Taxes directly affect Americans by compelling them to surrender part of their income to the government, and indirectly since the taxing power can positively or negatively affect economic growth.
In the U.S., our tax regimes are in serious need for reform, both at the state and federal level. Our tax code fails to sufficiently incentivize investment, the primary driver of economic growth. And it hobbles U.S. companies as they compete internationally.
IPI believes that the purpose of taxes is to raise the revenue necessary to fund the legitimate functions of government while imposing the least possible impact upon the functioning of the economy. We therefore believe that taxes should be simple, transparent, neutral, territorial and competitive.
Because of its tremendous potential to stimulate real long-term economic growth, tax reform should be a top priority of policymakers.
Taking a BAT to the Wayfair Decision
Congress is already thinking about how to restore the notion of taxation only with representation—i.e., restore a physical-presence standard, by simplifying business activity taxes (BAT).
Will Californians Strike a Blow for Lower Gas Taxes and Gasoline Prices?
States need to be held accountable for their spending decisions. If they claim they need a gasoline tax increase in order to repair roads, that’s where the money should go. But they won’t do that unless voters hold them accountable, and Californians have a chance to do that in November.
A Snapshot of the Trump Economy
The economy grew under President Obama, but slowly and sporadically. However, several economic indicators demonstrate that President Trump's embrace of free market principles has noticeably spurred hiring, investment and confidence.
CTA: New Tariffs Would Do Billion-Dollar Number on U.S. Economy
"The primary purpose of the Trump tariffs isn’t necessarily to raise tax revenue, as in centuries past, but to make something more expensive to U.S. consumers so that they will buy less of that item and buy more from domestic manufacturers, who, incidentally, typically raise their domestic prices," says IPI.
Who Pays Tariffs?
Who pays the Trump tariffs? Americans, that’s who—as importers of tariffed products, businesses that buy those imported items, and, ultimately, consumers.
Conservative Groups and Activists Urge House Action on Making Individual Tax Cuts Permanent
Since it was signed into law, the Tax Cuts and Jobs Act has increased take-home pay, simplified the tax code, and grown the economy.
Former Adviser Praises Trump for Tax Cuts and Deregulation but Calls His Tariffs 'Stupid'
In his presentation, titled “Trumponomics: How and Why It’s Working,” Moore said that the heart of “Trumponomics” is growing the economy as rapidly as possible and that many of the major issues facing our country today — including poverty, the national debt, income inequality and education — will be easier to solve if the economy is growing faster.
Supreme Court Ruling on Sales Tax Weighs on Amazon.com, Inc.
It’s unclear how the new ruling will effect smaller sellers, but Institute for Policy Innovation president Tom Giovanetti is in the camp of those that sees it as a big problem for them.
Supremes' Decision Branded Online Taxation Without Representation
“In today’s Wayfair decision, the Supreme Court overturned 25 years of its own precedent and decided that states will be able to assess sales taxes on internet transactions, siding with the state of South Dakota against Wayfair and other online sellers," said IPI president Tom Giovanetti, who also sounded ready to throw some tea overboard.
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