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Oct 1, 2024 | 
taxpolicycenter.org | Thomas Brosy |Thornton Matheson |Robert McClelland |Livia Mucciolo
Intangible assets, such as patents and research and development spending, represent an increasingly large fraction of investment in the economy. In this paper, we review the historic tax treatment of research and development and intangibles in the US and their economic significance. We update Tax Policy Center effective tax rate models by incorporating the capitalization of research and development, the research and experimentation tax credit, and the foreign-derived intangible income deduction.
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May 1, 2024 | 
taxpolicycenter.org | Richard C. Auxier |Thomas Brosy
Cities, counties, and other local governments have traditionally relied on property taxes as a substantial and stable revenue stream. But with remote work taking hold after the pandemic, studies suggest that the value of office buildings could fall by half in many cities. The question facing policymakers is not if this will affect local budgets but how bad will it get. In a new analysis, we analyzed how dependent 47 major cities are on commercial property tax revenue.
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May 1, 2024 | 
urban.org | Thomas Brosy |Richard C. Auxier |Nikhita Airi |Gabriella Garriga
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May 1, 2024 | 
taxpolicycenter.org | Thomas Brosy |Gabriella Garriga |Thornton Matheson
BiographyThomas Brosy is a senior research associate in the Tax Policy Center, where he is involved in projects related to business and corporate taxation and state and local tax policy. His previous research looked at how state business taxes affect business dynamism and the impact of the Great Recession on local property taxes. Brosy graduated from the University of Michigan with a Ph.D. in economics. He previously attended the University of Lausanne, Switzerland, and University College London.
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May 1, 2024 | 
taxpolicycenter.org | Thomas Brosy |Richard C. Auxier |Nikhita Airi |Gabriella Garriga
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Mar 19, 2024 | 
taxpolicycenter.org | Thomas Brosy |Steven Rosenthal |Robert McClelland |Livia Mucciolo
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Mar 5, 2024 | 
taxpolicycenter.org | Thomas Brosy
Following release of the Organisation for Economic Co-operation and Development’s (OECD’s) model global minimum tax rules in December 2021, European Union member states and many other large economies like Australia, Japan, and the UK now have adopted a global minimum tax of 15 percent. The Biden administration worked with the OECD to develop the new global minimum tax framework, but Congress has yet to enact the necessary enabling legislation.
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Aug 22, 2023 | 
taxpolicycenter.org | Thomas Brosy
More than three years after the beginning of the COVID-19 pandemic, the shift to remote work for many office workers has put the future of commercial real estate, and potentially city government budgets, on shaky ground. One data and analytics group estimated that commercial property values are down 12 percent over the past 12 months, putting today’s values on par with those in May 2018. In comparison, residential home values are about 50 percent higher than in mid-2018.
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Mar 31, 2023 | 
taxpolicycenter.org | Thomas Brosy
As expected, President Biden’s 2024 proposed budget included several changes to the tax treatment of foreign income. Although prior attempts to rewrite these tax rules stalled in Congress, with the European Union and others moving ahead on Organization for Economic Cooperation and Development proposals for minimum taxes on income of multinationals, it’s worth reviewing what Biden has proposed in this area.
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Feb 6, 2023 | 
taxpolicycenter.org | Thomas Brosy |Gabriella Garriga |Robert McClelland
States and local governments in the US have started implementing cryptocurrency and blockchain technology initiatives and policies. Supporters of these technologies highlight the transformative potential for improving local governance, but many remain skeptical about their long-term effects on equity. In this report, we analyze how states and local governments use and regulate blockchain technology and cryptocurrencies.
