Categories
Uncategorized

Three Takeaways from the New Congressional Budget Office Outlook

Last week, the Congressional Budget Office (CBO) released its long overdue report on the nation’s budget and economic outlook for the years 2022 through 2032. Normally published at the beginning of the year, the delayed report reflects higher-than-anticipated inflation, tax revenues, deficits, and debt since the previous update CBO published nearly a year ago in […]

Categories
Uncategorized

Capital Cost Recovery across the OECD

Download Data Key Findings A capital allowance is the amount of capital investment costs a business can deduct from its revenue through the tax code via depreciation. Ideally, countries should provide higher capital allowances, as they can boost business investment which, in turn, spurs economic growth. The average of OECD countries’ capital allowances gradually decreased […]

Categories
Uncategorized

Facts & Figures 2022: How Does Your State Compare?

How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2022 state tax data, explore […]

Categories
Uncategorized

Corporate Income Tax Rates in Europe

European countries—like almost all countries around the world—require businesses to pay corporate income taxes on their profits. The amount of taxes a business ultimately pays on its profits depends on both the corporate tax base and the corporate tax rate. Today’s map shows how statutory corporate income tax rates compare across European OECD countries. Taking […]

Categories
Uncategorized

State Individual Income Tax Rates and Brackets for 2022

Table of Contents Key Findings Individual income taxes are a major source of state government revenue, accounting for 36 percent of state tax collections in fiscal year 2020, the latest year for which data are available. Forty-three states levy individual income taxes. Forty-one tax wage and salary income, while New Hampshire exclusively taxes dividend and […]

Categories
Uncategorized

Sources of U.S. Tax Revenue by Tax Type

Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes create different economic impacts, so policymakers should always consider how tax revenue is raised and not just how much is raised. This […]

Categories
Uncategorized

Sources of Government Revenue in the OECD, 2022

Developed countries raise tax revenue through a mix of individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes. The mix of tax policies can influence how distortionary or neutral a tax system is. Taxes on income can create more economic harm than taxes on consumption and property. […]

Categories
Uncategorized

State and Local Sales Tax Rates, 2022

Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.55 percent), Tennessee (9.547 percent), Arkansas (9.48 […]

Categories
Uncategorized

Summary of the Latest Federal Income Tax Data, 2022 Update

The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2019, showing the number of taxpayers, adjusted gross income, income tax paid, and income tax shares by income percentiles.[1] The new data outlines the tax system under the second year of the Tax Cuts and Jobs Act (TCJA), the last […]

Categories
Uncategorized

State Corporate Income Tax Rates and Brackets for 2022

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. Eleven states—Arizona, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, Oklahoma, […]