tax revenue

The Corporate Rate Cut and Revenues – AAF

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The Corporate Rate Cut and Revenues - AAF

The fact described in the text is that the 21 percent corporation income tax rate, which was implemented as part of the 2017 Tax Cuts and Jobs Act, does not sunset at the end of 2025. Opponents of the TCJA criticize the rate cut from 35 to 21 percent, while some supporters argue that the rate cut “paid for itself.” The graph presented in the text shows a sharp falloff in revenue in 2018 after the rate cut, but revenue in 2022 and 2023 is above the amount projected by the Congressional Budget Office. The text concludes that the corporate rate cut is not a non-starter or a freebie, but rather a trade-off that is central to real tax reform.

Sanders Introduces Bill to Combat “Legalized Tax Dodging” for Corporations

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Sanders Introduces Bill to Combat “Legalized Tax Dodging” for Corporations

Fact: The bill introduced by Sen. Bernie Sanders would allow the federal government to collect an additional .3 trillion in tax revenue over the next decade.

State Tax Rates on Long-Term Capital Gains, 2024

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State Tax Rates on Long-Term Capital Gains, 2024

The text discusses the taxation of capital gains at the state level and the impact of inflation on capital gains taxes. It highlights that 32 states and the District of Columbia overtax capital gains income by subjecting them to the same rate schedule as ordinary income. Only eight states apply lower effective individual income tax rates to long-term gains than to ordinary income. The text also emphasizes the importance of considering all layers of taxes on investment income, including corporate income taxes, to avoid overtaxation.

Finnwatch: Tax loopholes cost state €1bn a year

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Finnwatch: Tax loopholes cost state €1bn a year

The text discusses how Finland could generate over one billion euros in additional tax revenue by closing tax loopholes, according to a report by Finnwatch.

LARRY KUDLOW: Biden’s manic tax-hike policies would decimate the economy

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LARRY KUDLOW: Biden's manic tax-hike policies would decimate the economy

Fact: Former 2024 GOP presidential candidate Vivek Ramaswamy criticizes President Biden’s energy and tax policies on ‘Kudlow.’

Vermont Tax Proposals Would Leave the State and Vermonters Behind

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Vermont Tax Proposals Would Leave the State and Vermonters Behind

The text discusses Vermont tax proposals that include adopting the nation’s highest corporate income tax and the second-highest individual income tax.

€2.5 billion in unpaid taxes, Audit Office report reveals

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€2.5 billion in unpaid taxes, Audit Office report reveals

– A report found that €2.5 billion in taxes is owed to the state, with €1.1 billion deemed doubtful as to whether it can be collected.
– The Tax Department is dealing with 14,500 cases of taxation under appeal concerning €683 million.
– The department is unable to track non-filing of income tax returns by individuals and companies.
– The department agreed to class as tax-deductible the amount of €1.1 billion relating to defaulting debtors.
– A decision was made by the cabinet to award a no-bid contract for surveys to build extra roofs at the building of the tax department’s Nicosia district office.

Tax review to avoid an ‘intergenerational tragedy’

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Tax review to avoid an ‘intergenerational tragedy’

Former Treasury secretary Ken Henry is calling for a foundational tax review to address the lack of grip on tax reform by the political class, warning that the rising share of income tax and government spending will burden younger working-age Australians.