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Property and Sales Taxes Are a Major Driver of Corporations’ State and Local Tax Burdens

When most people think about “business taxes,” the corporate income tax is usually the first that comes to mind. Corporate income taxes generate sizable tax burdens for businesses—especially at the federal level—but at the state level, the corporate income tax is just one of many taxes businesses pay. For many companies, state corporate tax burdens […]

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Wisconsin Legislature Considering Several Pro-Growth Tax Reforms

The Wisconsin Assembly and Senate this week are considering several tax reforms as part of the budget for the fiscal year (FY) 2022-23 biennium, which begins Thursday (July 1). Several were precipitated by the Wisconsin Legislative Fiscal Bureau’s (LFB) announcement earlier this month that the state is projected to end the current fiscal year, as […]

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Wisconsin’s Surplus Presents Opportunity for Down Payment on Future Economic Growth

As Wisconsin legislators work to finalize the state budget for the fiscal year (FY) 2022-23 biennium that begins July 1, the Wisconsin Legislative Fiscal Bureau (LFB) on Tuesday reported the state has substantially more revenue to work with than was anticipated when the LFB issued revenue projections earlier this year. Specifically, the LFB’s revised three-year […]

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Testimony: Prioritizing Comprehensive Tax Modernization in Nebraska

My name is Katherine Loughead, and I am a Senior Policy Analyst with the Tax Foundation, a nonprofit, nonpartisan tax policy research organization based in Washington, D.C. We do not take a position on legislation, but I appreciate the chance to share some informational points with you today. First, I’d like to commend this committee […]

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Pandemic Highlights the Need for Better Tax Policy for Entrepreneurs and Small Businesses

As Congress works to provide another round of emergency relief for individuals and businesses impacted by the pandemic and pass a bill funding the government for FY 2021, it is a good time to step back and consider how tax policy affects entrepreneurs and small businesses. In addition to short- and long-term tax policy issues, […]

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Nebraska’s Property Tax Compromise Provides Temporary Relief, but Structural Reform Is Still Needed

On the last day of Nebraska’s recently reconvened 2020 legislative session, legislators today granted final approval to LB1107, a bill to provide state income tax relief to help offset local property taxes paid, as well as to make adjustments to Nebraska’s business incentives program. This compromise is the result of many months of negotiations in […]