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1 Jared Walczak, Eight Tax Reforms for Mobility and Modernization 1 (2022)

handle is hein.taxfoundation/ettxrfoms0001 and id is 1 raw text is: Eight Tax Reforms for Mobility and Modernization FISCAL FACT No. 784 Jan. 2022 Jared Walczak Vice President of State Projects Key Findings The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2022 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org • The post-pandemic economy will be characterized by greater mobility and new ways of living and doing business. States must take this opportunity to modernize their tax codes to reflect economic changes and to improve their competitive posture. Because the reality is that businesses that find their upward mobility constrained have more opportunities than ever to respond with geographic mobility. • Robust revenue growth puts states in a strong position to adopt meaningful tax reform; failing to do so could leave them at a competitive disadvantage compared to their more reform-minded peers. • Within individual income tax codes, states should consider adopting inflation indexing to avoid unlegislated tax increases; raising filing and withholding thresholds to avoid unduly burdening taxpayers who only spend a few days in a state; repealing convenience rules to eliminate the double taxation of remote workers; and replacing federal deductibility with more competitive rates. • Corporate income tax codes can be improved by meeting or exceeding the federal standard for the treatment of net operating loss provisions and repealing throwback and throwout rules. • States can reduce the penalization of business investment by repealing capital stock taxes and eliminating remaining inventory taxes. • Each of these reforms better positions states for success by making them more attractive for increasingly mobile employers and employees alike, and by responding to economic changes like higher inflation and the rise of remote work.

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