Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections:
Compare the latest 2023 sales tax rates as of July 1st. Sales tax rate differentials can induce consumers to shop across borders or buy products online.
New Jersey levies the highest top statutory corporate tax rate at 11.5 percent, followed by Minnesota (9.8 percent) and Illinois (9.50 percent). Alaska and Pennsylvania levy top statutory corporate tax rates of 9.40 percent and 8.99 percent, respectively.
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Tennessee, Alaska, Hawaii, and Kentucky levy the highest beer excise tax rates in the nation. How does your state compare?
A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket widths that apply to single filers. In other words, married couples who file jointly under this scenario have a higher effective tax rate than they would if they filed as two single individuals with the same amount of combined income.
However well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
While many factors influence business location and investment decisions, sales taxes are something within policymakers’ control that can have immediate impacts.
If the policy goal of taxing cigarettes is to encourage cessation, vapor taxation must be considered a part of that policy design.
In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax.
Eliminating state gross receipts taxes would be a pro-growth change to make the tax code better for businesses and consumers. How does your state compare?
An ideal sales tax applies to a broad base of final consumer goods and services, with few exemptions, and is levied at a low rate.
Which states have the highest property taxes in 2022? See how your state compares in property taxes across the United States
Ranking unemployment insurance tax codes on the 2022 State Business Tax Climate Index. Learn more about state unemployment insurance tax code and systems.