March 18, 2014

Facts & Figures 2014: How Does Your State Compare?

Download Facts and Figures 2014: How Does Your State Compare? (XLS)Download Facts and Figures 2014: How Does Your State Compare? (Interactive PDF)How do taxes in your state compare nationally? This convenient pocket-size booklet compares the 50 states on many different measures of taxing and spending, including individual and corporate income tax rates, business tax climates, excise taxes, tax burdens and state spending.

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Errata: The print edition of this booklet erroneously left out Ohio’s individual income tax reduction in table 12, West Virginia’s capital stock tax reduction in table 33, and West Virginia’s treatment of candy under the sales tax in table 29. This online version corrects these errors.

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A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.

A sales tax is levied on retail sales of goods and services and, ideally, should apply to all final consumption with few exemptions. Many governments exempt goods like groceries; base broadening, such as including groceries, could keep rates lower. A sales tax should exempt business-to-business transactions which, when taxed, cause tax pyramiding.

An excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections.