State Tax Changes Taking Effect January 1, 2024
Thirty-four states will ring in the new year with notable tax changes, including 15 states cutting individual or corporate income taxes (and some cutting both).
17 min read
All Related Articles
How Recent Reforms to Retirement Saving Will Impact Taxpayers in 2024 and Beyond
With Secure 2.0, lawmakers recognized and addressed several flaws in the tax code’s treatment of saving and retirement, but there is continued work to be done simplifying and expanding savings and retirement options for taxpayers.
5 min read
Saving Americans’ Dwindling Savings
Americans are saving less. While the U.S. saving rate has regularly lagged behind its peers, it has yet to return to pre-pandemic levels. Increasingly, people are turning to credit cards to fill the gaps in their budgets.
Tax Reform Is Key to Ukraine’s Economic Health, Now and after the War
What historical lessons of wartime finance can Ukrainian and EU policymakers learn to put Ukraine’s economy on a path to success during, and especially after, the war?
5 min read
Blog
Short FormParts of the TCJA Are Expiring Soon—Here’s What That Means for You
Unless Congress acts, Americans are in for a tax hike in 2026.
3 min read
Comparing Europe’s Tax Systems: Individual Taxes
Estonia has the most competitive individual tax system in the OECD for the 10th consecutive year.
2 min read
2024 Tax Brackets
Explore the IRS inflation-adjusted 2024 tax brackets, for which taxpayers will file tax returns in early 2025.
4 min read
Movers and Shakers in the International Tax Competitiveness Index
The 2023 version of the International Tax Competitiveness Index is the 10th edition of the report. Let’s take a look back and see how country ranks have changed over time.
5 min read
Details and Analysis of Making the 2017 Tax Reforms Permanent
Lawmakers will have to weigh the economic, revenue, and distributional trade-offs of extending or making permanent the various provisions of the TCJA as they decide how to approach the upcoming expirations. A commitment to growth, opportunity, and fiscal responsibility should guide the approach.
18 min read
Marketplace Facilitator Laws: Past, Present, and a Better Future
The current patchwork of state laws taxing marketplace facilitators is complex, burdensome, and inefficient. States should work to resolve these issues and standardize the otherwise disparate requirements—with or without an inducement from Congress or the courts.
29 min read
IRS Report Shows Closing the Tax Gap Would Not Close the Deficit
The latest tax gap report from the IRS has generated much media attention—and much misunderstanding.
6 min read
2023 European Tax Policy Scorecard
The variety of approaches to taxation among European countries creates a need to evaluate these systems relative to each other. For that purpose, we have developed the European Tax Policy Scorecard—a relative comparison of European countries’ tax systems.
52 min read
2024 State Business Tax Climate Index
In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min read
International Tax Competitiveness Index 2023
While there are many factors that affect a country’s economic performance, taxes play an important role. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities.
88 min read
Most Successful Fiscal Consolidations Do Not Rely Solely on Tax Hikes
If tax increases are included in a package, international experience points toward raising consumption taxes, rationalizing tax expenditures, and broadening the tax base—not hiking income taxes.
6 min read
Federal Deficit Grew to $2 Trillion in FY 2023
Outside of the pandemic years, this year’s federal deficit is the highest in U.S. history. While tax revenue has increased about 28 percent since the pre-pandemic year 2019, spending has increased about 46 percent. Annual deficits are headed towards $3 trillion over the next few years.
3 min read
How Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and Children
Income taxes impose steeper economic costs, and often steeper administrative and compliance costs, than consumption taxes. Moving to a consumption tax would end the tax bias against saving and investment and provide an opportunity to greatly simplify anti-poverty programs embedded in the tax code.
45 min read
Nonprofits are Financially Healthy and Doing Big Business
Can an organization rightfully be called a “nonprofit” if it almost always makes money? And what if most of that organization’s income comes from “business income,” should it legitimately be considered a “charity”?
7 min read
It Pays to Keep It Simple
Simplicity in the tax code means taxes should be easy for taxpayers to pay and easy for governments to administer and collect.
The Tax Policy Implications of the Spanish Elections at the Regional, National, and European Levels
The Spanish election results are moving the country away from pro-growth tax reforms while launching the government’s tax agenda, and the agenda of the Spanish presidency of the Council of the European Union, into uncertainty.
7 min read