Wealth

Today the OECD Secretariat released a consultation document on the Secretariat’s proposal for a global minimum tax under Pillar 2 of the project to address the tax challenges of digitalization. The proposal raises a number of questions and will require significant work by the Inclusive Framework to get to a coherent proposal that does not
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Today’s map looks at how European OECD countries rank on international tax rules and is the last in our series examining each of the five components of our 2019 International Tax Competitiveness Index (ITCI). International tax rules define how income earned abroad and income earned by foreign entities are taxed domestically, making them an important
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Election Day 2019 had no shortage of storylines, and it’s unsurprising that the pundit class is more interested in a gubernatorial upset in Kentucky or flipped chambers in Virginia than in, say, Coloradans’ rejection of an effort to weaken the state’s Taxpayer Bill of Rights (TABOR). But this is the Tax Foundation, where we care
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On September 27, France released its draft finance bill for 2020, with the final version expected to be enacted by the end of December. President Emmanuel Macron is taking new steps to make good on his promise to improve France’s business environment, proposing further spending and tax reforms. The budgeted reforms include significant changes to
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Today’s map shows how European OECD countries rank on property taxes, continuing our series on the component rankings of the 2019 International Tax Competitiveness Index (ITCI). Although an important element when measuring the neutrality and competitiveness of a country’s tax code, property taxes account on average for less than 5 percent of total tax revenue
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Last week at the Peterson Institute for International Economics conference on inequality, economist Greg Mankiw illustrated how a universal basic income plan and a means-tested transfer plan can be economically equivalent. His illustration has important implications when evaluating plans such as Andrew Yang’s “Freedom Dividend,” a $1,000 per month basic income proposal, as well as
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The holiday season is approaching and many Americans are booking their flights to see family over Thanksgiving or Christmas. Last year, an estimated 112 million Americans traveled for Christmas alone–many on airplanes. We all know the headache of trying to find good flights at reasonable prices and very few of us have time to pay
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Today we examine how European countries rank on consumption taxes, continuing our map series on our recently published 2019 International Tax Competitiveness Index (ITCI). The ITCI measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems, looking at corporate income taxes, individual taxes, consumption taxes, property taxes, and the international tax
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Greece has gone through various fiscal reforms over the past several years as it has dealt with challenges associated with recession and over-indebtedness. However, things are now at a point where the new government is considering ways to improve its tax system. Greece ranks 30th out of 36 on our International Tax Competitiveness Index this
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Key Findings This report compares top effective marginal tax rates on labour income in 41 OECD and EU countries. The top effective marginal tax rate is the total tax paid on the last dollar earned by a high-earning worker, taking social security contributions and consumption taxes into account in addition to income taxes. It is
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The United Kingdom ranks 25th in our recently released 2019 International Tax Competitiveness Index, a study that measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. While the UK has improved its rank by one spot compared to last year, there are multiple measures that
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The recently published 2019 International Tax Competitiveness Index (ITCI) measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. This week, we examine how European OECD countries rank on individual taxes, continuing our series on the ITCI’s component rankings. The ITCI’s individual tax component scores OECD
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In addition to the federal estate tax of 40 percent, some states levy an additional estate or inheritance tax. Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes. Maryland is the only state to impose both. Washington State’s 20 percent rate is the highest estate tax rate in the
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Tax Bulletins usually clarify the application of existing laws and regulations to new or disputed circumstances, but for the second time in as many years, Pennsylvania’s Department of Revenue arguably went further, adopting new nexus standards for corporate income tax purposes in a bulletin. The action has left some policymakers and practitioners perplexed about both
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Last week we released the International Tax Competitiveness Index 2019, a study that measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems. In the coming weeks, we will illustrate how European OECD countries rank in each of the five components of the Index: corporate income taxes, individual taxes, consumption taxes,
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Any successful entrepreneur is usually on the lookout for opportunities to start a new business or expand current operations. Those expansions usually come with many considerations, of which tax is just a part. The tax part, however, can be quite a challenge if the tax system is itself complex or penalizes growing businesses. Last week,
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Today, the OECD released a new consultation document on a proposal to change how some multinational businesses are taxed. This proposal lays out a unified approach to addressing the tax challenges arising from the digitalization of the economy. In May, the OECD published a program of work laying out several approaches to changing where multinationals
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Explore Our New Interactive Tool Download Promotional Toolkit Introduction The structure of a country’s tax code is an important determinant of its economic performance. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. In contrast, poorly structured tax systems can
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