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Summary of the Latest Federal Income Tax Data, 2024 Update
The 2021 tax year was the fourth since the Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.
9 min read
Taxes and Migration: New Evidence from Academic Research
Do taxes affect individuals’ decisions regarding where to live and work? Can high taxes cause the outmigration of wealthy individuals?
5 min read
Tax Calculator: How the TCJA’s Expiration Will Affect You
Unless Congress acts, Americans are in for a tax hike in 2026.
3 min read
Evaluating the Proposed Tax Changes in Illinois Governor’s FY 2025 Budget
In his FY 2025 budget, Illinois Gov. Pritzker outlined a number of proposed tax changes, including to individual and corporate income taxes, state sales taxes, and sports betting excise taxes.
7 min read
Vermont Lawmakers Consider Harmful Taxes on the Wealthy
Vermont lawmakers are considering the adoption of two new taxes on high earners, which proponents have branded “wealth taxes.”
4 min read
Blog
Short FormWhy Your Tax Refund Is Nothing to Celebrate
Don’t be fooled by tax myths and misconceptions this tax filing season.
3 min read
Virginia Considers Expanding Its Sales Tax Base to B2B Digital Services
Expanding Virginia’s sales tax base to include B2B digital transactions could lead to tax pyramiding, hide the true cost of government, and make the sales tax system much less neutral and transparent.
5 min read
Sustainably Reforming Social Security and Medicare Will Need More than Just Tax Hikes
Creative options including changes in Social Security benefits growth for higher earners and reforms to how Medicare compensates for health services should be on the table, along with broad-based and well-structured tax reforms.
6 min read
Wealth Taxes in Europe, 2024
Only three European countries levy a net wealth tax—Norway, Spain, and Switzerland. France and Italy levy wealth taxes on selected assets.
4 min read
Savings and Investment: The Tax Treatment of Stock and Retirement Accounts in the OECD and Select EU Countries
Tax-preferred private retirement accounts often have complex rules and limitations. Universal savings accounts could be a simpler alternative—or addition—to many countries’ current system of private retirement savings accounts.
19 min read
State Individual Income Tax Rates and Brackets, 2024
Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min read
New CBO Report Shows Pandemic Response Sharply Reduced Inequality, Increased Progressivity in 2020
The pandemic led to one of the largest fiscal responses in U.S. history, impacting households across the income distribution.
4 min read
The State Flat Tax Revolution: Where Things Stand Today
In 2021 and 2022 alone, more states enacted laws converting graduated-rate individual income tax structures into single-rate income tax structures than did so in the whole 108-year history of state income taxation up until that point.
10 min read
Blog
Short FormHow Are Remote and Hybrid Workers Taxed?
Working from home is great. The tax complications? Not so much.
4 min read
Major Takeaways from CBO’s Updated Long-Term Outlook
The CBO projects deficits will be higher than historical levels, largely due to growth in mandatory spending programs While some recent legislation has reduced the deficit, the Inflation Reduction Act is proving to be more expensive than originally promised.
5 min read
Top Personal Income Tax Rates in Europe, 2024
Denmark (55.9 percent), France (55.4 percent), and Austria (55 percent) have the highest top statutory personal income tax rates among European OECD countries.
3 min read
Canada’s Tax-Free Savings Accounts Are a Huge Success. U.S. Lawmakers Should Take Note
For most Americans, saving is a taxing experience. Our neighbors to the north have found a better solution—and U.S. lawmakers should take note.
5 min read
Latest SALT Deduction Cap Proposal Increases Budget Deficit, Creates New Tax Cliffs, and is Regressive
From a revenue standpoint, about $9 billion of the $11.7 billion in lost revenue would accrue to joint filers earning more than $200,000.
5 min read
Maryland Considers Raising Local Income Taxes
Local income taxes in Maryland constitute about 35 percent of local tax collections and more than 17 percent of local revenue, giving Maryland’s localities the highest dependence on income taxes in the nation.
5 min read