Taxes

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Key Findings Cost recovery refers to how businesses deduct their investments over time. The Tax Cuts and Jobs Act of 2017 reintroduced 100 percent bonus depreciation for short-lived investments, such as machinery and equipment, allowing full cost recovery for qualifying investments. Bonus depreciation will begin phasing down at the beginning of 2023. In 2018, the
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Since 2018, the tax world has seen multiple rounds of proposals to change how digital companies are taxed. The most common, the Digital Services Tax (DST), popped up as a European Commission directive and then made its way into the national laws of multiple countries across the globe. Ongoing international tax negotiations were partially motivated
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It’s Christmas time, and for millions of families around the country, that means revisiting some classic holiday movies. For some, that includes It’s a Wonderful Life and Home Alone. For others, that includes Die Hard. In this analyst’s view, Die Hard is a Christmas movie, though this is not an institutional position of Tax Foundation.
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Most state tax changes take effect at the beginning of the calendar year (January 1) or at the beginning of the fiscal year (July 1 for most states). On January 1, 2023, thirty-eight states have noteworthy tax changes taking effect. Most of these changes represent net tax reductions, the result of an unprecedented wave of
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