Corporate tax rates have been declining in every region around the world over the past four decades as countries have recognized their negative impact on business investment:
@ElkeAsen
Corporate tax rates have been decreasing around the world over the past four decades as countries have recognized their negative impact on business investment.
Rates between 20 percent and 25 percent are now most common:
@ElkeAsen
The worldwide average statutory corporate income tax rate, measured across 177 jurisdictions, is 23.85 percent.
Europe has the lowest regional average rate at 19.99 percent, while Africa has the highest average rate at 28.50 percent:
@ElkeAsen
@mariashriver
@AndrewYang
The potential for easy administration, significant tax revenue, and few economic distortions make the VAT one of the most efficient forms of taxation:
Corporate tax rates have been declining in every region around the world over the past four decades as countries have recognized their negative impact on business investment:
@ElkeAsen
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
See more:
Double taxation of corporate income can lead to such economic distortions as reduced savings and investment, a bias towards certain business forms, and debt financing over equity financing:
Several OECD countries have integrated corporate and individual tax codes to eliminate or reduce the negative effects of double taxation on corporate income.
To learn more, explore our new report:
Under President Biden's tax plan, 13 states and D.C. would have a top combined capital gains tax rate at or above 50%:
56.7% CA
54.3% NY
54.2% NJ
53.3% OR
53.3% MN
52.4% DC
52.2% VT
50.7% HI
50.6% ME
50.4% CT
50.3% ID
50.2% NE
50.2% MT
50.0% DE
(58.2% NYC)
(57.3% Portland, OR)
Biden’s tax plan would be the 5th largest tax increase since the 1940s and one of the largest tax increases not associated with wartime funding:
#Debates2020
Least competitive tax codes in the OECD:
21. United States
22. United Kingdom
23. Slovenia
24. Korea
25. Israel
26. Japan
27. Spain
28. Denmark
29. Greece
30. Iceland
31. Mexico
32. France
33. Portugal
34. Poland
35. Chile
36. Italy
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
See more:
Most competitive tax codes in the OECD:
1. Estonia
2. Latvia
3. New Zealand
4. Switzerland
5. Luxembourg
6. Lithuania
7. Sweden
8. Czech Republic
9. Australia
10. Slovak Republic
11. Turkey
12. Austria
13. Norway
14. Hungary
15. Germany
Implemented in 1991, Sweden’s carbon tax was one of the first in the world.
The Swedish example, along with other carbon taxes around the world, provides several lessons.
The government of Hartford County, Connecticut is in line to receive $173 million in local aid under the American Rescue Plan Act.
There’s only one problem: the government of Hartford County doesn’t exist.
@JaredWalczak
According to our analysis, the Trump administration has so far imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades:
@ericadyork
Jeff Bezos announced a move to Miami, and somewhere, a Washington state revenue official was probably moved to tears.
Jeff Bezos’s Move Undercuts Proposed Washington State Wealth Tax:
@JaredWalczak
Studies have shown that tariffs result in lower income, reduced employment, and lower economic output.
According to our analysis, tariffs imposed by the Trump administration are equivalent to one of the largest tax increases in decades:
@ericadyork
President Biden's
#AmericanJobsPlan
looks to increase the federal corporate tax rate to 28%, which would raise the U.S. federal-state combined tax rate to 32.34%, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China.
Sen. Sanders often refers to tax systems in Scandinavian countries like Denmark and Sweden.
But how do Scandinavian countries really pay for their government spending?
[THREAD]
The structure of a country’s tax code is a determining factor 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.
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
Explore rankings and learn more:
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭Switzerland
5. 🇱🇺 Luxembourg
6. 🇱🇹 Lithuania
7. 🇨🇿 Czech Republic
8. 🇸🇪 Sweden
9. 🇦🇺 Australia
10. 🇳🇴 Norway
Biden’s tax plan would yield combined top marginal state and local tax rates in excess of 60% in three states:
🔹 California (62.64%)
🔹 Hawaii (60.34%)
🔹 New Jersey (60.09%)
Marginal rates would also exceed 60% in New York City (62.03%).
@JaredWalczak
California is considering a tax on text messages.
Here's how much wireless consumers already pay in state and local taxes, fees, and surcharges:
@jbhenchman
#california
#ca
Biden’s proposal to increase the corporate tax rate and tax long-term capital gains and qualified dividends at ordinary income tax rates would increase the top integrated tax rate on corporate income above pre-TCJA levels, making it the highest in the OECD
ANALYSIS: Sen. Warren & Sen. Sanders'
#WealthTax
would raise significantly less revenue than promised, face administrative and compliance challenges, and would double the trade deficit while increasing foreign ownership of US capital.
@karlbykarlsmith
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
Where did Americans move last year?
Highest proportion of INBOUND migration:
- Vermont
- Idaho
- Oregon
- Arizona
- South Carolina
Highest proportion of OUTBOUND migration:
- New Jersey
- Illinois
- New York
- Connecticut
- Kansas
See full rankings:
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
See more:
The most competitive tax systems in the OECD:
1. 🇪🇪 Estonia
2. 🇱🇻 Latvia
3. 🇳🇿 New Zealand
4. 🇨🇭 Switzerland
5. 🇨🇿 Czech Republic
6. 🇱🇺 Luxembourg
7. 🇭🇺 Hungary
8. 🇱🇹 Lithuania
9. 🇹🇷 Turkey
10. 🇮🇱 Israel
Explore rankings and learn more:
@ericadyork
According to our analysis, the Trump administration has so far imposed over $85 billion worth of new taxes on Americans by levying tariffs on thousands of products.
Where are Americans moving?
States with the highest proportion of inbound moves:
1. Idaho
2. South Carolina
3. Oregon
4. South Dakota
5. Arizona
6. North Carolina
7. Tennessee
8. Alabama
9. Florida
10. Arkansas
Learn more:
Taxes are the single most expensive ingredient in
#beer
, costing more than labor an raw materials combined.
Approximately 40 percent of the retail price of beer is dedicated toward covering all the applicable taxes:
Sen. Harris's rent relief tax credit would actually distort the housing market, predominately benefit landlords, and fail to address the root causes of high housing prices:
@NKaeding
Studies have shown that tariffs result in lower income, reduced employment, and lower economic output.
According to our analysis, tariffs imposed by the Trump administration are equivalent to one of the largest tax increases in decades:
@ericadyork
President-elect Joe Biden’s proposal to increase the corporate tax rate and to tax long-term capital gains and qualified dividends at ordinary income tax rates would increase the top integrated tax rate on corporate income above pre-TCJA levels, making it the highest in the OECD.
The top three sources of government revenue in the OECD are:
1. Consumption taxes (32.4%)
2. Social insurance taxes (25.8%)
3. Individual income taxes (24.4%)
By contrast, the U.S. gets 40.5% of its revenue from individual income taxes.
@aelsibaie
The most competitive tax systems in the OECD:
1. Estonia
2. Latvia
3. New Zealand
4. Switzerland
5. Luxembourg
6. Lithuania
7. Czech Republic
8. Sweden
9. Australia
10. Norway
Learn more:
The corporate income tax is the most harmful tax for economic growth, according to research by the OECD.
And a growing amount of empirical evidence shows that workers bear the true economic burden of the corporate income tax through reduced wages.
According to our analysis, the House
#BuildBackBetter
reconciliation plan would:
🔹 Increase net revenue by ~$1.06T
🔹 Cost 303k U.S. jobs in the long run
🔹 Shrink GDP by nearly 1% over the next ten years
🔹 Reduce after-tax incomes by 1.7% for the top 80% of taxpayers
One of Biden's lesser known tax proposals would reduce the tax benefit of traditional
#retirement
accounts for those earning above $80,250 but under $400k, violating his tax pledge to not raise taxes on earners below the $400k threshold:
@GS_Watson
We're pleased to announce that Karl Smith (
@karlbykarlsmith
) has joined us as our new V.P. for Federal Policy, where he will lead our efforts to research, model, and reform the U.S. tax code.