The Tax Foundation

With Members of Congress calling for punitive new tax laws against U.S. oil and gas companies in response to the BP oil spill, the Tax Foundation has released a new analysis showing federal, state and local taxes remitted by the oil companies have exceeded their corporate profits by 40 percent. The new study shows that in recent decades, state and federal governments have "profited" far more from the oil industry than companies have.

The U.S. oil and gas industry is the beneficiary of some tax incentives whose benefit is comparatively small, according to a new Tax Foundation study.     

"With deficits as high as they are, it's no wonder Congress is re-examining special tax provisions," said the new study's author, Tax Foundation president Scott Hodge. "That's a good idea, but Congress is drawing the bull's eye on the wrong target. Oil and gas tax subsidies are small compared to what other energy firms receive, not to mention the huge tax incentives that flow to state and local governments and to individuals."  

As a number of states prepare for back-to-school sales tax holidays beginning early next month, an updated Tax Foundation study shows that the temporary, targeted periods of sales tax exemption are nothing more than political gimmicks that do little to help consumers. Instead, the holidays distort consumer choices while favoring certain industries over others, increase tax code complexity, and distract from real, permanent tax relief. 

Many taxpayers are confused about which tax provisions will be affected, and in what way, on Jan. 1, 2011. In less than six months, major changes could affect numerous tax provisions, including individual income tax rates and credits, the alternative minimum tax, and the estate tax. We have assembled a list of 14 questions on the Bush tax cuts and the uncertainties of 2011 post-expiration tax policy. Each question addresses one aspect of the tax cuts and possible changes.View the questions and a list of all Tax Foundation research and blog posts on the expiration of the Bush tax cuts.

Enacting a corporate income tax or a gross receipts tax in Nevada would make the state's tax climate less attractive for capital investment and job creation, harming the state's competitive advantage over others in the region, according to a new Tax Foundation report.
Broadening the sales tax base to include all end-user goods and services and lowering the sales tax rate is consistent with sound tax reform.