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Tax Foundation Profile picture
Tax Foundation
@TaxFoundation
Leading nonpartisan tax policy research and analysis
2 subscribers
May 13 • 7 tweets • 2 min read
⚡️ “Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis Image Our preliminary analysis finds the tax provisions included in the May 12 text would increase long-run GDP by 0.6 percent and reduce federal tax revenue by $4 trillion from 2025 through 2034 on a conventional basis before added interest costs.

taxfoundation.org/research/all/f…
Apr 3 • 8 tweets • 3 min read
⚡ We're tracking the economic impact of President Trump's tariffs.

🧵 Here are some of our key findings: Trump’s tariffs amount to an average tax increase of more than $2,100 per US household in 2025. Image
Jan 30 • 15 tweets • 4 min read
President Trump once again floats the idea of replacing the federal income tax with new tariffs.

🧵Here are 5 things to know, via @ericadyorkImage 1. The Math Doesn’t Work

The individual income tax raises more than 27 times as much revenue as tariffs currently do, but it’s not the gap in revenue levels that makes replacement impossible. The bigger issue is the relative size of the tax base.Image
May 2, 2023 • 19 tweets • 6 min read
Our new report explores carbon taxes in theory and in practice.

🧵 Some key findings:

hubs.ly/Q01NmxVp0 @ahardtospell The carbon tax is the most efficient approach to tackle climate change—in theory. In practice, however, the policymaking process can interfere and water down the policy.
Sep 21, 2022 • 4 tweets • 2 min read
States with an estate tax:

- Connecticut
- DC
- Hawaii
- Illinois
- Maine
- Maryland
- Massachusetts
- Minnesota
- New York
- Oregon
- Rhode Island
- Vermont
- Washington

States with an inheritance tax:

- Iowa
- Kentucky
- Maryland
- Nebraska
- New Jersey
- Pennsylvania Estate taxes are paid by the decedent’s estate before assets are distributed to heirs and are thus imposed on the overall value of the estate.

Inheritance taxes are remitted by the recipient of a bequest and are thus based on the amount distributed to each beneficiary.
Sep 21, 2022 • 5 tweets • 2 min read
The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent).

taxfoundation.org/federal-tax-co… While not part of the CPI, another measure of inflation is also surging: federal tax collections are up 23 percent over the last year, according to the latest data from the Congressional Budget Office (CBO).

cbo.gov/publication/58…
Sep 21, 2022 • 8 tweets • 5 min read
After the UK Super-Deduction: Assessing Proposals for the Reform of Capital Allowances

taxfoundation.org/uk-capital-all… @CPSThinkTank @kpomerleau @danieldbunn #uk With Liz Truss appointed Prime Minister, it’s clear that the headline rate of the corporation income tax, the most economically damaging type of tax, will remain at 19 percent.

taxfoundation.org/uk-prime-minis…
Sep 19, 2022 • 7 tweets • 2 min read
Federal tax collections are approaching an all-time high of 20.5 percent of GDP set in 1943 during World War II. Image The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent).
Jul 28, 2022 • 9 tweets • 6 min read
The Inflation Reduction Act includes a 15 percent corporate minimum tax, drug price controls, IRS tax enforcement, and a tax hike on carried interest to pay for increased spending on energy and health insurance subsidies as well as deficit reduction.

[THREAD] The on-again-off-again negotiations over the proposed #BuildBackBetter tax increases on corporations and high-income earners appears to be… on again.

Sen. Joe Manchin (D-WV) is now expressing support for something called the #InflationReductionAct. (2/9)
Jul 27, 2022 • 4 tweets • 2 min read
The Senate has begun debate on the so-called Chips bill, which would provide $52 billion in grants and $24 billion in tax credits to supposedly strengthen the production of semiconductors in the U.S.

hubs.ly/Q01hGsvg0 @scottahodge .@scottahodge: If this measure passes, U.S. semiconductors will join wool, mohair, helium, soybeans, ethanol, steel, credit unions, and Amtrak as industries thought to be so important as to warrant taxpayer subsidies—forever.
Oct 18, 2021 • 8 tweets • 3 min read
🌎 2021 International Tax Competitiveness Index

taxfoundation.org/competition The most competitive tax systems in the OECD:

1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭Switzerland
5. 🇱🇺 Luxembourg
6. 🇱🇹 Lithuania
7. 🇨🇿 Czech Republic
8. 🇸🇪 Sweden
9. 🇦🇺 Australia
10. 🇳🇴 Norway

taxfoundation.org/competition
Oct 18, 2021 • 8 tweets • 4 min read
As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code.

