Over the last decade, calls to tax the rich have grown louder around the world — but the needle hasn’t exactly moved. Billionaires are still amassing huge amounts of money each year and they’re paying less in taxes than they have in decades. Now, the Brazilian government has a new proposal: a 2% global wealth … Read more
A rise in home values has led to an increase in the number of homeowners unexpectedly facing capital gains taxes when selling their properties. Despite a generous capital gains tax home exclusion of up to $500,000, more homeowners are discovering that the profits from the sale of their homes surpass the tax-free limit. Data reveal … Read more
Key Findings Nineteen states have sales tax holidays on the books in 2024. These suspensions combined will cost states and localities over $1.3 billion in lost revenue this year. Sales tax holidays are poorly targeted and too temporary to meaningfully change the regressive nature of a state’s tax system. Overall, the benefits of sales tax … Read more
Living in the Big Apple State just got a little sweeter: Gov. Kathy Hochul recently announced that $350 million in New York state revenues will be sent throughout August. This is part of the state’s expanded Empire State Child Tax Credit program. We’ll cover the program, eligibility requirements, and how much families can expect in … Read more
In this episode of Tax Notes Talk, Tax Notes investigated the Navajo Nation’s tax challenges with the IRS and gathered firsthand accounts of how its members navigate a complex filing system with scarce resources and cultural differences. Tax Notes Talk is a podcast produced by Tax Notes. This transcript has been edited for clarity. David … Read more
The tax hike was originally proposed back in July. The board wants to increase the amount of property taxes it will levy by a little more than 30-percent. However, the board says they are not increasing the rate at which the properties are taxed. Under Georgia State law, local governments are expected by default to … Read more
Former president Donald Trump’s “no tax on tips” proposal figured prominently in his nomination-acceptance speech at the Republican National Convention, confirming that he’s serious about it. Critics from the Left and the Right claim it’s a political ploy that would benefit few workers and reduce tax revenue. Without question, tax policy should be designed to … Read more
Chancellor Rachel Reeves has refused to rule out whether she will increase the rate of capital gains tax in her autumn Budget. The levy is charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs). During a … Read more
Most state tax systems fall short of the public’s perception of fairness by charging the rich lower tax rates than everyone else. Minnesota is among a small group of states that has chosen a different path. In Who Pays?, our comprehensive study of state and local taxes, Minnesota stands apart from the pack with a … Read more
Housing affordability remains a pressing issue in Chicagoland. As a commissioner for the Cook County Board of Review, I am acutely aware of the financial burden property taxes impose on families. Recent findings by the Institute on Taxation and Economic Policy (ITEP) highlight the role property tax “circuit breakers” can play in alleviating this burden. … Read more