News

Was this page helpful to you? Thank You! The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work? Contribute to the Tax Foundation Share This Article! Let us know how we can better serve you!
0 Comments
Ever since Maryland’s Commission on Innovation and Excellence in Education, better known as the Kirwan Commission, began presenting its recommendations for improving Maryland’s education system more than two years ago, Maryland lawmakers have been looking for revenue to cover the proposed increases in education spending. The Kirwan plan would add $4 billion in annual costs
0 Comments
If you’re getting a tax return, you probably have ideas on how to spend it. A well-deserved getaway — somewhere peaceful with no Wi-Fi access sounds nice. So does an upgrade to your home’s outdated appliances — and a little extra fun money to freshen up your closet. But do you know what lasts much
0 Comments
Uber, Lyft, and other rideshare drivers spend their days driving strangers from Point A to Point B. Just like any other business, Uber and Lyft drivers get to claim their mileage, gas, and other day-to-day expenses as business write-offs. Unlike regular businesses, Uber and Lyft drivers get to claim a few extra write-offs come tax
0 Comments
Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal healthcare, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2018, Denmark’s tax-to-GDP ratio was at 44.9 percent, Norway’s at 39.0 percent, and Sweden’s at 43.9 percent.
0 Comments
Notice a smaller refund last year? You’re not alone. The average tax refund dropped by about 2%, according to the IRS. The upside? More people got them. About 95.7 million refunds were issued, a small increase from the 95.4 million released the year prior. Even a slightly smaller refund  left the average taxpayer with $2,725.  So, how are millennials spending
0 Comments
Millennials versus baby boomers (and vice versa): It seems like a feud of stereotypes destined to live in infamy for ages. Many of the classics — pervading opinions like “Millennials are entitled and lazy” and “Boomers won’t ever catch up with modern technology” — have already been debunked by psychiatrists and psychologists who specialize in
0 Comments
A recent report on tax revenue sources shows the extent to which OECD countries rely on different tax types. Today’s map looks at the corporate income tax, which, compared to individual taxes, social insurance taxes, and consumption taxes, generates a relatively small share of tax revenue in Europe. In 2018—the most recent year for which
0 Comments
Updated for tax year 2019. When you start a new job as an employee, your new employer typically asks you to complete Form W-4, Employee Withholding Certificate. This document is a one-page Internal Revenue Service (IRS) form. It tells your employer how much money to take out of your paycheck to cover federal and state income taxes.
0 Comments
In the current globalized economy businesses have supply chains that can cross borders multiple times. Multinational businesses also make choices in how they want to reach their customers. A country headquartered in the United States that wants to sell products in Germany needs to answer several questions: Do we produce everything in the U.S. and
0 Comments
Key Findings In 2018, OECD countries raised one-third of their tax revenue through consumption taxes such as the Value-Added Tax (VAT), making consumption taxes on average the most important revenue source. Social insurance taxes and individual income taxes were the second and third most important sources of tax revenue in the OECD, respectively, at approximately
0 Comments
The following was presented at the European Economic and Social Committee’s hearing, “The Collaborative Economy – Data Exchange with Tax Authorities.” When designing their supply chains and investing across borders businesses generally follow what makes most sense from an economic point of view. Nevertheless, over past decades there has been a significant shift in how
0 Comments
Today, the OECD presented its preliminary impact assessment on the Pillar 1 and Pillar 2 proposals. The impact assessment includes estimated revenue and investment effects presented at a country group level (low-, middle- and high-income countries and investment hubs). The OECD estimates global corporate income tax revenues to increase by 4 percent if both pillars get implemented, equaling
0 Comments