income tax Strategies to strengthen the Earned Income Tax Credit By webfeeds.brookings.edu Published On :: Wed, 09 Dec 2015 00:00:00 -0500 From its modest beginnings in 1975, the Earned Income Tax Credit has grown into one of the nation’s most effective anti-poverty programs. Each year, the EITC supplements low-income workers’ earnings, encouraging work and lifting millions of people out of poverty.1 It has positive lasting effects for parents, who have shown longer-run earnings increases and better health outcomes. At the same time, their children exhibit a host of benefits, from better school performance and higher rates of college enrollment to more hours worked and higher incomes in adulthood.2 Moreover, the EITC supports economic stability in communities throughout the country where filers collectively receive millions of dollars in earnings supplements annually.3 These successes stem from a series of targeted expansions—supported by both Republicans and Democrats—over the EITC’s 40-year history, transforming it from a small credit into a significant income supplement for low-income working families.4 Yet more can be done to preserve and build on the effectiveness of the EITC, and a growing number of elected officials and policy experts have proposed strengthening the credit. Three main recommendations have emerged from these proposals. Preserve two key provisions of the EITC that are set to expire in 2017; Expand the credit for workers without qualifying children; and Offer filers options to receive a portion of the credit outside of tax time. In this brief, we consider the first two recommendations, using our MetroTax model and detailed microdata from the 2014 American Community Survey to estimate the impact of these potential changes on workers and on the metropolitan areas and states where they live.5 A new analysis by Steve Holt will take an in-depth look at the issue of periodic payment. If two key EITC provisions expire in 2017, 7.4 million filers would lose part or all of their EITC. In 2009, Congress and the Obama administration enacted two targeted, but temporary, expansions to the EITC. The legislation reduced the “penalty” for married couples filing jointly by extending their eligibility for the credit $5,000 beyond that for unmarried filers, and it boosted the credit for families with three or more children (who are more likely to be low-income even when working). If those provisions expire in 2017, the EITC would shrink for 6.7 million taxpayers, while a little under 700,000 filers would lose eligibility altogether. Two-thirds of filers who would be affected are married couples, 1.8 million of whom are also raising more than two kids (meaning they would be subject to both cuts). The remaining third are unmarried workers with at least three children. Most of these taxpayers (58 percent) have a high school diploma or less, and they are most likely to work in manufacturing, construction, and retail. The typical adjusted gross income of these filers is $28,000 a year, just above the poverty line for a family of four (roughly $24,000 in 2014). States and metro areas in the Midwest and West would see the steepest cuts if these provisions expire. Every state stands to lose millions of dollars if these EITC provisions are not made permanent. States and metro areas with higher-than-average shares of married couples and larger families would be hardest hit. In the Intermountain West, Idaho and Utah could see a 10 percent drop in federal EITC dollars coming into the state (Table 1). The major population centers in those states—including metropolitan Provo and Ogden in Utah and Boise, Idaho—top the list of major metro areas that would experience the biggest cuts if these provisions expire. While larger states like California and Texas would see their EITC claims drop by smaller percentages, the size of the EITC-eligible population in these states mean that the expiration of these two provisions would translate into a loss of more than half a billion dollars in California ($538 million) and over $400 million in Texas. Taxpayers in the Los Angeles metro area stand to lose an estimated $185 million in EITC receipts, while those in Dallas would forfeit nearly $100 million. (For detailed state and metro data see the appendix.) Expanding the credit for workers without qualifying children would benefit more than 14.4 million filers. The EITC for childless workers is significantly smaller than the credit for families with children. In tax year 2013 (the most recent year for which detailed data are available), workers with qualifying dependents received $2,794 on average through the EITC, compared to the meager $281 claimed by the average childless worker.6 In fact, low-wage earning childless adults are the only group of taxpayers actually taxed into (or deeper into) poverty by the federal tax system.7 Both President Obama and House Speaker Paul Ryan have proposed expanding the EITC for these workers, as have legislators—including Sen. Patty Murray (D-Wash.), Rep. Richard Neal (D-Mass.), and Rep. Barbara Lee (D-Calif.)