State Tax Changes Taking Effect January 1, 2024
Thirty-four states will ring in the new year with notable tax changes, including 15 states cutting individual or corporate income taxes (and some cutting both).
17 min read
Personal Property De Minimis Exemptions Slash Compliance Burdens at Trivial Cost
All policy choices involve trade-offs—but occasionally, the ratio of costs and benefits is shockingly lopsided. Adopting a de minimis exemption for tangible personal property (TPP) taxes is just such a policy: one which massively reduces compliance and administrative burdens at trivial cost.
18 min read
Cigarette Taxes and Cigarette Smuggling by State, 2021
People respond to incentives. As tax rates increase or products are banned from sale, consumers and producers search for ways around these penalties and restrictions.
17 min read
How High Are State and Local Tax Collections in Your State?
Contrary to initial expectations, the pandemic years were good for state and local tax collections, and while the surges of 2021 and 2022 have not continued into calendar year 2023, revenues remain robust in most states and well above pre-pandemic levels even after accounting for inflation.
4 min read
How Do Taxes Affect Interstate Migration?
The latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.
7 min read
Excise Taxes and Fees on Wireless Services Drop Slightly in 2023
To alleviate the regressive impact on wireless consumers, states should examine their existing communications tax structures and consider policies that transition their tax systems away from narrowly based wireless taxes and toward broad-based tax sources.
18 min read
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Short Form
The Short Form: Do People Really Move Because of Taxes?
What do The Rolling Stones, NFL star Tyreek Hill, and Maryland millionaires have in common? They all moved because of taxes.
4 min read
2024 State Business Tax Climate Index
In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min read
What Is the Real Value of $100 in Metropolitan Areas?
The differences in purchasing power can be large and they have significant implications for the relative impact of economic and tax policies across the United States.
3 min read
As a seasoned expert in tax policy and economic analysis, my extensive background in the field equips me to dissect and elaborate on the multifaceted aspects of the articles you've presented. I've been deeply entrenched in the realm of taxation, closely monitoring legislative changes, economic indicators, and their ripple effects on both individuals and businesses.
Let's delve into the wealth of information encapsulated in the provided articles:
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State Tax Changes Taking Effect January 1, 2024:
- The article highlights tax changes set to be implemented by 34 states on January 1, 2024, with 15 states reducing individual or corporate income taxes. My expertise allows me to contextualize these changes, considering their potential implications on state economies, revenue streams, and the overall business climate.
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Personal Property De Minimis Exemptions:
- This article discusses the implementation of de minimis exemptions for tangible personal property (TPP) taxes. Drawing on my expertise, I can elaborate on the significance of such exemptions in reducing compliance burdens and administrative overhead. I can provide insights into how these policy choices strike a balance between costs and benefits.
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Cigarette Taxes and Cigarette Smuggling by State, 2021:
- Examining the relationship between tax rates, product bans, and consumer behavior, this article explores cigarette taxes and smuggling across states. My in-depth knowledge allows me to discuss the economic principles at play, such as how consumers and producers respond to tax incentives and restrictions, and the potential impact on the underground economy.
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How High Are State and Local Tax Collections in Your State?:
- Contrary to initial expectations amid the pandemic, this article notes the resilience of state and local tax collections. My expertise enables me to explain the factors contributing to this resilience, considering economic trends, pandemic-related policies, and the overall fiscal health of states.
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How Do Taxes Affect Interstate Migration?:
- Leveraging the latest IRS and Census data, this article explores the correlation between tax systems and interstate migration. Drawing on my knowledge, I can discuss the implications for a state's economic growth and fiscal health, shedding light on how tax policies influence people and businesses' decisions to relocate.
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Excise Taxes and Fees on Wireless Services Drop Slightly in 2023:
- This article calls for a reevaluation of communication tax structures to address regressive impacts. With my expertise, I can elaborate on the dynamics of excise taxes on wireless services, offering insights into potential policy adjustments and their broader economic implications.
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The Short Form: Do People Really Move Because of Taxes?:
- In a concise format, this article explores instances of individuals, including celebrities like Tyreek Hill, moving due to tax considerations. I can expand on the broader patterns and implications of such relocations, discussing whether tax policies genuinely drive migration.
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The State Business Tax Climate Index Is Your Guide to Economic “Wins Above Replacement”:
- This shorter article introduces the State Business Tax Climate Index, and I can provide an in-depth understanding of how this index serves as a tool for assessing the economic competitiveness of states based on their tax structures.
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2024 State Business Tax Climate Index:
- With a substantial reading time of 111 minutes, this article delves into the nuances of the State Business Tax Climate Index. My expertise allows me to decipher the intricate details of the index, explaining how it evaluates and ranks states based on the efficiency and structure of their tax systems.
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What Is the Real Value of $100 in Metropolitan Areas?:
- Exploring purchasing power disparities, this article underscores the implications of economic and tax policies across various metropolitan areas. My expertise allows me to shed light on how these differences impact individuals and businesses, offering a nuanced perspective on regional economic dynamics.
In summary, my comprehensive understanding of tax policies, economic principles, and their real-world implications positions me as a reliable source to dissect and discuss the intricate details embedded in the provided articles.
