Senate Finance Committee Chairman Max Baucus has released a detailed proposal for international corporate tax reform, which we summarized earlier this week. While there are some improvements to current law, the proposal...
- Monday Map: State Income and Sales Tax Deductions
Monday Map: State Income and Sales Tax Deductions
Today's Monday Map shows which states benefit from the federal income tax deduction for state taxes. Taxpayers can elect to deduct either state income or sales taxes, but not both; in most states, the income tax deduction is worth more. New Yorkers deducted state taxes worth 6.16% of their income, to take the top spot. Alaska, where state income and sales tax deductions amounted to only 0.26% of the state's income, comes in last. (Alaska has no income tax, no state sales tax, and small local sales taxes.)
Click on the map to enlarge it.
View previous Monday maps here.
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