As final state revenue figures come in for fiscal year 2021, many states are finding they are in a much healthier position than they ever would have anticipated this time last year.
And as a result, a remarkable trend has emerged: so far in 2021, eleven states have responded by reducing 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. rates and making related structural reforms.
On this episode of The Deduction, host Jesse Solis and Senior Policy Analyst Katherine Loughead explore how stronger-than-expected revenues and increased workplace flexibility have led to a wave of reforms aimed at enhancing tax competitiveness in states around the country.
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