state tax trends Archive

TweetShareSharePin0 Shares Before the pandemic, an estimated 5.8 million Americans worked outside their state of residence, while about 8.9 million people worked from home. By 2021, over 27.6 million Americans were working almost exclusively from home, while the number of workers commuting across state lines dipped to 4.5 million. Though the pandemic’s short-run effect was

TweetShareSharePin0 Shares As Wisconsin’s gubernatorial election draws near, the spotlight is on a potential flat individual income tax—and its effects on the state’s taxpayers and economy. Unfortunately, there has been much confusion, with bold claims being made based on plans that don’t exist, including claims that a flat tax “would increase taxes on the middle class and

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

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

TweetShareSharePin0 Shares Trend: States Reform Income Taxes To Provide Relief And Remain Competitive Key Findings As states close their books for fiscal year 2021, many have much more revenue on hand than they anticipated last year. In 2021, 11 states have enacted laws to reduce their income tax rates, with 10 reducing individual income tax