In May, the Bureau of Economic Analysis (BEA) released its annual data showing the differences in purchasing power across American metropolitan and non-metropolitan areas in 2018. This data compares how much $100 can buy in different regions and metropolitan areas across the country, which can have a significant effect on the relative impact of different […]
As Canadian provinces increased their spending due to Covid-19 measures ranging from 0.2 percent of GDP in New Brunswick up to 6.5 percent of GDP in Quebec, their budget deficits ballooned. The economic and health crisis comes at a difficult moment for Canadian provinces as their pre-pandemic budgets were already running deficits. In early February, […]
According to news reports, the Vermont legislature is ready to advance S54 this month or next, to legalize cultivation and sales of marijuana in the state beginning in 2022. Versions of the bill have been approved by both chambers. The current regulatory situation in Vermont is unique, as marijuana possession has been legal since January […]
Individuals respond to taxes by changing their behavior. Hence, when there are tax differences between countries, some might respond by moving to a lower-tax area. For higher-income individuals, the benefits of moving as a result of higher taxes are greater because they have more income or wealth at stake. In a recent article published by […]
Early property taxes, which were first implemented in feudal times, were levied primarily against land. Hence, property tax was paid mostly by those that worked as farmers. In modern times, property tax is also levied against assets like real estate. The tax is paid on a recurrent basis on property owned by individuals or legal […]
On June 1, Massachusetts’ ban on sale of flavored tobacco products, including menthol cigarettes, took effect. Flavored vapor products were already banned. When signing the ban into law, Gov. Charlie Baker (R) argued that the ban, which is the broadest in the country, was enacted to limit youth uptake of nicotine products. While youth uptake […]
On Thursday, U.S. Senators Marco Rubio (R-FL), Bill Cassidy (R-LA), Steve Daines (R-MT), and Mitt Romney (R-UT) released the Coronavirus Assistance for American Families Act (CAAF). This bill would change the way the economic impact payments—commonly known as recovery rebates or stimulus payments—could work in the next round of pandemic-driven relief for households. The bill’s […]
On July 21 the Brazilian government sent to its Congress the first stage of its proposed tax reform. The proposal includes unifying two levies on consumption, the so-called PIS and COFIN taxes, into a 12% value-added tax (VAT). Brazil has one of the world’s most complex tax systems. According to the World Bank while a […]
Today marked the release of both second-quarter GDP and national accounts data and provides a new glimpse into early changes in state and local revenues and spending. All told, second-quarter (Q2) state and local tax receipts came in about 3.8 percent lower than they did in the same quarter a year ago. Income and sales […]
Inheritance tax dates back to the Roman Empire, which collected 5 percent of inherited property in order to pay soldiers’ pensions. Today, the practice is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece, […]