Farmers across Indiana would get a big property tax cut under legislation moving through the General Assembly that would reduce their assessed land values an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.
One of the nastier quirks of U.S. corporate taxation lies in where income is taxed. Just about everyone else follows a simple rule: You pay taxes to the country where the income is earned. But that’s not good enough for Uncle Sam.
Tax rates affect the tax base in two ways: Higher rates decrease incentives to generate income and also divert income and investment to less productive tax shelters. With higher rates, the tax base is smaller than it would otherwise be.
The Great Recession caused waves of foreclosures and layoffs that pushed more Americans into renting. More than 36 percent of people now rent, compared with 31 percent before the recession began in late 2007.