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9 May 2024, 10:35 pm
In a recent report published by the Tax Foundation, Jared Walczak, the Vice President of State Projects at the Tax Foundation, proposed several modernizing reforms that states could adopt to ensure that their tax systems are positioned to deal with a remote-friendly working world in the aftermath of the COVID-19 pandemic. [read post]
23 Feb 2023, 3:30 am
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. [read post]
21 Feb 2023, 3:30 am
Key Findings Individual income taxes are a major source of state government revenue, accounting for 40 percent of state tax collections in fiscal year 2020, the latest year for which data are available. [read post]
13 Dec 2022, 2:45 am
Key Findings Central administration of local taxes is a common feature of sales taxes but is less common for income, tourism, and other local taxes. [read post]
19 Oct 2022, 1:17 pm
As my colleague Jared Walczak noted in his discussion of the taxation of churches, nonprofits (unlike for-profit corporations) do not have net income. [read post]
25 Aug 2022, 7:33 am
Key Findings Property taxes are the primary source of tax collections at the local level, responsible for 72.2 percent of local tax revenue in fiscal year 2020 (the most recent year for which data are available). [read post]
19 Jul 2022, 1:55 am
Table of Contents Key Findings Introduction Map: Combined State and Local Sales Tax Rates State Sales Tax Rates Local Sales Tax Rates State & Local Sales Tax Rates (Table) The Role of Competition in Setting Sales Tax Rates Sales Tax Bases: The Other Half of the Equation Methodology Conclusion Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. [read post]
10 May 2022, 1:55 am
Wyoming is, without question, a low tax state, with the nation’s second-lowest overall tax burdens on residents[1] and highly competitive taxes for many businesses. [read post]
4 May 2022, 1:50 am
Key Findings Sales taxes account for 29.52 percent of state tax revenue, but most sales taxes are imposed on narrow—and still-narrowing—bases, with average sales tax breadth of only 29.71 percent and a median of 35.72 percent. [read post]
13 Apr 2022, 1:50 am
Key Findings Exempting groceries from the sales tax base reduces economic efficiency without achieving its objective of enhancing tax progressivity. [read post]
3 Mar 2022, 1:50 am
“Frothy eloquence neither convinces nor satisfies me,” the 19th century Congressman Willard Duncan Vandiver allegedly declared. [read post]
15 Feb 2022, 1:55 am
Table of Contents Key Findings State Individual Income Tax Structures Map: How High are Individual Income Tax Rates in Your State? [read post]
3 Feb 2022, 3:45 am
Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. [read post]
18 Jan 2022, 1:55 am
Key Findings Forty-four states levy a corporate income tax. [read post]
13 Jan 2022, 1:55 am
Key Findings Well-designed Net Operating Loss (NOL) provisions benefit the economy by smoothing business income, which mitigates entrepreneurial risk and helps firms survive economic downturns. [read post]
23 Nov 2021, 8:25 am
Effective Tax Rate by Industry in Ohio Industry Sector Profit/Receipts Ratio Effective Tax Rate Agriculture, Forestry, Hunting, and Fishing 5% 4.7% Mining 4% 6.7% Construction 3% 8.6% Manufacturing 6% 4.0% Wholesale 3% 8.3% Retail 3% 7.9% Transportation and Warehousing 4% 7.0% Information 8% 3.4% Real Estate and Rental & Leasing 18% 1.4% Professional, Scientific, and Technical Services 5% 5.0% Management of Companies (Holding Companies) 70% 0.4% Administrative/Support, Waste Management 4% 6.3%… [read post]
1 Nov 2021, 5:20 am
§ 316.680(b). [7] Janelle Cammenga, “Louisiana Voters Have Chance to Simplify Taxes and Lower Burdens,” Tax Foundation, Oct. 21, 2021, https://www.taxfoundation.org/louisiana-election-results-tax-ballot-measures/. [8] Jared Walczak, “What’s in the Iowa Tax Reform Package,” Tax Foundation, May 9, 2018, https://www.taxfoundation.org/whats-iowa-tax-reform-package/. [9] Iowa S.F. 619 (2021). [10] Montana S.B. 399 (2021). [11] Jared… [read post]
27 Sep 2021, 7:48 am
See Jared Walczak, Four Questions Treasury Must Answer About the State Tax Cut Prohibition in the American Rescue Plan Act, Tax Found. [read post]
22 Sep 2021, 6:45 am
Key Findings States have paid out $175 billion in unemployment benefits since the start of the pandemic, with the federal government providing an additional $660 billion. [read post]
18 Aug 2021, 5:55 am
Table of Contents Key Findings Introduction Highest and Lowest Sales Taxes in Major Cities Sales Tax Rate Changes in Major Cities The Role of Competition in Sales Tax Sales Tax Bases: The Other Half of the Equation Conclusion Table: State and Local Sales Tax Rates in Major Cities Key Findings There are over 11,000 sales tax jurisdictions in the United States, with widely varying rates. [read post]