—and Republican presidential candidate Jeb Bush.8 (Republican presidential candidates Ted Cruz and John Kasich have also called for the EITC to be expanded but have not specified whom that expansion would target.9) The proposals put forward by Obama, Ryan, Lee, and Bush are strikingly similar (although they differ considerably in how they would pay for it). These expansions would double the size of the credit for childless workers and the pace at which the credit phases in and out (Figure 1). They would also lower the minimum age of eligibility from 25 to 21.10 Together, these changes would boost the value of the credit for 8 million filers and extend eligibility to 6.4 million more taxpayers, increasing EITC dollars for these workers by $6.9 billion.11 The filers who would benefit from these changes are largely unmarried workers (87 percent) who are most likely to be employed in service industries (retail, accommodation and food service, administrative services), health care, and construction. Half of these workers have a high school diploma or less. The typical adjusted gross income for these workers is just $8,300, well below the poverty threshold for individuals and married couples without children (e.g., $12,316 and $15,853, respectively, in 2014). Several states and large metro areas in the Midwest and Northeast would see the number of childless workers eligible for the EITC more than double if the credit were expanded. The District of Columbia and Utah, each of which has above-average shares of the population between 21 and 24, would experience the largest percentage growth in the number of childless workers eligible for the EITC (135 and 134 percent, respectively). However, the bulk of states that would double their pool of eligible filers without qualifying children fall in the Midwest (North Dakota, Iowa, Nebraska, and Wisconsin) and Northeast (Rhode Island, Massachusetts, and Vermont), and tend have higher-than-average shares of one-person households and households without children. Similarly, while the number of EITC-eligible childless workers in the Provo metro area would more than triple if the credit were expanded, most of the major metro areas that would at least double the number of eligible workers without qualifying children are in the Midwest (e.g., Grand Rapids, Milwaukee, and Toledo) and Northeast (e.g., Bridgeport, Boston, and Springfield) (Map 1). In this era of partisan gridlock in Washington, it is rare to find a policy with the kind of bipartisan support the EITC has received—a testament to its effectiveness in encouraging work, alleviating poverty, and improving outcomes for workers and their children. By preserving key provisions of the EITC for working families and by making the EITC work better for workers without qualifying children, millions of Americans across the country stand to benefit. Notes 1. See www.brookings.edu/blogs/the-avenue/posts/2014/12/16-poverty-tax-eitc-kneebone-holmes. 2. Chuck Marr, et al., “The EITC and Child Tax Credit promote work, reduce poverty, and support children’s development, research finds,” (Washington: Center on Budget and Policy Priorities, 2015). 3. See http://www.gistfunders.org/documents/GCYFInSightFall2015.pdf. 4. In 1975 the maximum credit for workers with children was $400. In tax year 2015, the maximum credit amount ranges from $3,359 to $6,242, depending on the number of children. 5. For more information on the MetroTax model, see the technical appendix: www.brookings.edu/~/media/Research/Files/Reports/2008/6/05-metro-raise-berube/metroraise_technicalappendix.PDF. 6. For more detailed data on filers and credit amounts by number of qualifying children, visit EITC Interactive at www.brookings.edu/research/interactives/eitc. 7. Chuck Marr, et al., “Lone group taxed into poverty should receive a larger EITC,” (Washington: Center on Budget and Policy Priorities, 2014). 8. Office of Management and Budget, “Fiscal Year 2016 Budget of the U.S. Government,” (Washington: OMB, 2015), available at https://www.whitehouse.gov/sites/default/files/omb/budget/fy2016/assets/budget.pdf; House Budget Committee, “The Path to Prosperity: Fiscal Year 2015 Budget Resolution,” (Washington: HBC, 2014), available at http://budget.house.gov/uploadedfiles/fy15_blueprint.pdf; Senator Patty Murray, "21st Century Workers Tax Cut Act," S.660; Representative Richard E. Neal, "Earned Income Tax Credit Improvement and Simplification Act 2015," H.R. 902; Representative Barbara Lee, "Pathways Out of Poverty Act of 2015”, H.R. 2721. 9. Tax Credits for Working Families, “The 2016 Presidential Race,” http://www.taxcreditsforworkingfamilies.org/the-2016-presidential-race-where-the-candidates-stand-on-tax-credits/; Tax Foundation, “Comparing the 2016 Presidential Tax Reform Proposals,” http://taxfoundation.org/comparing-2016-presidential-tax-reform-proposals. 10. President Obama and Rep. Lee also recommend raising the maximum age of eligibility to 67 to harmonize the credit with increases in Social Security’s full retirement age. 11. Raising the maximum age to 67 would benefit an additional 362,000 workers and increase the total EITC amount by another $232 million. Downloads State and Metro Data Appendix Authors Elizabeth KneeboneNatalie Holmes Full Article
