Tag: business taxes

Republican Lawmaker Want Pennsylvania Corporate Tax Reduced Further

Bradley Vasoli

State representative Dallas Kephart (R-PA-Clearfield) wants to reduce Pennsylvania’s corporate net income tax (CNIT) to four percent by 2025. 

Last year, lawmakers budgeted a gradual decrease in the CNIT from 9.99 percent to 4.99 percent over the coming decade. Before the change, the Keystone State charged corporations the highest state business tax in the U.S., behind New Jersey’s 11.5 percent rate. Now at 8.99 percent, Pennsylvania’s levy is 8.99 percent — the fifth highest. Assuming other states’ rates stay constant, Pennsylvania’s CNIT will end up roughly in the middle in terms of corporate taxes in 2031. 

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DeSantis Signs E-Fairness Bill

Grant Holcomb

Just before midnight Monday, Florida Governor Ron DeSantis signed SB 50 instituting sales tax requirements for online retailers, into law. 

The bill requires out-of-state online retailers to collect and report sales taxes on purchases made by Floridians. The tax will bring in an estimated $1 billion in revenue, as well as limit taxes paid by Floridians and Florida businesses.

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Small Businesses Carry Burden of High Taxes in Tennessee

Jason M. Reynolds

Small business owners in Tennessee are paying the price — literally — for large corporations raking in tax breaks. “What we keep seeing is that small business owners are taking on the burden of higher taxes for governments to give their tax dollars to big businesses,” said Mark Cunningham, a spokesman for the Beacon Center of Tennessee, a nonpartisan think tank. Nashville has waived property taxes or given grant money for many new downtown hotels, Cunningham said. Those funds must be replaced from somewhere, and somewhere often means small businesses. With Nashville and Memphis competing with other cities for the new Amazon headquarters, whoever lands the deal will pay out the “biggest corporate welfare deal” for 50,000 jobs, Cunningham said. “It’s a terrible deal.” In effect, he said, Tennessee has two tax codes: one for big businesses and one for small businesses. The Beacon Center of Tennessee would prefer everyone pay lower taxes. The piling on of multiple taxes from different government bodies year after year takes a toll, some small business owners say. Small business owner Kasey Parsons ignited a firestorm when she posted to Facebook the city and county property tax bills for only one of her several…

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