The federal government’s debt burden and interest on the debt are near record levels and headed higher, raising legitimate concerns about an eventual debt crisis. Given the increasingly dysfunctional budget process, the most viable option on the table to stave off such a crisis is a statutory bipartisan fiscal commission with buy-in from leaders of […]
Imposing sales taxes on rental car companies’ fleet purchases, in addition to the sales and rental car excise taxes levied when those cars are rented, yields double taxation and causes harmful tax pyramiding.
In addition to the federal estate tax, which has a top marginal rate of 40 percent, 12 states and the District of Columbia impose estate taxes, while five states levy inheritance taxes.
Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate. Forty-four states and D.C. also levy taxes on corporate income, with top marginal rates ranging from 2.5 percent in North Carolina to 11.5 percent in New Jersey.
by Janelle Fritts, Erica York, Kyle Hulehan, Dan Carvajal
What happens when voters decide tax policy directly? This November, roughly 40 tax measures are on the ballot across 17 states. Some states want higher taxes on top earners, others want to write low rates into their constitutions, and Missouri voters will decide whether to start a fund that could one day replace every state […]