income tax Periodic payment of the Earned Income Tax Credit revisited By webfeeds.brookings.edu Published On :: Thu, 17 Dec 2015 00:00:00 -0500 Each year, one in five households filing a federal income tax return claims the Earned Income Tax Credit (EITC). Targeted primarily to lower-income workers with children, it is one of many credits and deductions filers take each year on their federal income tax forms. However, unlike typical credits and deductions, the EITC is a refundable credit, meaning that after offsetting what is owed to the government filers receive the remainder of the benefit as a refund. By supplementing earnings for low- and moderate-income households, the EITC helps bridge the gap between what the labor market provides and what it takes to support a family. It encourages and rewards work and has become one of the nation’s largest and most effective anti-poverty programs. In contrast to other work support and poverty alleviation programs, it achieves this with very little bureaucracy beyond what otherwise exists to administer the tax code. Although the EITC began in 1975 as a small credit (no more than $400), a number of targeted expansions in subsequent years mean that today the EITC’s assistance can be considerable. In 2015, a single parent with three children working full-time all year at the federal minimum wage ($7.25 an hour) is eligible for a credit of $6,242, a boost of more than 40 percent above her earnings of $15,080 (though combined it still leaves her 12 percent below the federal poverty level). However, the only way to obtain these substantial benefits is to claim the EITC on the annual federal income tax return. While lump-sum payments have perceived benefits (such as being able to pay off debts, make larger purchases, or force savings), the EITC’s single annual disbursement can present a challenge for the working parent trying to make ends meet throughout the year. It can also be problematic for households wanting to stretch out their refund as an emergency savings reserve. My 2008 paper, “Periodic Payment of the Earned Income Tax Credit,” proposed an option that would allow a family to receive a portion of the EITC outside of tax time, striking a balance between lump-sum delivery and the need for resources throughout the year. Specifically, half of the credit could be claimed in four payments spread out during the year, while the remaining credit would continue to be paid as part of the tax refund. Since then, several significant developments have occurred. A little-used option for receiving some of the EITC in each paycheck ended in 2010. In 2014, the federal government initiated a new tax credit advance payment process to subsidize health insurance premiums through monthly disbursement of the Affordable Care Act’s Premium Tax Credit. Other countries providing assistance similar to the EITC have continued to innovate and offer access to benefits during the year. Finally, members of Congress and think tanks have proposed alternatives to a single lump-sum disbursement of the EITC, and others have begun to explore and experiment with alternatives, most notably in Chicago, where a 2014 pilot program made quarterly payments to 343 households. In light of these developments, this paper reviews the author’s original EITC periodic payment proposal, examines emerging alternatives, and addresses the following key questions: What is the demand for periodic payment alternatives? What benefits will accrue from the availability of periodic payment? What risks are associated with periodic payment and how can they be managed? What is the administrative feasibility of periodic payment? The emerging answers point a way forward for identifying different distribution options that would enhance the EITC’s value to low- and moderate-income working families. Downloads Report Authors Steve Holt Full Article
income tax Working dads and the Earned Income Tax Credit By webfeeds.brookings.edu Published On :: Fri, 17 Jun 2016 14:59:00 -0400 The Earned Income Tax Credit (EITC) supports millions of single parents and their children each year. Although the majority of these are single moms, Father’s Day provides a good reminder that single dads are also a significant part of the equation. Using Brookings’ MetroTax model, we estimate that roughly half (49 percent) of all EITC-eligible tax filers in 2014 filed as head of household—a group that includes many single custodial parents. Of these estimated 13.1 million filers, 8.9 million were women, and 4.2 million were men. These female-headed households included an estimated 14.7 million qualifying children, while their male counterparts included 6 million qualifying children. Although women head of household filers were more likely to be EITC-eligible (69 percent), male heads of household were not far behind, with an estimated 61 percent eligible to receive the EITC in 2014. To learn more about the EITC-eligible population, visit Brookings’ EITC data interactive. Authors Natalie Holmes Full Article
