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Keyword: statetaxes

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  • Four Blue States Protest Tax Reform with a Frivolous Lawsuit

    07/19/2018 7:52:26 AM PDT · by SeekAndFind · 12 replies
    National Review ^ | 07/19/2018 | By JEFFREY DORFMAN
    The Constitution Does not Mandate Deduction of State Taxes. Four high-tax blue states — New York, Connecticut, Maryland, and New Jersey — have filed suit against the federal government over the recent tax reform. Specifically, they object to its limitation on the deduction for state and local taxes (SALT). Under federal tax law, filers are allowed to deduct property taxes (the local part) and either state income or sales taxes. But under the Tax Cut and Jobs Act (TCJA), the SALT deduction is now capped at $10,000. This deduction had been particularly valuable in high-tax, high-house-price states such as California...
  • Colorado has the Sixth Lowest State and Local Tax Burden in the Nation for FY 2016

    03/25/2018 5:38:40 AM PDT · by cutty · 20 replies
    Key Policy Data ^ | Mar 22, 2018
    In Fiscal Year (FY) 2016, Colorado collected $25.4 billion in state and local taxes—or $4,590 for every man, woman, and child. While this is an impressive sum of money, it tells us little about whether or not the average Colorado taxpayer can afford this level of taxation. ... Colorado’s state and local tax burden (tax collections divided by private sector personal income) was the sixth lowest in the nation for FY 2016 at 11.8 percent—or -17 percent below the national average of 14.3 percent. ... Colorado’s tax burden has increased over time by only 3 percent to 11.8 percent in...
  • Federal Tax Rate Reductions & Deductibility of State & Local Taxes (VANITY)

    10/26/2017 8:26:53 PM PDT · by House Atreides · 69 replies
    VANITY | October 26, 2017 | House Atreides
    I’ve noticed that a number of FReepers are having conniptions over the possibility that legislation reducing federal income tax rates will also ELIMINATE ITEMIZED DEDUCTION OF STATE & LOCAL INCOME TAXES (SALT). I have a proposal for the new legislation. Have it give tax payers the CHOICE of 1) still deducting SALT but STILL ALSO using the current (i.e., unreduced) tax rate tables or 2) not deducting SALT but having their taxes computed using the new reduced rates. Having worked in systems development for a number of years, automating that feature could be relatively simple for Intuit (maker of Turbo...
  • Trump's tax plan is ALREADY in trouble with his own party as plan to axe state(T)

    09/29/2017 9:59:24 AM PDT · by rktman · 144 replies ^ | 9/29/2017 | David Martosko
    As President Trump prepares to sell his tax plan to the nation's manufacturing lobby on Friday, his best-laid tax plans have already drawn objections from some fellow Republicans who are fuming over the decision to end deductions for state and local income taxes. The situation will pit the White House against members of Congress from states that pile high income taxes on top of what the federal government takes from paychecks. High-income Californians, for instance, pay as much as 13.3 per cent of their income to the state in addition to their federal taxes. New Yorkers can pay up to...
  • Trump tax plan eliminates big perk for high-tax states

    09/27/2017 12:14:22 PM PDT · by C19fan · 150 replies
    NY Post ^ | September 27, 2017 | Marisa Schultz
    President Trump will release a sweeping plan Wednesday to cut taxes and simplify the tax code that will eliminate the deduction for state and local taxes — a move that Gov. Andrew Cuomo has warned would be a “death blow” for New York.
  • The Tax Break for Rich Liberals

    10/12/2015 11:04:45 PM PDT · by grundle · 17 replies
    Wall St. Journal ^ | October 7, 2015
    Bush wants to cancel the deduction for state and local taxes. As the presidential candidates roll out tax reforms, one test of seriousness is which tax deductions they’ll cut. One of the better ideas is Jeb Bush’s proposal to end the deduction for state taxes. While liberals decry tax cuts for the rich, they adore this particular subsidy for the rich, and especially for rich states and the political class in Sacramento, Albany and Trenton. Since the creation of the federal income tax in 1913, taxpayers who itemize have been allowed to deduct the income and property taxes paid to...
  • 10 states with the worst taxes for average Americans

    02/05/2015 9:04:19 AM PST · by reaganaut1 · 24 replies
    Yahoo Finance / 24/7 Wall St ^ | Thomas C. Frohlich
    ... When looking at taxes paid as a share of the income earned, all states have a regressive tax system, which means poorer residents are taxed more than the wealthiest ones. The difference in effective tax rates between income groups, however, varies widely between states. According to “Who Pays? A Distributional Analysis of the Tax Systems in All 50 States,” a report released by the Institute on Taxation and Economic Policy (ITEP), Washington has by far the most regressive tax system nationwide. Based on the index score, a ratio calculated from a range of factors to measure income inequality before...
  • ‘Tax Freedom Day’ falls three days later this year

