Tax Foundation

1. Recent Study on Financial Transaction Taxes Understates their Economic Harm

   A recent article by Public Citizen, entitled “A Progressive Tax With Beneficial Effects,” estimates the impact that a 0.1 percent Financial Transaction Tax (FTT) such as the proposed Wall Street Tax Act would have on the retirement accounts of Americans. The author finds that an FTT would be progressive, have a modest impact on top […]

2. Bloomberg’s Financial Transaction Tax (FTT) Proposal Revives Bad Policy

   This week, former New York City Mayor and Democratic presidential candidate Michael Bloomberg released a proposal to levy a 0.1 percent tax on all financial transactions. Despite the stock market reaching all-time highs, Bloomberg claims the majority of gains are concentrated among the wealthy few. Bloomberg’s proposal is nothing novel. The idea of levying a […]

3. Marginal Tax Rates on Labor Income in the U.S. After the Tax Cuts and Jobs Act

   Workers in the United States face federal individual income taxes and payroll taxes on their labor income. The individual income tax system is progressive, as tax rates rise as taxable income rises. The payroll tax system is regressive, as part of the payroll tax is subject to a wage cap that reduces the payroll tax […]

4. New Evidence on Territorial Taxation

   In the current globalized economy businesses have supply chains that can cross borders multiple times. Multinational businesses also make choices in how they want to reach their customers. A country headquartered in the United States that wants to sell products in Germany needs to answer several questions: Do we produce everything in the U.S. and […]

5. Reliance on Corporate Income Tax Revenue in Europe

   A recent report on tax revenue sources shows the extent to which OECD countries rely on different tax types. Today’s map looks at the corporate income tax, which, compared to individual taxes, social insurance taxes, and consumption taxes, generates a relatively small share of tax revenue in Europe. In 2018—the most recent year for which […]