tax

The tax system shouldn't be used by lawmakers to provide social or economic benefits. Using the tax code to distribute benefits presents a barrier for recipients who lack the income and tax obligation required to qualify for a tax subsidy, in addition to the distortions that targeted tax deductions and credits can lead to.

'The criteria of simplicity, transparency, predictability, and justice should be met by new own resources.'

Retail sales taxes account for 32% of state tax collections, 13% of municipal tax collections, and 24% of all tax collections, making them a crucial component of most states' revenue strategies. Additionally, since they generate fewer economic distortions than the individual income tax, the other significant state tax, they are more pro-growth.

Everything has a cost; be on the lookout for these unexpected costs and learn how to prevent them.

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.

Many European governments granted temporary gasoline tax reductions in reaction to a year of high energy price hikes in 2022. By 2023, European gas and diesel taxes had essentially returned to pre-Russia-Ukraine war levels. The European Union (EU) mandates member states to impose a minimum excise duty of €0.36 per liter ($1.55 per gallon) on gasoline (petrol).

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.

To help pay down the EU's accumulated debt from funding the post-pandemic economic recovery, the EU is considering implementing a new wealth tax on its member states. Most European Union member states have done away with their net wealth taxes over the past three decades because of the harm they did to long-term economic growth, innovation, and entrepreneurship.

Only three weeks into Spain's EU Council chair, Pedro Sánchez, the country's prime minister, shocked everyone by announcing an immediate election on July 23. These elections might be Spain's final chance to enact pro-growth tax measures at the national level and as the rotating president of the Council, especially before the European Parliament elections, so the stakes are high.

On June 30, Harrison Ford, the famed actor who played Indiana Jones, will put on his famous hat for the last time. Fans all over the world are looking forward to this last adventure, so let's go on our own journey to figure out the secrets of hard prize.