    04/08/2014 9:54:29 AM PDT · by kingattax · 6 replies
    Daily Caller ^ | 04/07/2014 | Caroline May
    The day when the nation collectively has made enough money to pay its total tax burden for the year is three days later this year, according to a new report. According to a report released Monday by the Tax Foundation, this year Tax Freedom Day falls 111 days into 2014, on April 21. By April 21, to group says, Americans will have made enough to pay the $3 trillion in federal taxes and $1.5 trillion in state taxes — more than they will spend on food clothing and housing combined.
  • 2013 State Business Tax Climate Index: Which States Have the Best Tax Systems for Business?

    10/15/2012 6:39:07 AM PDT · by SeekAndFind · 20 replies
    Tax Foundation ^ | 10/14/2012 | By: Joseph Henchman and Scott Drenkard
    Each year we produce the Index to enable business leaders, government policymakers, and taxpayers to gauge how their states' tax systems compare. While total taxes paid is a relevant measure, another is how the elements of a state tax system enhance or harm the competitiveness of a state's business environment. The Index looks at over 100 variables in individual income tax, corporate income tax, sales tax, unemployment insurance tax, and property tax to reduce these many complex considerations to an easy-to-use ranking. The 10 best states in this year's 2013 Index are Wyoming, South Dakota, Nevada, Alaska, Florida, Washington, New...
  • Government Will Take Almost Half Your Paycheck in 2013

    08/18/2012 2:43:49 PM PDT · by radioone · 15 replies The Foundry ^ | 8-13-12 | Patrick Tyrrell
    How high is the marginal tax rate on each additional dollar the average American earns? In other words, if you got a raise of one dollar, how much of that dollar would be taxed away? These rates are already high, and they’re getting higher next year. A middle-class taxpayer’s income is subject to a 25 percent federal income tax. Then there is the federal Social Security and Medicare payroll tax of 13.3 percent in 2012—5.65 percent of that is removed from the employee’s paycheck, and the remaining 7.65 percent is paid by the employer. (In reality, the employee pays the...
  • Taxed By The Boss (State Taxes pocketed by business)

    04/15/2012 1:25:10 PM PDT · by HenryArmitage · 12 replies
    REUTERS ^ | 4-12-2012 | David Cay Johnston
    Across the United States more than 2,700 companies are collecting state income taxes from hundreds of thousands of workers – and are keeping the money with the states’ approval, says an eye-opening report published on Thursday. The report from Good Jobs First, a nonprofit taxpayer watchdog organization funded by Ford, Surdna and other major foundations, identifies 16 states that let companies divert some or all of the state income taxes deducted from workers’ paychecks. None of the states requires notifying the workers, whose withholdings are treated as taxes they paid. General Electric, Goldman Sachs, Procter & Gamble, Chrysler, Ford, General...
  • After Quinn's Big Tax Hike, Illinois Has Lost More Jobs Than Any Other State

    09/01/2011 6:14:20 AM PDT · by george76 · 27 replies
    Business Insider ^ | Aug. 31, 2011 | Mike "Mish" Shedlock
    Thanks to Illinois governor Pat Quinn and the Illinois legislature Illinois Loses Most Jobs in the Nation. In a trend that continues to worsen, more Illinoisans found themselves unemployed in the month of July. Illinois lost more jobs during the month of July than any other state in the nation. ... When it comes to putting people back to work, Illinois is going backwards. Since January, Illinois has dropped 89,000 people from its employment rolls. A combination of high taxes, overspending and red tape do nothing but chase away job creators and leave too many citizens without jobs. Springfield needs...
  • States Where People Pay the Most (and Least) in Taxes

    07/22/2011 7:48:42 AM PDT · by ConservativeStatement · 48 replies
    Yahoo Finance ^ | July 21, 2011 | Charles B. Stockdale, Michael B. Sauter, Douglas A. McIntyre
    Different states tax their residences at different levels. In some states, like New Jersey, residents pay 12.2% as a percentage of their income. In others, like Alaska, they pay as little as 6.3%. 24/7 Wall St. reviewed a report recently released by the Tax Foundation to identify the states where residents paid the most and least in state and local taxes as a percent of income.
  • Caterpillar Urges Illinois to Roll Back Tax Increases

