economic

The Internal Revenue Service (IRS) changes more than 60 tax rules every year to account for inflation. This stops something called "bracket creep." People move into higher tax brackets or lose value from credits and benefits when inflation rises instead of their real income rising. This is called "bracket creep."

As the race for president in 2024 gets under way, candidates are starting to make plans for how they would handle taxes. Getting the government corporate tax rate down from 21% to 15% is a tax plan that both former President Donald Trump and former Vice President Mike Pence supported.

This week, we released our yearly State Business Tax Climate Index, which looks at how taxes are set up. Readers can compare state tax systems across more than 120 factors, making it a very useful diagnostic tool.

To stay away from economics myths, we need to understand how economists see the world.

The State Business Tax Climate Index from the Tax Foundation lets business leaders, officials in government, and taxpayers see how their states' tax systems compare to others. There are many ways to show how much a state government gets in taxes, but the Index is meant to show how well states set up their tax systems and offer suggestions for how to make them better.

Why do people spend more money on some products than others? Laws of supply and demand are frequently cited in response, but what exactly are these laws? The law of declining marginal utility contains the solution.

Since trade-offs are a part of every aspect of existence, economics is really the study of daily life.

Discretionary spending was restricted for 2024 and 2025 as part of the most recent debt ceiling agreement. However, House conservatives are pushing for deeper cuts and more reforms in appropriations legislation for the coming fiscal year (2024). According to Kay Granger, the chair of the House Appropriations Committee, 'the debt ceiling bill set a ceiling, not a floor' for spending in 2024.

It is a truism worthy of canonization in the Book of Proverbs that governments dislike gold because they cannot print it.

The Internal Revenue Service (IRS) has published a feasibility assessment on the viability of a government-run direct file program for taxpayers, ahead of the agency's anticipated launch of a Direct eFile pilot program in the approaching 2024 tax filing season.