Wealth

More than 140 countries worldwide—including all European countries—levy a Value-Added Tax (VAT) on goods and services. As today’s tax map shows, although harmonized to some extent by the European Union (EU), EU member states’ VAT rates vary across countries. The VAT is a consumption tax assessed on the value added in each production stage of
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Key Findings In 2020, 10 countries made changes to their statutory corporate income tax rates. One country—Micronesia—increased its top corporate tax rate, while nine countries—Armenia, Belgium, Colombia, France, French Polynesia, Greenland, Monaco, Togo, and Zimbabwe—reduced their corporate tax rates. Comoros (50 percent), Puerto Rico (37.5 percent), and Suriname (36 percent) are the countries with the highest
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Walter Williams, who taught millions of people economics throughout his long career, has died. He was the author of over 150 publications and a syndicated columnist, writing on many topics including tax, and often cited our research. He was a professor of economics at George Mason University, and I attended his microeconomics class nearly 20
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With a likely divided U.S. Congress this January, the incoming Biden administration may have a limited ability to pass the tax changes proposed by Biden during the 2020 presidential campaign. Much of Biden’s tax plan included tax increases on higher earners and businesses, which are unlikely to be considered by a likely Republican-controlled Senate pending
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Among President-elect Joe Biden’s proposals is increasing taxes on corporate income, both at the entity level and at the shareholder level. If enacted, Biden’s plan would reduce after-tax income for corporations and shareholders across the income distribution, reduce economic growth by over 1.5 percent, and eliminate more than half-a-million jobs. Increasing taxes on corporate income
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Last week, New Jersey’s legislature took the first step towards making recreational marijuana legal when Senator and Majority Whip Nicholas P. Scutari (D) and Senate President Stephen M. Sweeney (D) introduced Senate Bill 21 (S21), New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act. If enacted, S21 would legalize and tax recreational marijuana in
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In Tuesday’s election, voters in two states—California and Colorado—were tasked with deciding whether to amend their states’ constitution to change how the property tax burden is distributed. In many ways, the ballot measures were mirror images of each other, but the outcomes were similar. California Proposition 15 sought to shift more of the property tax
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