income tax Taxation of gifts under the Income Tax Act By feedproxy.google.com Published On :: Sat, 9 May 2020 10:28:21 GMT Taxation of gifts under the Income Tax Act Full Article
income tax Tax-News.com: India Consults Taxpayers On Income Tax Law Reform By www.tax-news.com Published On :: Thu, 22 Mar 2018 00:00:00 GMT India has launched a consultation on efforts to reform the country's 1961 income tax law, to be led by a newly constituted task force. Full Article
income tax Tax-News.com: Austria Announces Personal Income Tax Cuts By www.tax-news.com Published On :: Thu, 6 Feb 2020 00:00:00 GMT The Austrian Ministry of Finance has announced its decision to proceed with personal income tax cuts. Full Article
income tax Tax-News.com: Belgium Begins Accepting Personal Income Tax Returns By www.tax-news.com Published On :: Fri, 10 May 2019 00:00:00 GMT On May 2, 2019, Belgium's finance ministry confirmed that the Tax-on-web portal has been opened for personal and corporate income tax returns for the 2019 fiscal year. Full Article
income tax Tax-News.com: Australia Brings Forward Personal Income Tax Reform In 2019 Budget By www.tax-news.com Published On :: Fri, 5 Apr 2019 00:00:00 GMT Australian Treasurer Josh Frydenberg has announced that the Government will bring forward the start date for its package of income tax cuts. Full Article
income tax Is Your Income Tax Return Complete? By feedproxy.google.com Published On :: The financial year has ended and every individual is worried about filing his tax return before the due date. The difficulty is to be sure that the... Full Article
income tax Latin America and the Caribbean: Low personal income taxes lead to lower taxes on wages compared with OECD By www.oecd.org Published On :: Mon, 26 Sep 2016 10:45:00 GMT Taxes on the labour income of the average worker in Latin American and Caribbean (LAC) countries totalled 21.7% of total labour costs in 2013, one-third lower than in OECD countries, where the average was 35.9%, according to the first edition of Taxing Wages in Latin America and the Caribbean. Full Article
income tax Social security contributions and consumption taxes give way to personal income taxes, as corporate income taxes fail to recover By www.oecd.org Published On :: Thu, 23 Nov 2017 11:00:00 GMT Social security contributions and consumption taxes give way to personal income taxes, as corporate income taxes fail to recover Full Article
income tax Reshaping the Personal Income Tax in Slovenia By www.oecd.org Published On :: Wed, 13 Jun 2018 14:00:00 GMT This report presents a tax reform package that prepares Slovenia for the ageing of its population. Slovenia faces a window of opportunity for a comprehensive tax reform that rebalances the tax mix away from employee social security contributions (SSCs) towards the personal income tax (PIT). Full Article
income tax Isle of Man Personal Income Tax Rate By tradingeconomics.com Published On :: Mon, 03 Feb 2020 16:31:00 GMT The Personal Income Tax Rate in Isle of Man stands at 20 percent. Personal Income Tax Rate in Isle of Man averaged 19.29 percent from 2004 until 2020, reaching an all time high of 20 percent in 2010 and a record low of 18 percent in 2005. In Isle of Man, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Isle of Man. This page provides - Isle of Man Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax The distribution of taxable income and fiscal benefits in Spain: new evidence from personal income tax returns (2002-2011) By dx.doi.org Published On :: Tue, 12 Dec 2017 14:38:00 GMT The personal tax system has a large influence on incentives to work, save and invest and hence growth. At the same time it is a key policy lever for income redistribution. Full Article
income tax Algeria Personal Income Tax Rate By tradingeconomics.com Published On :: Mon, 10 Feb 2020 15:13:00 GMT The Personal Income Tax Rate in Algeria stands at 35 percent. In Algeria, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Algeria. This page provides the latest reported value for - Algeria Personal Income Tax Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Full Article
