In addition to state-level sales taxes, consumers also face local sales taxes in 38 states. These rates can be substantial, so a state with a moderate statewide sales tax rate could actually have a very high combined state and local rate.
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Recent data show that Americans stand out for consuming much more than they invest, and this is due in part to the tax code’s bias against savings.
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The Tax Cuts and Jobs Act significantly reduced the federal statutory corporate income tax rate. When combined with state and local taxes, it put the U.S.’s corporate tax rate in line with the average among OECD nations.
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State corporate income tax rates range from 3 percent in North Carolina to 12 percent in Iowa. Download and compare each state’s 2018 rates and brackets here.
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For every 1 percentage point increase in a state’s corporate tax rate, employment in start-up firms declines 3.7 percent, according to a recent Federal Reserve study.
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There are many ways that states can compete with one another for residents, and tax rates and structures should certainly be part of the conversation for states looking to attract new residents.
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You probably aren’t going to win the Powerball jackpot, but your state already has. Here’s a look at lottery withholding tax rates by state.
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