Wealth

In her recent confirmation hearing, economist Janet Yellen, President Biden’s choice for Treasury Secretary, sought to reassure markets that the new administration would not raise corporate taxes until the economy improves. At the same time, however, she sent a troubling signal that when they do push for higher corporate tax rates, they would do so

In his fiscal year 2022 budget proposal unveiled this week, New York Gov. Andrew Cuomo includes an excise tax on what could be legalized recreational marijuana. New York is looking to join neighboring New Jersey, where voters approved a ballot measure to legalize recreational marijuana last November. Gov. Cuomo expects the tax revenue to eventually

On Friday, the Organisation for Economic Co-operation and Development (OECD) hosted the second of two days of a public consultation on changes to international corporate tax rules. The consultation is in the context of the Inclusive Framework on Base Erosion and Profit Shifting which is made up of delegates from more than 135 countries and

On Thursday, the Organisation for Economic Co-operation and Development (OECD) hosted the first of two days of a public consultation on changes to international corporate tax rules. The consultation is in the context of the Inclusive Framework on Base Erosion and Profit Shifting, which is made up of delegates from more than 135 countries and

Key Findings The Tax Cuts and Jobs Act lowered the top integrated tax rate on corporate income distributed as dividends from 56.33 percent in 2017 to 47.47 percent in 2020; the OECD average is 41.6 percent. Joe Biden’s proposal to increase the corporate income tax rate and to tax long-term capital gains and qualified dividends at

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

Today, the United States puts into effect new 25 percent tariffs on $1.3 billion in French products. This comes as a response to France commencing collection of its digital services tax (DST) at the end of 2020. The tariffs will target several French cosmetics, handbags, and assorted soaps. Finance Minister Bruno Le Maire has said that

The world is ready to close the book on 2020 and start fresh in 2021, awaiting widespread vaccination, an end to the pandemic, and the beginning of a new chapter of economic recovery. With a fresh start in mind, and a healthy dose of optimism, here are three New Year’s resolutions for crafting better tax

The Tax Foundation appreciates the opportunity to respond to the public consultation on the reports on the Pillar 1 and Pillar 2 blueprints. The reports show how much technical work has been done since the “Unified Approach” was released, and they reveal how much work would need to be done to adapt tax systems to

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

Corporate income taxes are commonly levied as a flat rate on business profits. However, some countries provide reduced corporate income tax rates for small businesses. Out of 27 European OECD countries covered in today’s map, nine levy a reduced corporate tax rate on businesses that have revenues or profits below a certain threshold. Belgium, France,

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

Key Findings At the end of 2020, 33 temporary tax provisions are scheduled to expire at the federal level. These provisions generally fall under four categories: cost recovery, energy, individual, and other business provisions. Temporary tax policy should be avoided in favor of certainty and stability within the tax code. Congress routinely violates this aspect

Every year, for over 80 years, the Tax Foundation has hosted its end-of-year gala, Tax Prom, to bring together the tax community in a spirit of bipartisanship and to celebrate the hard work of the year. In 2020, like so many other things, Tax Prom was a little different. Instead of gathering in person, we

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

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

As taxpayers and policymakers consider the prospects for federal tax policy in 2021, it is important to also consider how existing tax law may change in 2021 and over the next five years. While there are many tax changes built into the tax code over the coming years for individuals and businesses, the recent claim

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

Tuesday, voters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana. The vote was only close in one state, South Dakota. That raises the total to 15 states plus the District of Columbia that have legalized recreational marijuana one way or another. Recreational marijuana has been a hot

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