income tax Argentina Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 11:43:00 GMT The Personal Income Tax Rate in Argentina stands at 35 percent. In Argentina, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Argentina. This page provides - Argentina Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Macedonia Personal Income Tax Rate By tradingeconomics.com Published On :: Mon, 12 Feb 2018 12:34:00 GMT The Personal Income Tax Rate in Macedonia stands at 10 percent. Personal Income Tax Rate in Macedonia averaged 12.53 percent from 2004 until 2018, reaching an all time high of 24 percent in 2005 and a record low of 10 percent in 2008. In Macedonia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Macedonia. This page provides - Macedonia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Cameroon Personal Income Tax Rate By tradingeconomics.com Published On :: Mon, 12 Feb 2018 09:15:00 GMT The Personal Income Tax Rate in Cameroon stands at 35 percent. . In Cameroon, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Cameroon. This page provides - Cameroon Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Tunisia Personal Income Tax Rate By tradingeconomics.com Published On :: Mon, 12 Feb 2018 11:57:00 GMT The Personal Income Tax Rate in Tunisia stands at 35 percent. . In Tunisia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Tunisia. This page provides - Tunisia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Uganda Personal Income Tax Rate By tradingeconomics.com Published On :: Mon, 12 Feb 2018 11:59:00 GMT The Personal Income Tax Rate in Uganda stands at 40 percent. Personal Income Tax Rate in Uganda averaged 33.85 percent from 2004 until 2016, reaching an all time high of 40 percent in 2012 and a record low of 30 percent in 2005. In Uganda, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Uganda. This page provides - Uganda Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Liechtenstein Personal Income Tax Rate By tradingeconomics.com Published On :: Wed, 22 Jan 2020 13:11:00 GMT The Personal Income Tax Rate in Liechtenstein stands at 22.40 percent. Personal Income Tax Rate in Liechtenstein averaged 20.68 percent from 2007 until 2019, reaching an all time high of 24 percent in 2015 and a record low of 17.01 percent in 2008. In Liechtenstein, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Liechtenstein. This page provides - Liechtenstein Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Barbados Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 12:44:00 GMT The Personal Income Tax Rate in Barbados stands at 40 percent. Personal Income Tax Rate in Barbados averaged 35.80 percent from 2006 until 2020, reaching an all time high of 40 percent in 2018 and a record low of 33.50 percent in 2016. In Barbados, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Barbados. This page provides - Barbados Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Mexico Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 16:22:00 GMT The Personal Income Tax Rate in Mexico stands at 35 percent. Personal Income Tax Rate in Mexico averaged 31.07 percent from 2004 until 2018, reaching an all time high of 35 percent in 2015 and a record low of 28 percent in 2007. In Mexico, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Mexico. This page provides - Mexico Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Peru Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 16:24:00 GMT The Personal Income Tax Rate in Peru stands at 30 percent. In Peru, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Peru. This page provides - Peru Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Uruguay Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 16:27:00 GMT The Personal Income Tax Rate in Uruguay stands at 36 percent. Personal Income Tax Rate in Uruguay averaged 23.13 percent from 2004 until 2018, reaching an all time high of 36 percent in 2017 and a record low of 0 percent in 2005. In Uruguay, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Uruguay. This page provides - Uruguay Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax United States Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 16:27:00 GMT The Personal Income Tax Rate in the United States stands at 37 percent. Personal Income Tax Rate in the United States averaged 36.71 percent from 2004 until 2020, reaching an all time high of 39.60 percent in 2013 and a record low of 35 percent in 2005. In the United States, the Personal Income Tax Rate refers to the Top Marginal Federal Tax Rate applied on taxable income over USD 406,751 for a single filer. The individuals may be also subjected to an additional state taxes. Revenues from the Personal Income Tax Rate are an important source of income for the government of the United States. This page provides - United States Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Bolivia Personal Income Tax Rate By tradingeconomics.com Published On :: Tue, 11 Feb 2020 16:39:00 GMT The Personal Income Tax Rate in Bolivia stands at 13 percent. In Bolivia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. Revenues from the Personal Income Tax Rate are an important source of income for the government of Bolivia. This page provides - Bolivia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Afghanistan Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 