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High-Income Taxpayers Archive

Who Pays Federal Income Taxes?

TweetShareSharePin0 Shares New Internal Revenue Service (IRS) data on individual income taxes for tax year 2020 shows the federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates.[1] Average tax rates for all income groups remained lower in 2020, three years after the Tax Cuts and Jobs

State Wealth Tax Proposals Take Aim at Investment

TweetShareSharePin0 Shares Wealth taxes are back in a big way. In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday. The campaign is part of a broader national focus on new taxes on

2023 State Tax Changes, Effective January 1, 2023

TweetShareSharePin0 Shares Most state tax changes take effect at the beginning of the calendar year (January 1) or at the beginning of the fiscal year (July 1 for most states). On January 1, 2023, thirty-eight states have noteworthy tax changes taking effect. Most of these changes represent net tax reductions, the result of an unprecedented

Federal Taxes & Spending: Federal Benefits

TweetShareSharePin0 Shares Underlying every fiscal policy discussion in Washington is the question of progressivity: how much should tax and spending policy redistribute from high-income households to low-income households? This debate is often more rhetorical than substantive, but a recent study by the Congressional Budget Office (CBO) fills this void by presenting data showing that the

Massachusetts Question 1: Massachusetts Millionaires Tax

TweetShareSharePin0 Shares On Election Day, a narrow majority of voters approved Massachusetts Question 1, also known as the Fair Share Amendment, which will transition the Commonwealth from a flat rate individual income tax to a graduated rate system. Effective January 1, 2023, the Bay State will begin taxing all individual income above $1 million at a

Federal Estate Tax Returns: IRS Data

TweetShareSharePin0 Shares Supporters of the federal estate tax often defend it by saying that “because it only affects the heirs of the wealthiest Americans—fewer than one in 1,000 estates—the estate tax is the most progressive part of the tax code.” Despite the relatively small number of estates that pay the tax, there are real people

2023 State Business Tax Climate Index

TweetShareSharePin0 Shares Launch Our Interactive Tool Executive Summary The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well

State Tax Ballot Measures to Watch on Election Day 2022

TweetShareSharePin0 Shares On Election Day 2022, most eyes will be on Congress, with polls showing control of both chambers up for grabs. But the action is not limited to Washington, D.C.: across the country, voters will decide important questions through state and local ballot measures. At the state level, 25 measures in 12 states relate

Colorado Proposition 121: Income Tax Rate Reduction

TweetShareSharePin0 Shares When Coloradans go to the polls this November, they will be given the opportunity to permanently lower their income taxes—or to increase those tax burdens. Colorado Proposition 121 would reduce the state’s flat statutory income tax rate from 4.55 percent to 4.4 percent, effective retroactively for tax year 2022. Colorado Proposition FF, on the

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