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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In the wake of the Trump administration’s infrastructure plan, it’s worth considering how the gas tax will remain viable with the rise of electric vehicles.
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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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The Tax Cuts and Jobs Act tax preference for farm co-ops would distort agricultural activity and create tax planning opportunities for wealthy taxpayers.
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The Tax Foundation’s 2018 tax reform calculator shows you how the Tax Cuts and Jobs Act will impact take-home incomes, taxes owed, and more.
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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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