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Countries around the world have been trying different approaches to changing their tax laws to address some of the difficulties associated with taxing digital commerce. While many countries are looking at digital services taxes to tax gross revenues associated with online advertisements and marketplaces or sales of user data, other countries are taking a different
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To facilitate and foster cross-border trade and to prevent significant competitive distortions, the European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.61 per gallon) on gas. As today’s map shows, only Bulgaria sticks to the minimum rate, while all other EU countries opt to levy higher excise
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When countries consider changing their tax policies, sometimes they choose to make broad reforms and other times more narrowly targeted reforms. Recently, the Polish government proposed to lower taxes on workers under the age of 26, and on August 1, the targeted tax cut for young citizens went into effect. Lawmakers hope that the policy
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The following comments were submitted to the Office of the United States Trade Representative regarding docket number USTR-2019-0009 on August 12, 2019. Thank you for the opportunity to provide comments on the Section 301 Investigation. These comments cover four areas. The structure of the French digital services tax, How that structure interacts with domestic and foreign
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I-R-A. Who knew 3 letters could be so daunting, yet yield so many benefits for our financial lives. IRA stands for Individual Retirement Account. And if you’re like most people, you likely think it sounds like a fancy investment tool that is reserved for people with loads of money and an unattainable level of financial
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The rise of robo-advisors occurred shortly after the 2008 financial crisis. Positioned as a digital solution to the many overwhelming factors involved when trying to build an investment portfolio, it’s often marketed to Millennials – but it’s certainly not just for the 22 to 39-year-old demographic. Seriously though, what are robo-advisors? In simplest terms, a
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If you work as an employee, you’re probably used to having income tax withheld from your paycheck. When you get a bonus, however, there may be more confusion about how it’s taxed and what will be left. Here are the most important things to know about how bonuses are taxed. Employee bonuses are taxable, just
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According to EU law, every EU country is required to levy an excise duty on beer of at least €1.87 per 100 liters (26.4 gal) and degree of alcohol content (abv), translating to approximately €0.03 per 330ml (12oz) beer bottle at 5% abv. As today’s map shows, only a few EU countries stick to the minimum
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High-interest rate credit card debt often feels like a never-ending hamster wheel of payments. Month-after-month, the money put toward the debt barely seems to make a dent in the principal balance. That demoralizing experience of paying off debt can make it tempting to tap into any amount of savings, including a retirement account. Some people
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We get it – it’s never fun to negotiate a salary. But pay negotiation is so key to landing that higher salary gig. Whether you’re applying for a new job, or trying to get a raise at your current place of employment, pay negotiation is a big deal. You could potentially be leaving money on
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Freelancing is incredibly rewarding, but it does come with its own set of financial challenges. Unlike a typical 9-5 job, you as a freelancer are responsible for billing and tracking all of your own income. And that tends to be rather irregular. You are also in charge of setting your own rates, finding your own
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One of the best financial moves you can make is to open a retirement plan and consistently contribute to it. Getting an early start means decades of compound interest working in your favor as a result of your contributions, and, in many cases, your employer’s contributions. It also means putting less pressure on yourself and
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When bills and other short-term financial goals dominate your budget, retirement contributions tend to fall by the wayside. How can you possibly focus on retirement when you have all of these other expenses? Plus, is it really necessary to get started now? You probably have decades to go before retirement. Considering how little you can
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The Work Opportunity Tax Credit and Jobs Act was introduced in the Senate earlier this year by Senator Roy Blunt (R-MO), Senator Sherrod Brown (D-OH), Senator Ben Cardin (D-MD), Senator Bill Cassidy (R-LA), Senator Bob Menendez (D-NJ), and Senator Rob Portman (R-OH). This bill would make permanent the Work Opportunity Tax Credit (WOTC), which was
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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!
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High-tax countries have increasingly raised concerns that corporate profits are shifted to low- or no-tax jurisdictions. According to a literature review by economist Nadine Riedel, the range of estimates for profit shifting by multinational businesses stretches from less than 5 percent to more than 30 percent of their income earned at high-tax affiliates being shifted
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As the federal government looks to pass an extenders package, various excise tax provisions are on the table. Excise taxes are placed on specific products or activities instead of on a general tax base, like income or sales. Because excise taxes disproportionately burden low-income people, lawmakers should use excise taxes properly. Excise taxes can be
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