With continued concerns over inflation, individuals may be wondering how their tax bills will be impacted. Less than half of OECD countries in Europe automatically adjust income tax brackets for inflation every year.
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In a pattern that has become all too common in recent decades, the newly enacted Inflation Reduction Act (IRA) added yet another layer of complexity to an already complex and burdensome federal tax code.
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Expediting income tax rate reductions and indexing major income tax provisions for inflation are two of the most important tax policy changes policymakers could make to provide meaningful tax relief to Hoosiers both now and in the years to come.
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High marginal tax rates can act as barriers to upward mobility, discouraging people from advancing in their careers.
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Given the state’s strong budget surplus and projected continued revenue growth, Wisconsin is in a prime position to enact pro-growth reforms to improve the state’s competitive standing for decades to come.
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Research has shown that spikes in tax rates can act as barriers to upward mobility. High marginal tax rates might directly influence the decisions workers make about accepting a raise, working additional hours, or whether they might remain on government benefits.
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The proposals share a common goal of improving incentives for households to save during a time when inflation is impacting their finances.
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The United States needs to grow its way out of inflation and set the economy up for continued growth—the tax code provides tools for policymakers to do just that.
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Efforts to improve the taxpayer experience should focus on the IRS’s operations and include structural improvements to the tax code.
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This legislative session, the sales tax on food has garnered a great deal of attention in Kansas, with policymakers on both sides of the aisle proposing the removal of groceries from the sales tax base.
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As the deadline for tax filing nears, the IRS faces scrutiny for its backlog of returns, inaccessible taxpayer service, and delays in issuing certain refunds.
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In times of inflation, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.”
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After a whirlwind of cuts and reforms in 2021, it looks like 2022 might be an even bigger year for state tax codes. Republican and Democratic governors alike used their annual State of the State addresses to call for tax reform, and there is already serious momentum from state lawmakers nationwide to get the job done.
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States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. Tax rebates, gas tax holidays, and other temporary tax expedients have the potential to add to existing inflation—but good intentions do not always make for good policy.
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Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
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Even if 2022 sees many tax reforms, the scope of Iowa’s tax relief measures is likely to stand out. With the most recent reform package, Iowa lawmakers have made a significant investment in a more competitive tax climate for an increasingly competitive era.
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In a time of increased mobility and tax competition, a lower rate and simpler tax structure would help Georgia stand out among states. Lawmakers would be wise to consider reforming the state’s income tax to improve the state’s competitiveness.
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By reducing the tax code’s current barriers to investment and saving and simplifying its complex rules, lawmakers would greatly enhance the ability of Americans to pursue new ideas, create more opportunities, and build financial security for themselves and their families.
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