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The Latest Breaking News from Tax Foundation

Is Texas a tax haven? Not for businesses that pay higher taxes than in other states

Texas takes pride in being a low-tax haven, thanks largely to being among the states that don’t have an individual income tax.

Tribune News Service

How much America's richest people would pay under a billionaire tax is pretty complicated

Elon Musk and Bill Gates could owe billions under the Billionaire Minimum Income Tax. But how that tax would play out depends on several factors.

Fortune

Newsom says 95% of Texans pay more than Californians in taxes. But is he correct?

Gov. Gavin Newsom recently proclaimed that “95% of Texans pay higher taxes than Californians.”

Tribune News Service

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Today’s Interview: Tax Foundation analyst reviews HB1, which would further reduce Kentucky’s inc

Today’s Interview: Tax Foundation analyst reviews HB1, which would further reduce Kentucky’s income tax

WEKU

Borrowers in 7 states may be taxed on their student loan cancellation

Seven states have tax policies on the books that could require them to treat student loans canceled by the federal government as taxable income.

WEKU

LOCALIZE IT: Student loan debt relief could bring tax bills

EDITORS/NEWS DIRECTORS:

The Independent UK

North Carolina says it will tax Biden’s student loan forgiveness, and 3 more states are likely to follow suit

Arkansas, Minnesota and Wisconsin could follow suit in taking the student loan forgiveness, The Tax Foundation says

The Independent UK

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States tapping historic surpluses for tax cuts and rebates

State governments flush with money are returning billions of dollars to their residents

The Independent UK

Congress Just Passed the Inflation Reduction Act. It Will Hike Taxes on Some Middle-class Households.

It also spends billions on new green energy programs, and it lets the IRS hire 87,000 new agents.

Reason

A Global Tax Cartel Is Floundering. Good.

Just as you don't attract bees with vinegar, you don't attract corporations by promising to tax them heavily.

Reason

Proposed menthol ban highlights debate over ‘sin tax’ revenue

WASHINGTON — A proposed federal ban on menthol cigarettes has underscored the tension lawmakers face in using so-called “sin tax” revenue to fund critical social programs at the state and federal levels.

Tribune News Service

Proposed menthol ban highlights debate over ‘sin tax’ revenue - Roll Call

The FDA’s proposed ban on menthol cigarettes means states would see “sin tax” revenues fall, but vaping taxes are already filling the gap.

Roll Call

High Inflation Means Rising Tax Bills

The current run of price and wage increases could tip taxpayers into higher brackets, where they will owe larger slices of their income to the government.

Reason

9 States Without Income Tax in 2026

Your hard-earned money is safe from state income tax if you live in one of these states but watch out for other state and local taxes.

Kiplinger

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