    03/26/2011 1:09:14 PM PDT · by reaganaut1 · 44 replies
    Wall Street Journal ^ | MARCH 26, 2011 | JAMES R. HAGERTY and BOB TITA
    Caterpillar Inc., suggesting that it could shift jobs out of Illinois, is prodding its home state to cut government spending and roll back tax increases. Doug Oberhelman, chief executive officer of the giant Peoria, Ill.-based maker of construction and mining equipment, protested against the state's tax and spending policies in a March 21 letter to Illinois Gov. Pat Quinn, a Democrat who took office in January 2009. In the letter, first reported Friday by the Lee Enterprises newspaper chain and provided to The Wall Street Journal Saturday, Mr. Oberhelman said other states have stepped up their efforts to lure Caterpillar...
  • State Debt Woes Grow Too Big to Camouflage

    03/30/2010 7:09:41 AM PDT · by reaganaut1 · 25 replies · 1,204+ views
    New York Times ^ | March 29, 2010 | Mary Williams Walsh
    California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink — budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay. And states are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis. New Hampshire was recently ordered by its State Supreme Court to put back $110 million that it took from a medical malpractice insurance...
  • A Review of Significant State Tax Changes During 2009

    12/23/2009 10:51:55 AM PST · by reaganaut1 · 9 replies · 614+ views
    Tax Foundation ^ | December 21, 2009 | Joseph Henchman
    State Changes to Individual Income TaxesIncreasesCalifornia in May added 0.25% to each income tax bracket, retroactive to January 1, 2009 and expiring December 31, 2010. Connecticut in September added a new top bracket of 6.5% on income over $500,000, retroactive to January 1, 2009. Delaware in June added a new top rate of 6.95% on income over $60,000 retroactive to January 1, 2009. Hawaii in May added three new brackets retroactive to January 1, 2009: 9% on income over $150,000; 10% on income over $175,000; and 11% on income over $200,000. New Jersey in June added three new brackets retroactive...
  • Stores like tax holidays; tax experts pan them

    08/22/2009 4:26:53 AM PDT · by Red in Blue PA · 5 replies · 512+ views
    Yahoo ^ | 8/22/2009 | Staff
    MONTPELIER, Vt. – Brad Borofsky hopes a sales tax holiday this weekend will draw more buyers to his outfitters shop in search of kayaks, canoes and other high-end outdoor items. After all, who wouldn't like a break on their taxes? Yet a growing chorus of national tax experts — both on the right and left — are panning sales tax holidays as a gimmick that does little to boost the economy and hurts already-sagging state revenues more than they help consumers. Massachusetts, Maryland and the District of Columbia have cut back on sales tax holidays or scrapped them altogether recently....
  • Study: State Corporate Income Taxes Hurt Workers’ Wages

    08/08/2009 2:27:23 PM PDT · by reaganaut1 · 3 replies · 424+ views
    Tax Foundation ^ | August 3, 2009
    High corporate income taxes are often justified by the rhetoric that businesses—and their high-income investors—should "pay their fair share." In Tax Foundation Special Report No. 169, "The Corporate Income Tax and Workers' Wages: New Evidence from the 50 States," Senior Fellow Robert Carroll, Ph.D., finds that states with high corporate income taxes have likely depressed their workers' wages over the long term, while states with low corporate taxes have boosted worker productivity and real wages. "These findings are not only consistent with a growing body of research on international corporate income taxes and wages, but they get to the heart...
  • Facing budget gaps, U.S. states shuffle tax codes: group

    07/30/2009 5:39:12 AM PDT · by Cheap_Hessian · 3 replies · 257+ views
    Reuters ^ | July 29, 2009
    WASHINGTON (Reuters) - Caught with near-chronic budget shortfalls, U.S. states are scrambling to change their tax codes and bring in more revenues, the Tax Foundation said on Wednesday. The foundation has compiled an annual index on 37 categories of states' taxing and spending since 1937. This is the first time that it has had to update the report in the middle of the year. "Many states have started the new fiscal year with tax codes that are vastly different compared to just a few months ago," Tax Foundation President Scott Hodge said in a statement. Hawaii, for example, has recently...
  • State Tax Revenues at Record Low, Rockefeller Institute Finds

    07/18/2009 5:07:09 AM PDT · by reaganaut1 · 7 replies · 365+ views
    New York Times ^ | July 17, 2009 | Michael Cooper
    The anemic economy decimated state tax collections during the first three months of the year, according to a report released Friday by the Rockefeller Institute of Government. The drop in revenues was the steepest in the 46 years that quarterly data has been available. The blow to state coffers, which the report said appeared to worsen in the second quarter of the year, reflects the gravity of the recession and suggests the extent to which many states will probably have to resort to more spending cuts or tax increases to balance their budgets. Over all, the report found that state...