Federal Policy Analyst Alex Muresianu explores the latest tax data ⬇️

taxfoundation.org/us-tax-system-… While the image that rich Americans pay little taxes is popular, it’s a misconception: high-income individuals already pay a large share of taxes, even when compared to their share of national income.

taxfoundation.org/rich-pay-their…
Apr 29, 2021 • 6 tweets • 4 min read
President Biden's #AmericanJobsPlan looks to increase the federal corporate tax rate to 28%, which would raise the U.S. federal-state combined tax rate to 32.34%, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China. While President Biden’s #AmericanJobsPlan emphasizes making goods in America, the tax increases will raise the cost of production in the U.S, erode American competitiveness, and slow our economic recovery.

taxfoundation.org/biden-infrastr… #StateOfTheUnion
Apr 28, 2021 • 31 tweets • 5 min read
Deliberations which began well before the beginning of Louisiana’s legislative session have yielded a meaningful package of tax reform proposals.

taxfoundation.org/louisiana-tax-… @janellecamm #laleg Legislators aim to lower the state’s individual and corporate income tax rates, begin phasing out the capital stock tax, and bring sales tax centralization across the finish line—all goals that would improve the Pelican State’s tax code.
Apr 23, 2021 • 5 tweets • 2 min read
Under President Biden's tax plan, 13 states and D.C. would have a top combined capital gains tax rate at or above 50%:

56.7% CA
54.3% NY
54.2% NJ
53.3% OR
53.3% MN
52.4% DC
52.2% VT
50.7% HI
50.6% ME
50.4% CT
50.3% ID
50.2% NE
50.2% MT
50.0% DE

(58.2% NYC)
(57.3% Portland, OR) President Biden’s #AmericanFamilyPlan will likely include a large increase in the top federal tax rate on long-term capital gains and qualified dividends, from 23.8% today to 39.6% for higher earners.
Apr 23, 2021 • 7 tweets • 3 min read
Top combined capital gains tax rates under President Biden’s tax plan:

56.7% -- California
54.3% -- New York
54.2% -- New Jersey
53.3% -- Oregon
53.3% -- Minnesota

taxfoundation.org/biden-capital-… @ericadyork @GS_Watson President Biden’s #AmericanFamilyPlan will likely include a large increase in the top federal tax rate on long-term capital gains and qualified dividends, from 23.8% today to 39.6% for higher earners.
Apr 23, 2021 • 13 tweets • 3 min read
𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗚𝗮𝗶𝗻𝘀 𝗧𝗮𝘅?

A capital gains tax is levied on the profit made from selling an asset and is often in addition to corporate income taxes, frequently resulting in double taxation.

taxfoundation.org/tax-basics/cap… Capital gains taxes create a bias against saving, leading to a lower level of national income by encouraging present consumption over investment.

taxfoundation.org/capital-gains-…
Apr 22, 2021 • 9 tweets • 2 min read
NEW: Modernizing rental car and peer-to-peer car sharing taxes for a post-pandemic future: buff.ly/3xbDjxP @GS_Watson As state economies reopen and travelers consider options for their first travel experience since the pandemic started, states should ensure that their tax codes and revenue options don't stand in the way of a robust recovery.
Apr 21, 2021 • 9 tweets • 3 min read
Raising the U.S. corporate tax rate to 28 percent would reduce GDP by $720 billion over ten years: analysis buff.ly/3n62Bsu @ericadyork Image In our new book, Options for Reforming America’s Tax Code 2.0, we illustrate the economic, distributional, and revenue trade-offs of 70 tax changes, including President Biden’s proposal to increase the corporate tax rate to 28 percent.

taxfoundation.org/tax-reform-opt…
Apr 21, 2021 • 10 tweets • 3 min read
How much of road spending is funded with user taxes in your state?

taxfoundation.org/state-infrastr… Image Both the federal government and the states raise revenue for infrastructure spending through taxes on motor fuel and vehicles. States also collect fees from toll roads and other road charges.
Mar 31, 2021 • 23 tweets • 4 min read
The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation.

Currently, 16 states and D.C. have passed bills or approved ballot measures that allow for the sale of recreational marijuana: tax.foundation/3cFu2Wm Image Alaska, Arizona, California, Colorado, D.C., Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New York, Oregon, South Dakota, Vermont, Washington have passed bills or approved ballot measures that allow for the sale of recreational marijuana.