Milly Higgs

Jan 21, 2025 | taxfoundation.org | Adam J. Hoffer |Milly Higgs

Growing pressure for fiscal reforms in Mexico, paired with global health organizations pushing countries to refine their excise taxes, resulted in a new proposal that would overhaul the way Mexico taxes alcohol. The new system—a modernized Special TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.

Nov 14, 2024 | taxfoundation.org | Jacob Macumber-Rosin |Adam J. Hoffer |Milly Higgs

Drug policy was on the ballot in many states in 2024. Voters in Florida, North Carolina, and South Dakota considered legalizing recreational marijuana; voters in Nebraska had the option to legalize medical marijuana; and voters in Massachusetts considered legalization of natural psychedelic substances. Legal access to drugs, and thus legal (taxable) markets for them, continued to expand in 2024, but the expansion via 2024 ballot initiatives stalled.

Nov 8, 2024 | taxfoundation.org | Erica York |Milly Higgs

President-elect Trump has promised to impose steep new taxes on trade, including a 10-20 percent tariff on all imports, at least a 60 percent tariffTariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters. on Chinese imports, and a 25-100 percent tariff on Mexican imports.

Oct 14, 2024 | taxfoundation.org | Milly Higgs

Last week, Republican presidential nominee Donald Trump stated “I support ending the double taxationDouble taxation is when taxes are paid twice on the same dollar of income, regardless of whether that’s corporate or individual income.

Aug 26, 2024 | taxfoundation.org | Erica York |Milly Higgs

Depending on the outcome of the 2024 US election, the current corporate taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. rate of 21 percent could be in for a change. The 21 percent rate, put in place by the 2017 tax reform, brought the US rate in line with other industrialized countries after years of being the highest.