While there is still plenty of work to be done to get unemployed Americans back to work, the U.S. economy as a whole is now recovering strongly from the pandemic-induced economic downturn, outperforming forecasts from earlier in the year and outperforming most other developed countries. The Atlanta Federal Reserve’s “nowcast” indicates that the U.S. economy […]
Online shopping is nothing new in our increasingly digital world, but 2020’s extended lockdowns due to the coronavirus pandemic have made it even more popular. You can order groceries, get a hot meal delivered, or even buy a kite for socially-distanced fun, all without leaving your couch. The system is simple and streamlined—at least for […]
After six unsuccessful tries at passage, it appears the coronavirus crisis has tipped the scales in favor of Gov. Phil Murphy’s (D) millionaires tax. After reaching a deal with legislators earlier this month, Murphy included a tax increase on those making more than $1 million in his FY 2021 budget. The New Jersey legislature confirmed […]
Legalizing recreational marijuana is a hot topic in many states where the state budgets are in disarray because of the coronavirus pandemic and new revenue sources are being sought. Combined with a desire to decriminalize marijuana, the zeitgeist is ideal for legalization. This Election Day, voters in Arizona, Montana, New Jersey, and South Dakota will consider legalization and […]
As a result of the COVID-19 pandemic, the economies of many countries have been significantly damaged. In Sweden, GDP is expected to fall by 4.6 percent in 2020, despite the country’s lack of business and school lockdowns. In August, Sweden’s unemployment rate was 9 percent. Unsurprisingly, Sweden’s economic recovery is a priority in the upcoming […]
Last week, Maryland Senator Antonio Hayes (D) announced that in the next legislative session he will sponsor a bill to increase Maryland’s alcohol excise tax to raise revenue for health-care spending. Specifically, the bill would, if enacted, increase the ad valorem component of the state’s alcohol excise tax from 9 percent to 10 percent. This […]
Key Findings State tax collections declined 5.5 percent in FY 2020 according to new Census data, though actual losses are likely to be significantly lower after accounting for the shifting of income tax collections into the current fiscal year due to delayed tax filing deadlines. After a sharp initial drop under stay-at-home orders, sales tax […]
In 2017, Value-Added Tax (VAT) accounted for 62.3 percent of consumption tax revenues in the OECD on average, making it an important source of government revenue. The European Commission (EC) recently published the latest version of their annual report on the “VAT Gap” in 2018 for the 28 Member States of the European Union at […]
The Senate is poised to vote on a coronavirus aid relief package today, which would provide additional funding for individuals, businesses, and states combatting the pandemic. The “Delivering Immediate Relief to America’s Families, Schools, and Small Businesses Act” enters the negotiations as a Senate Republican response to multiple packages proposed by Democrats and Republicans in […]
Supporters and critics of Democratic presidential nominee Joe Biden’s tax plan have made a variety of claims about the size of the tax proposals, ranging from “not big enough” to the “biggest tax increase in history.” Comparing his tax proposals—which include higher taxes on high-income earners and businesses paired with more generous provisions for households […]