Economics, Econometrics and Finance
4 years ago

State tax conformity leads to revenue volatility and distorts legislative decisions.

Columbia Journal of Tax Law
State Individual Income Tax Conformity in Practice: Evidence from the Tax Cuts & Jobs Act
Amy Monahan

Paper Summary

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State income taxes are often based on federal tax laws. A study looked at how states reacted to the Tax Cuts & Jobs Act. It found that following federal tax laws closely can lead to unexpected changes in state taxes and policies. This can make it harder for states to plan their budgets and may affect how much individuals pay in taxes. The study suggests that states should consider creating their own tax systems instead of relying heavily on federal rules.