New Tariff Plan Could Cost States $9 Billion
While the burden of Trump’s tariffs will ultimately be felt by most U.S. consumers, two-thirds of the new taxes will be initially borne by 10 states.
6 min readWhile the burden of Trump’s tariffs will ultimately be felt by most U.S. consumers, two-thirds of the new taxes will be initially borne by 10 states.
6 min readIndividual income tax rates and brackets vary widely by state. Keep track of top marginal income tax rates in your state and others with our new guide.
4 min readTaxpayers reported $10.4 trillion of total income on their 2015 tax returns. This report breaks down the sources of this income: wages and salaries, business income, investment income, and retirement income.
9 min readIn 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.
11 min readRecent 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.
3 min readThe 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.
2 min readState 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.
6 min readFor 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.
2 min readThere 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.
2 min readYou 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.
2 min readWith the passage of the Tax Cuts and Jobs Act (TCJA), many tax brackets, thresholds, and rates will change in 2018. Explore 2018 tax brackets, standard and personal exemptions, earned income tax credit, and more.
4 min readWhether your state’s corporate income tax code conforms to the federal corporate income tax code matters a great deal for how the Tax Cuts and Jobs Act will impact revenue in your state.
2 min readOverall, the Tax Cuts and Jobs Act is projected to add 339,000 new jobs to the U.S. economy and boost average after-tax incomes for middle-income families by $649.43. Here’s how jobs and after-tax wages will be impacted in your state.
2 min readAs the federal government continues to debate tax reform, states, and many taxpayers, are asking an important question: How is my state’s tax code impacted? The exact impacts won’t be known until the federal bill is finalized, but a good place to start is understanding the issue of conformity.
2 min readSee the state-by-state impact of the Senate Tax Cuts and Jobs Act for both new jobs and the boost to after-tax incomes for middle-income families.
2 min read