12:09:00 GMT The Personal Income Tax Rate in Afghanistan stands at 20 percent. In Afghanistan, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Afghanistan. This page provides - Afghanistan Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Brunei Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:15:00 GMT The Personal Income Tax Rate in Brunei stands at 0 percent. In Brunei, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Brunei. This page provides - Brunei Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Cambodia Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:16:00 GMT The Personal Income Tax Rate in Cambodia stands at 20 percent. In Cambodia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Cambodia. This page provides - Cambodia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax China Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:17:00 GMT The Personal Income Tax Rate in China stands at 45 percent. In China, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of China. This page provides - China Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Georgia Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:18:00 GMT The Personal Income Tax Rate in Georgia stands at 20 percent. Personal Income Tax Rate in Georgia averaged 18.81 percent from 2004 until 2019, reaching an all time high of 25 percent in 2008 and a record low of 12 percent in 2005. In Georgia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Georgia. This page provides - Georgia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Indonesia Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:21:00 GMT The Personal Income Tax Rate in Indonesia stands at 30 percent. Personal Income Tax Rate in Indonesia averaged 31.56 percent from 2004 until 2019, reaching an all time high of 35 percent in 2005 and a record low of 30 percent in 2009. In Indonesia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Indonesia. This page provides - Indonesia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Iraq Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:22:00 GMT The Personal Income Tax Rate in Iraq stands at 15 percent. In Iraq, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Iraq. This page provides - Iraq Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Israel Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:23:00 GMT The Personal Income Tax Rate in Israel stands at 50 percent. Personal Income Tax Rate in Israel averaged 48.50 percent from 2004 until 2019, reaching an all time high of 50 percent in 2013 and a record low of 45 percent in 2010. In Israel, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Israel. This page provides - Israel Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Laos Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:38:00 GMT The Personal Income Tax Rate in Laos stands at 24 percent. Personal Income Tax Rate in Laos averaged 24.91 percent from 2009 until 2019, reaching an all time high of 28 percent in 2011 and a record low of 24 percent in 2013. In Laos, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Laos. This page provides - Laos Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Malaysia Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:43:00 GMT The Personal Income Tax Rate in Malaysia stands at 30 percent. Personal Income Tax Rate in Malaysia averaged 27.29 percent from 2004 until 2020, reaching an all time high of 30 percent in 2020 and a record low of 25 percent in 2015. In Malaysia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Malaysia. This page provides - Malaysia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Mongolia Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:46:00 GMT The Personal Income Tax Rate in Mongolia stands at 10 percent. In Mongolia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Mongolia. This page provides - Mongolia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Myanmar Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:48:00 GMT The Personal Income Tax Rate in Myanmar stands at 25 percent. Personal Income Tax Rate in Myanmar averaged 22.86 percent from 2013 until 2019, reaching an all time high of 25 percent in 2016 and a record low of 20 percent in 2014. In Myanmar, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Myanmar. This page provides - Myanmar Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Qatar Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 15:59:00 GMT The Personal Income Tax Rate in Qatar stands at 0 percent. In Qatar, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Qatar. This page provides - Qatar Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Singapore Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 16:01:00 GMT The Personal Income Tax Rate in Singapore stands at 22 percent. Personal Income Tax Rate in Singapore averaged 20.60 percent from 2004 until 2018, reaching an all time high of 22 percent in 2004 and a record