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Flat Taxes Archive

Massachusetts Graduated Income Tax Amendment: Details & Analysis

TweetShareSharePin0 Shares Key Findings Massachusetts’ tax advantage in New England is primarily driven by its competitive individual income tax rate and its sales and use tax structure. The graduated income tax amendment would be paid by many small businesses, in addition to wealthy individuals. The proposed surtax is likely to have negative economic effects that

Idaho Flat Income Tax Proposal: Details & Analysis

TweetShareSharePin0 Shares Idaho Governor Brad Little (R) has called a special session for September 1, 2022, to consider another round of tax reform and relief legislation that would return surplus revenue to taxpayers while making the state’s tax code more economically competitive. House Bill 1 would move Idaho to a flat income tax structure, reduce the

Missouri Income Tax Reform: Details & Analysis

TweetShareSharePin0 Shares Gov. Mike Parson (R) has called the Missouri legislature into a special session beginning September 6th, with the goal of reducing the individual income tax from 5.4 percent to 4.8 percent and raising the standard deduction. An income tax reduction is a competitive move, especially in a rapidly changing tax landscape, but the

Wisconsin Tax Reform Options to Improve Competitiveness

TweetShareSharePin0 Shares Key Findings Over the past two years, a wave of tax reform has swept the country, with a historic number of states improving their tax competitiveness by reducing income tax rates and enacting flatter structures. Since 2019, Wisconsin has made improvements to its three lowest marginal individual income tax rates, but its top

How do income taxes affect the economy?

TweetShareSharePin0 Shares Key Findings Research almost invariably shows a negative relationship between income tax rates and gross domestic product (GDP). The mobility of higher-skilled and higher income earners in an open economy works against the effort of progressive state and local tax systems to achieve long-term redistribution of income. The likelihood of an employed head

Flat Tax Revolution: State Income Tax Reform

TweetShareSharePin0 Shares In more than a century of state income taxes, only four states have ever transitioned from a graduated-rate income tax to a flat tax. Another four may adopt legislation doing so this year. In what is already a year of significant bipartisan focus on tax relief, 2022 is also launching something of a

Georgia Income Tax Cut & Reform: Details & Analysis

TweetShareSharePin0 Shares After several rounds of negotiations, Georgia lawmakers enacted HB 1437 on April 4th. If certain financial conditions are met, this tax reform bill will consolidate the state’s six individual income tax brackets into one flat rate, ultimately reaching 4.99 percent over a number of years. The bill is awaiting action by the governor.

Sustainable Tax Reform a Win for Mississippians

TweetShareSharePin0 Shares Mississippi lawmakers entered the 2022 legislative session with the motivation and resources to implement income tax reductions and, despite stark contrasts in approach, concluded by delivering meaningful relief for taxpayers. The Mississippi Tax Freedom Act of 2022 (HB 531) began the session as an effort to totally repeal the individual income tax, a

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