55c984159366576a63f030510a9f1307 Archive

TweetShareSharePin0 Shares Last week, the Washington Supreme Court not only gave its blessing to a capital gains tax that runs afoul of the state constitution, but it also set out a welcome mat for legislators eager to implement a broader income tax. It did this despite nearly a century of jurisprudence in which state courts

TweetShareSharePin0 Shares If you have spent any time in Mississippi, you have likely noticed the state’s affinity for magnolia trees, found everywhere from parks to the state flag. Magnolias are associated with prosperity and economic success, a characteristic they share with the Mississippi legislature’s recently passed HB 1733, a bill to allow the full expensing

TweetShareSharePin0 Shares The tax relief package in Massachusetts Governor Maura Healey (D)’s fiscal year 2024 budget proposal includes several positive developments for the Bay State. It acknowledges that Massachusetts is an outlier with respect to the estate tax and its bifurcated capital gains tax. It also subtly concedes the poor condition of the Commonwealth’s tax

TweetShareSharePin0 Shares President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would bring U.S. tax rates far out of step with international norms. Some of the proposals may be familiar, recycled from prior budgets and failed legislative attempts, but some are new, like the proposed tax hikes for Medicare funding. In total,

TweetShareSharePin0 Shares North Dakota was unable to add its name to the long list of states that enacted individual income tax rate reductions in 2022, but only because the state holds regular legislative sessions in odd-numbered years. Now policymakers in Bismarck appear determined to make up for lost time. Last week, the North Dakota House

TweetShareSharePin0 Shares One month following California’s implementation of a state-wide flavored cigarette ban, tax-paid cigarette sales dropped 17.3 percent. More than 5.6 million fewer packs were sold in January 2023 than in January 2022. On an annual basis, California will likely see revenues fall by more than $300 million. We previously estimated that a menthol

TweetShareSharePin0 Shares (a) Local income taxes are excluded. Eleven states have county- or city-level income taxes; the average rates expressed as a percentage of AGI within each jurisdiction are: AL–0.10%; DE–0.16%; IN–0.61%; IA–0.11%; KY–1.31%; MD–2.38%; MI–0.17%; MO–0.21%; NY–1.59%; OH–1.56%; PA–1.22%. In CA, CO, KS, NJ, OR, and WV some jurisdictions have payroll taxes, flat-rate wage