low of 20 percent in 2006. In Singapore, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Singapore. This page provides - Singapore Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax South Korea Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 13 Feb 2020 16:03:00 GMT The Personal Income Tax Rate in South Korea stands at 42 percent. Personal Income Tax Rate in South Korea averaged 37.19 percent from 2004 until 2019, reaching an all time high of 42 percent in 2018 and a record low of 35 percent in 2005. In South Korea, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of South Korea. This page provides - South Korea Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Australia Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 19:16:00 GMT The Personal Income Tax Rate in Australia stands at 45 percent. Personal Income Tax Rate in Australia averaged 45.44 percent from 2003 until 2020, reaching an all time high of 47 percent in 2004 and a record low of 45 percent in 2007. In Australia, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Australia. This page provides - Australia Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax New Zealand Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 19:26:00 GMT The Personal Income Tax Rate in New Zealand stands at 33 percent. Personal Income Tax Rate in New Zealand averaged 35.21 percent from 2004 until 2020, reaching an all time high of 39 percent in 2005 and a record low of 33 percent in 2011. In New Zealand, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of New Zealand. This page provides - New Zealand Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax Finland Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 20:24:00 GMT The Personal Income Tax Rate in Finland stands at 53.75 percent. Personal Income Tax Rate in Finland averaged 53.40 percent from 1995 until 2020, reaching an all time high of 62.20 percent in 1995 and a record low of 49 percent in 2012. In Finland, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Finland. This page provides - Finland Personal Income Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Full Article
income tax France Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 20:30:00 GMT The Personal Income Tax Rate in France stands at 45 percent. Personal Income Tax Rate in France averaged 48.49 percent from 1995 until 2020, reaching an all time high of 59.60 percent in 1996 and a record low of 40 percent in 2006. In France, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of France. This page provides the latest reported value for - France Personal Income Tax Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Full Article
income tax Germany Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 20:31:00 GMT The Personal Income Tax Rate in Germany stands at 45 percent. Personal Income Tax Rate in Germany averaged 47.94 percent from 1995 until 2020, reaching an all time high of 57 percent in 1996 and a record low of 42 percent in 2005. In Germany, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Germany. This page provides the latest reported value for - Germany Personal Income Tax Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Full Article
income tax Greece Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 20:31:00 GMT The Personal Income Tax Rate in Greece stands at 45 percent. Personal Income Tax Rate in Greece averaged 43.02 percent from 1995 until 2020, reaching an all time high of 45 percent in 1996 and a record low of 40 percent in 2002. In Greece, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Greece. This page provides the latest reported value for - Greece Personal Income Tax Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Full Article
income tax Ireland Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 20:42:00 GMT The Personal Income Tax Rate in Ireland stands at 48 percent. Personal Income Tax Rate in Ireland averaged 45.65 percent from 1995 until 2020, reaching an all time high of 48 percent in 1996 and a record low of 41 percent in 2007. In Ireland, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Ireland. This page provides the latest reported value for - Ireland Personal Income Tax Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Full Article
income tax Italy Personal Income Tax Rate By tradingeconomics.com Published On :: Thu, 20 Feb 2020 20:43:00 GMT The Personal Income Tax Rate in Italy stands at 43 percent. Personal Income Tax Rate in Italy averaged 44.65 percent from 1995 until 2020, reaching an all time high of 51 percent in 1996 and a record low of 43 percent in 2005. In Italy, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labour, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals. Revenues from the Personal Income Tax Rate are an important source of income for the government of Italy. This page provides the latest reported value for - Italy Personal Income Tax Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Full Article
