Tax Foundation

Portland residents face some of the country’s highest taxes on just about every class of income. In an era of dramatically increased mobility for individuals and businesses alike, that’s not a recipe for success.

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Portland’s Weirdly High Taxes Portland residents face some of the country’s highest taxes on just about every class of income. In an era of dramatically increased mobility for individuals and businesses alike, that’s not a recipe for success.

Our State Business Tax Climate Index is designed to show how well states structure their tax systems and provides a road map for improvement.

Here are this year's top five best states:

1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Montana

Find out how your state ranks: https://hubs.ly/Q02LgrLQ0

Governments have to raise money to cover the costs of services like education, infrastructure, and national defense. Taxes are that source of revenue, but they can differ in design, base, rate, and more.

Watch: How Do Governments Raise Revenue? ⬇️https://hubs.ly/Q02LfN080

How Do Governments Raise Revenue? | TaxEDU Videos The government provides various services at the federal, state, and local levels. How are they paid for? Taxes.

Retail delivery fees are an inefficient and ineffective way to close budget gaps, and lawmakers should consider other, more sound, policy options.

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Retail Delivery Fees Are Not the Panacea for States’ Transport Budget Woes Retail delivery fees are an inefficient and ineffective way to close budget gaps, and lawmakers should consider other, more sound, policy options.

To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts.

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National Tax Literacy Poll: Understanding the Tax Code To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts.

Vice President Kamala Harris has selected Minnesota Gov. Tim Walz as her running mate.

Under Gov. Walz's leadership, Minnesota has stood out as one of the few states to raise taxes in recent years, even while posting large surpluses.

Gov. Tim Walz Raised Taxes as Most Governors Cut Them Gov. Walz’s tax policy record is notable because of how much it contrasts with broader national trends. In recent years, most governors have championed tax cuts. Walz, rare among his peers, chose tax increases.

Americans are leaving high-tax, high-cost-of-living states in favor of lower-tax, lower-cost alternatives. The top 10 states experiencing inbound migration are:

1. South Carolina
2. Delaware
3. North Carolina
4. Tennessee
5. Florida
6. Montana
7. Idaho
8. Maine
9. Texas
10. Alabama

The global tax deal and Pillar Two are shaking up the tax landscape worldwide, introducing a web of complexity and confusion.

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Pillar Two: Electric Boogaloo The global tax deal and Pillar Two are shaking up the tax landscape worldwide, introducing a web of complexity and confusion.

Taxpayers reported $14.8 trillion of total income on their 2021 tax returns.

Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income.

Read more: https://hubs.ly/Q02KzMCB0

If Vice President Kamala Harris is elected the 47th U.S. president, she would inherit a trade war started by former President Donald Trump and continued by President Joe Biden. But she’d also have the chance to end it.

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Harris Should Break With Biden, Trump on Trade | Op-Ed If elected, Kamala Harris would inherit a trade war started and continued by former presidents. But she’d also have the chance to end it.

Americans will spend more than 7.9 billion hours complying with IRS tax filing & reporting requirements in 2024. This is equal to 3.8 million FT workers doing nothing but tax return paperwork—roughly equal to the population of Los Angeles.

The 2024 Summer Olympics are underway, drawing the attention of billions and continuing a tradition dating back thousands of years. But you know what else originated thousands of years ago and affects even more people? Taxes.

https://hubs.ly/Q02KzHMc0

How Are Olympians and Attendees Taxed? The 2024 Summer Olympics are underway, drawing the attention of billions and continuing a tradition dating back thousands of years. But you know what else originated thousands of years ago and affects even more people? Taxes.

Kamala Harris’ past tax policy stances raise the question of whether, and how far, she might depart from the policies of the Biden-Harris administration.

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Where Does Kamala Harris Stand on Taxes? While both President Biden and Vice President Harris aim their proposed tax hikes on businesses and high earners, key differences between their tax ideas in the past reveal where Harris may take her tax policy platform in the 2024 campaign.

Gas taxes are unable to support road funding as Americans consume less gas.

A VMT tax could eliminate the need for states to divert general funds to road spending and would have that road spending furnished entirely by those who drive on them.

A VMT tax would also establish a more neutral fee for road usage, while insulating road funding from continual changes to fuel efficiencies, vehicle types, and consumer preferences.

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The gap between Highway Trust Fund revenue and spending is currently large, at almost $10 billion in 2024, and is only projected to get worse, reaching almost $37 billion by 2034.

Summer has arrived and states are beginning to implement policy changes that were enacted during the legislative session (or are being phased in over time).

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State Tax Changes Taking Effect July 1, 2024 Summer has arrived and states are beginning to implement policy changes that were enacted during the legislative session (or are being phased in over time).

The framework set forth in the STATES 2.0 Act would be an important move toward creating a safer, well-regulated, and tax-producing ma*****na market.

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STATES 2.0 Act Sets the Stage for Federal Cannabis Policy Policymakers are seriously considering federal cannabis policy reform, as seen in the STATES 2.0 ACT. Learn more here.

Our State Business Tax Climate Index is designed to show how well states structure their tax systems and provides a road map for improvement.

Here are this year's top five best states:

1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Montana

Find out how your state ranks: https://hubs.ly/Q02K1n5l0

VP Kamala Harris has selected Minnesota Gov. Tim Walz as her running mate. Under Gov. Walz's leadership, Minnesota has stood out as one of the few states to raise taxes in recent years, even while posting large surpluses.

Though gas taxes are intended to serve as user fees and pollution deterrents, they vary widely across states.

How does your state’s burden compare?

Read more: https://hubs.ly/Q02KcKhd0

The 2024 Summer Olympics are underway, drawing the attention of billions and continuing a tradition dating back thousands of years. But you know what else originated thousands of years ago and affects even more people? Taxes.

https://hubs.ly/Q02JCy-v0

How Are Olympians and Attendees Taxed? The 2024 Summer Olympics are underway, drawing the attention of billions and continuing a tradition dating back thousands of years. But you know what else originated thousands of years ago and affects even more people? Taxes.

Washington State's proposed wealth tax was projected to raise $3.2 billion a year.

Now Jeff Bezos’s move to Florida risks an estimated 45 percent of the state's projected wealth tax revenue.

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Jeff Bezos’s Move Undercuts Proposed Washington State Wealth Tax The implications for Washington are very real, and serve to illustrate just how dangerous it can be to design tax systems that rely so overwhelmingly on a very small number of taxpayers choosing to stay put.

Taxpayers reported $14.8 trillion of total income on their 2021 tax returns.

Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income.

Read more: https://hubs.ly/Q02JCCnN0

Here are the five states with the highest average combined state and local sales tax rates:

Louisiana (9.565%)
Tennessee (9.556%)
Arkansas (9.47%)
Washington (9.45%)
Alabama (9.29%)

Explore the data here: https://hubs.ly/Q02JCL6x0