Taxes

“Should I stay or should I go?” The Clash sang years ago. Residents of New York, Connecticut, New Jersey, Rhode Island, California and other high-tax states are now singing a similar song. The thought of moving to a lower-tax state is more prevalent than ever in light of the federal Tax Cuts and Jobs Act

Key Findings The EU budget agreement reached in 2020 called for a new digital levy as a funding mechanism. Evidence on the taxes paid by digital companies calls into question the arguments in favor of a digital levy. EU policymakers should focus on continued implementation of digital VAT policies and ongoing international negotiations rather than

Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Ten states—Arizona, Colorado, Florida, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, South

Filing your taxes may look a little different this year. But if you’re worried the extra boost in funds you received as stimulus payments will negatively impact your tax refund, rest assured that is not the case. That’s because the stimulus payments are not considered taxable income; they are advances on a tax credit created

The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season. They include moving the question about virtual currency from the attached Schedule 1 to near the top of the main form, right under the name and address,

President Joe Biden is calling for a third round of economic impact payments to households as part of his $1.9 trillion American Rescue Plan. Under the plan, the payments would be $1,400 per person, topping off the recent round of $600 payments for a combined $2,000 per person. Senate Republicans have proposed payment amounts of

Note: Below is an excerpt from our recent guide, “Thirteen Priorities for Pro-Growth Tax Modernization in Nebraska.” To see the full report, click the “Download PDF” link above. Executive Summary Nebraska’s motto promises “Good Life. Great Opportunity.” It is a promise on which policymakers have long worked hard to deliver, and residents take great pride