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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."
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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.
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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.
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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.
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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.
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A total of $80 billion in additional taxes were levied by the Trump administration in numerous rounds of tariffs on $380 billion worth of goods (based on 2018 values), including solar panels, washing machines, and thousands of products from China. Other nations retaliated by introducing their own retaliatory levies. Except for limited exemptions or modifications to some steel and aluminum tariffs, as well as washing machine and solar panel levies, the Biden administration has mostly kept the tariffs in place.
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The federal tax code is still a major source of anger and debate among Americans and a barrier to economic growth and opportunity. Other countries, like Estonia, have shown that taxes can be collected in a less stressful and more effective way and still bring in enough money.
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Federal tax revenues are approaching the highest levels in U.S. history, which were reached during World War II and again during the dot-com boom of 2000. In FY 2022, federal spending hit 25% of GDP, a level only surpassed during the height of the pandemic in 2020 and 2021 and World War II.
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."
