Search for: "Jared Walczak"
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15 Jul 2021, 9:55 am
Table of Contents Key Findings Introduction Arizona Idaho Iowa Louisiana Missouri Montana Nebraska New Hampshire Ohio Oklahoma Wisconsin Conclusion Trend: States Reform Income Taxes To Provide Relief And Remain Competitive Key Findings As states close their books for fiscal year 2021, many have much more revenue on hand than they anticipated last year. [read post]
8 Jul 2021, 6:00 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]
6 Jul 2021, 4:25 am
[1] Jared Walczak et al., Location Matters 2021: The State Tax Costs of Doing Business, Tax Foundation, May 5, 2021, https://www.taxfoundation.org/state-tax-costs-of-doing-business-2021/. [2] Forbes, “Best States for Business,” 2019, https://www.forbes.com/best-states-for-business/list/. [3] CNBC, “America’s Top States for Business in 2019,” updated Jan. 27, 2020, https://www.cnbc.com/2019/07/10/americas-top-states-for-business-2019.html. [4] CNBC,… [read post]
29 Jun 2021, 2:55 am
Table of Contents Key Findings Introduction Corporate Income Tax Changes Individual Income Tax Changes Sales and Use Tax and Gross Receipts Tax Changes Tobacco and Vapor Tax Changes Transportation Tax Changes Sports Betting Tax Changes Miscellaneous Tax Changes Notable Tax Rate Changes Retroactive to January 1, 2021 Key Findings Thirteen states have notable tax changes taking effect July 1, 2021. [read post]
17 Jun 2021, 7:58 am
Last month, the U.S. [read post]
25 May 2021, 2:55 am
Table of Contents Key Findings Introduction A Brief Overview of GILTI Calculating GILTI Tax Liability State Taxation of GILTI Is Complex and Uncompetitive State Taxation of GILTI Raises Constitutional Issues Current Status of States’ Taxation of GILTI The Impact on States of the Biden Administration’s Proposed Federal Changes to GILTI A Brief Overview of FDII Current State Treatment of the FDII Deduction and the Impact of the Biden Administration’s Proposed Changes Recent… [read post]
10 May 2021, 8:29 am
Table of Contents Key Findings Introduction Current State Digital Tax Proposals Justifications and Analysis Conclusion Key Findings Digital advertising, social media, and data tax proposals have been introduced in nine states following enactment of Maryland’s digital advertising tax, which has since been postponed a year due to administrative and legal challenges. [read post]
22 Apr 2021, 5:55 am
Table of Contents Key Findings Introduction Review of State and Local Car Rental Excise Taxes — How Rental Car Taxes and Fees Work — How Rental Car Excise Tax Revenue Is Used Economic and Tax Policy Consequences of Rental Car Excise Taxes — Economic Incidence of Car Rental Excise Taxes — Tax Exporting — Car Rental Excise Taxes and Tax Policy Rental Car Taxes and Peer-to-Peer Car Sharing — Developments in the State Taxation of Peer-to-Peer Car Sharing —… [read post]
18 Mar 2021, 9:02 am
Table of Contents Key Findings Introduction Four Questions: — What constitutes a net tax reduction? [read post]
17 Feb 2021, 8:12 am
Table of Contents Key Findings State Individual Income Tax Structures Notable Individual Income Tax Changes in 2021 Map: How High are Individual Income Tax Rates in Your State? [read post]
10 Feb 2021, 6:00 am
Key Findings In addition to its economic impact on Maryland businesses and the likelihood of serious legal challenges, Maryland’s proposed digital advertising tax is incredibly vague on vital definitions, creating uncertainty about where revenue is sourced and when it is subject to the tax. [read post]
9 Feb 2021, 6:00 am
Key Findings Sales taxes account for about one-third of state tax revenue, but most sales taxes are imposed on narrow—and still-narrowing—bases, with average sales tax breadth of only 30.63 percent and a median of 36.26 percent. [read post]
3 Feb 2021, 5:55 am
” Tax Foundation, Oct. 5, 2020, https://taxfoundation.org/colorado-proposition-116-state-income-tax/. [6] Scott Drenkard, “Indiana’s 2014 Tax Package Continues State’s Pattern of Year-Over-Year Improvements,” Tax Foundation, Apr. 7, 2014, https://taxfoundation.org/indiana-s-2014-tax-package-continues-state-s-pattern-year-over-year-improvements/. [7] Jared Walczak, “Iowa Governor Outlines Plan to Cut Rates and Repeal Federal Deductibility,”… [read post]
26 Jan 2021, 5:29 am
Key Findings Introduction Consumption Taxes in Brief Consumption Tax Revenues in OECD Countries Value-added Tax Sales Taxes Excise Taxes Excise Tax Trends Conclusion Appendix (See PDF) Key Findings Consumption taxes are a significant source of revenue for governments across the world, making up 32.3 percent of tax revenues in OECD countries in 2019. [read post]
15 Jan 2021, 2:36 pm
As our colleague Jared Walczak points out here, collections data indicate state tax revenues are down only slightly overall but states that depend heavily on tourism or the energy sector are disproportionately struggling. [read post]
13 Jan 2021, 11:59 am
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. [read post]
11 Jan 2021, 8:19 am
Key Findings Introduction Tax Elements General Design Considerations — Taxing Data Processing — Taxing Financial Transactions — Taxing Traders Conclusion Key Findings: A financial transaction tax (FTT) would raise transaction costs, which would result in a lower trading volume, lower liquidity, potentially increased volatility, and lower price of assets. [read post]
6 Jan 2021, 6:38 am
Table of Contents Key Findings Introduction Combined State and Local Sales Tax Rates (Map) 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]
5 Jan 2021, 6:00 am
Table of Contents Key Findings Introduction Corporate Income Tax Changes Individual Income Tax Changes Sales and Use Tax Changes Property and Wealth Tax Changes Tobacco, Vapor, and Marijuana Tax Changes Transportation Tax Changes Miscellaneous Excise Tax Changes Other Tax Changes Retroactive Tax Changes Adopted in 2020 Key Findings Twenty-six states and the District of Columbia had notable tax changes take effect. [read post]
15 Dec 2020, 10:17 am
As our colleague Jared Walczak notes, this allocation formula has some limitations: it would not take into account revenue decisions made by states or the underlying source of revenue declines, and there may be an incentive for states to adjust their receipts to maximize their aid under the formula. [read post]
