State lawmakers have been on the move this year. One major trend that has been taking place? A push for flat taxes.
In more than 100 years of state income taxes, only four states have ever moved from a graduated-rate income taxA 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. to a flat taxAn income tax is referred to as a “flat tax” when all taxable income is subject to the same tax rate, regardless of income level or assets. . Another four may adopt flat tax legislation just this year.
Jared Walczak, Vice President of State Projects, joins Jesse Solis this week to discuss what flat taxes are, what they mean for taxpayers, and why so many states are making a push for them this year.
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