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.
Supreme Court Correctly Rules on . . . SALT Deduction
One of the reasons the SALT cap withstood the court challenge is because it’s actual legislation. It would be a grotesque overreach for the judicial branch to overturn a legitimate exercise of self-government through the legislative process.
Biden's Already Reducing Wealth Inequality--By Killing the Economy
Biden campaigned on reducing wealth inequality, and he’s certainly done that. Wealthy people with money in the stock market are likely worth a lot less today than at the beginning of the year.
President's Council of Economic Advisers Pushes Higher Taxes on the Wealthy
Taxing wealth reduces the incentive to create wealth and transfers it from where it is used productively to the government where it likely won’t be used productively. That transfer causes lower growth, not higher growth.
The Real Question: Should Florida Have Given Disney Perks in the First Place?
There's a better way to attract companies to a state: a stable, low-tax and -regulatory environment that benefits all businesses.
Bracket Creep
States that have never indexed their income tax rates should learn from states that have and use this time of flush state budgets to do so.
Biden's New Proposed Wealth Tax
Biden proposes a wealth tax he once opposed, targeting billionaires whose net worth is $100 million.
More Defense Spending, But How?
Most observers realize that the United States is going to have to increase its defense spending. But, with federal debt ballooning, interest rates rising and the return of inflation, we simply must set our fiscal house in order. We must be able to say “no” to more things so that we can “yes” to a stronger defense.
Correcting Biden
In his State of the Union address, President Biden said the 2017 tax reform only benefited the top 1% of income earners. To put it bluntly, he lied.
Did Sen. Rick Scott Propose a Tax Increase?
Sen. Rick Scott's been accused of wanting to raise taxes. He may be talking about a tax principle rather than tax policy. But Republicans have to be careful how they talk about taxes.
Look, C'mon Folks: Joe Biden Doesn't Understand Inflation
There is no solution to inflation other than reining in loose money and enduring whatever temporary economic pain may result.
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