than taxes on consumption and property. Countries across

Tennessee Tax Plan: Details & Analysis

TweetShareSharePin0 Shares Tennessee joined the ranks of no-income-tax states in 2022 with the phaseout of the Hall Tax on interest and dividend income. But with other states upping their game to attract ever-more-mobile people and businesses, lawmakers and the governor are not content to leave Tennessee’s business taxes in their current, uncompetitive form. Gov. Bill

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