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.
Democratic presidential frontrunner Joe Biden hopes to pay for his version of the Green New Deal by eliminating the subsidies and tax breaks given to the fossil fuel producing industry, and he’s not alone.
Toyota stock may struggle in the near future as the company decides to dramatically crank up its electric vehicle production.
President Trump is threatening to raise taxes on Americans. Again. That’s because tariffs are taxes, and they are paid by Americans, not by foreigners.
Most House Republicans have committed in one way or another to not raise taxes, but this seems to be a session characterized by commitments broken and principles betrayed.
Finally, Congress passed legislation, led by Sen. Tim Scott, that might just help increase investment in low-income communities, and the regulations were recently released.
"We have no objection in principle to a revenue neutral tax swap that reduces property taxes by increasing consumption taxes, especially since consumption taxes are a less harmful form of taxation," said IPI president Tom Giovanetti. "A revenue neutral tax swap is not a tax increase. The devil is in the details, however."
Electric vehicles aren't very popular now, and may be even less so if their taxpayer-provided subsidies are cut.
Passage would improve safeguards for taxpayers when dealing with the IRS, upgrade management and customer service at the tax agency, and create a pathway for modernizing administration of tax laws.
In this letter to Congress, IPI joins with other free market organizations voicing opposition to a new payroll tax and new paid leave entitlement program.