The Arkansas Tax Reform and Relief legislative task force concluded its work today after 18 months of study, research, and analysis of the state’s tax code. The task force was charged with modernizing the state’s tax code, improving its competitiveness, and reducing tax burdens. In August, it released its report with 22 recommendations in it.
Key Findings A typical American household with four wireless phones paying $100 per month for taxable wireless service can expect to pay about $229 per year in wireless taxes, fees, and surcharges—up from $221 in 2017. Nationally, these impositions make up about 19.1 percent of the average customer’s bill—the highest rate ever. Illinois now has
This week’s state tax map examines states that have a throwback or throwout rule in their corporate tax code. Throwback and throwout rules are not widely understood, but they have a notable impact on business location and investment decisions. For purposes of corporate taxation, multistate businesses are required to apportion their income among the states
This week’s state tax map examines states that have a throwback rule in their corporate tax code. Throwback rules are not widely understood, but they have a notable impact on business location and investment decisions. For purposes of corporate taxation, multistate businesses are required to apportion their income among the states in which they operate.
Below is a brief excerpt from South Carolina: A Road Map For Tax Reform. To download our full reform guide, click the link below. Download The Full Book Introduction Two decades before he published his famous treatises on government, John Locke’s Fundamental Constitutions of Carolina were adopted as the governing document of provincial Carolina. Voltaire
A forthcoming spike in pressure on Chicago’s public employee pension system has mayoral candidates turning anywhere and everywhere for funding to make hundreds of millions of dollars in additional retirement payments. The latest proposal? A tax on the wages of those working in Chicago but living outside city limits. Bill Daley, among the candidates vying
Unlike the attention being drawn to San Francisco’s legal troubles with Proposition C, there is less fanfare surrounding Proposition D, which creates a new municipal gross receipts tax on cannabis. The measure will distort the cannabis market and raise costs for consumers in an especially opaque manner, as other gross receipts taxes often do. Proposition
Under the federal individual alternative minimum tax (AMT), many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount. Established in 1969, the federal AMT was created when Congress discovered that 155 high-income taxpayers were eligible to claim so many deductions that they ended up with no
This year, “Cyber Monday” signifies more than just a chance to get the best post-Black Friday deals. It also kicks off the first holiday online shopping season since the U.S. Supreme Court sales tax ruling in South Dakota v. Wayfair. It’s a big step but also doesn’t represent a huge sea change, given the evolution
Like the federal income tax, 33 states and the District of Columbia have a graduated-rate state individual income tax, with tax rates that get progressively higher with increases in income. However, significant variation exists among states in both the number of tax brackets and the income threshold at which the top tax rate kicks in.
Today’s map examines states that have a “marriage penalty” in their individual income tax brackets. Under a progressive, graduated-rate income tax system, as a taxpayer’s marginal income increases, tax rates also increase. A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket widths that apply
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Today’s map is the final in our series examining each of the five major components of the 2019 State Business Tax Climate Index. Compared to individual, corporate, sales, and property taxes, unemployment insurance (UI) taxes are less widely understood but have important implications for the business climate in a state. A state’s performance on the
The state of South Dakota currently has a cigarette tax that is the 26th highest in the country at $1.53 per pack. However, Initiated Measure 25, which will appear before South Dakota voters in November, would increase the cigarette tax to $2.53 per pack while increasing the wholesale tax on other tobacco products from 35
On November 6th, Maine voters will decide whether to adopt new income and payroll taxes to fund a proposed Universal Home Care Program. Maine Question 1, the Payroll and Non-Wage Income Taxes for Home Care Program Initiative, would create three new taxes, each applying to income above Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI)
Today’s map shows states’ rankings on the property tax component of the 2019 State Business Tax Climate Index. The Index’s property tax component evaluates state and local taxes on real and personal property, net worth, and asset transfers. The property tax component accounts for 15.4 percent of each state’s overall Index score. Property taxes matter
Ballot initiatives and referenda are often an afterthought on Election Day, but in many states, voters going to the polls on November 6th, 2018 will have the opportunity to weigh in on significant—in some cases, momentous—policy questions. For this reason, ballot issues merit taxpayer attention. While not a comprehensive list, this page seeks to highlight the
Yesterday, the Institute on Taxation and Economic Policy (ITEP) issued the sixth edition of its “Who Pays?” report, which attempts to quantify the distributional impact of the tax codes of all 50 states and the District of Columbia. The publication’s “Inequality Index” is widely cited, particularly since many states which are widely touted as having
Today we continue our map series on the 2019 State Business Tax Climate Index with a map showing states’ rankings on the Index’s sales tax component. The sales tax component accounts for 25.3 percent of each state’s overall Index score. A state’s sales tax rate and structure can make a state more or less attractive
Among the long list of initiatives on ballots in San Francisco this November, residents will be asked to approve a new gross receipts tax to fund homelessness services. Proposition C would limit job opportunities in the city, while raising prices for consumers. Proposition C would create a gross receipts tax on companies with more than