The federal government distributes grants to states and localities for many purposes. Some grants are delivered directly to these governments, but others are “pass-through” grants that first go to ...

GILTI is the income earned by foreign affiliates of US companies from intangible assets such as patents, trademarks, and copyrights. The Tax Cuts and Jobs Act imposed a new minimum tax on GILTI.

Primarily through their impact on demand. Tax cuts boost demand by increasing disposable income and by encouraging businesses to hire and invest more. Tax increases do the reverse. These demand ...

How do Opportunity Zones Work? The 2017 Tax Cuts and Jobs Act created the Opportunity Zones program—meant to spur investment in undercapitalized communities. The program provided three tax benefits ...

The 2017 Tax Cuts and Jobs Act discouraged charitable giving by reducing the number of taxpayers claiming a deduction for charitable giving and by reducing the tax saving for each dollar donated. The ...

Severance taxes are taxes on the extraction of natural resources such as oil and natural gas. State and local governments collected a combined $11.8 billion in revenue from severance taxes in 2021.

Primarily through the supply side. High marginal tax rates can discourage work, saving, investment, and innovation, while specific tax preferences can affect the allocation of economic resources. But ...

Taxpayers who itemize deductions on their federal income tax returns can deduct state and local taxes--specifically property taxes plus either income taxes or general sales taxes. However, the Tax ...

The exclusion lowers the after-tax cost of health insurance for most Americans. Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion ...

While any tax system with flat rates could be called a flat tax, the name is usually reserved for a system developed by Robert Hall and Alvin Rabushka in 1985. Their flat tax is really a two-part VAT: ...

Income inequality has increased sharply over the past 40 years. A simple way to measure inequality is by looking at the share of income received by the highest-income people. Using a broad measure ...

Yes – immigrants of all legal statuses in the US pay federal, state, and local taxes. Like all other residents, immigrants of all legal statuses are required to pay income, payroll, property, sales, ...