In 2024, Minnesota has the highest corporate tax rate in the United States at 9.8%.
The National Federation of Independent Business called on state lawmakers to create a tax system that reduces the burden on small business owners.
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Tennessee ranks near the middle of the pack, tied for 23rd, in a new ranking of state corporate income tax rates heading into 2023.
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Gov. Tom Wolf (D) on Friday signed Pennsylvania’s $45 billion budget for Fiscal Year 2022-23.
The governor and Republican-controlled legislature were only able to agree to the fiscal blueprint a week after the June 30 deadline. Revenues covering budget items include $42.8 billion in state taxpayer dollars and $2 billion in federal money.
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According to recent data from the center-right Tax Foundation, Connecticut taxpayers continue to shoulder nearly the highest revenue burdens of anyone in the U.S.
As stated in a report titled “State and Local Tax Burdens, Calendar Year 2022,” the average state resident paid 15.5 percent in combined state and local taxes last year. That places Connecticut in second among all states in that category, second only to New York which claims 15.9 percent of residents’ annual earnings on average. Neighboring Massachusetts and Rhode Island both have tax onuses under 12 percent, hovering around the national mean.
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During the 2022 legislative session Florida Republicans took actions to distance themselves from some of Florida’s biggest corporations – Governor DeSantis called out Disney, and the Florida Legislature let a corporate income tax break expire.
The publisher of floridapolitics.com, Peter Schorsch, tweeted that corporations “got (royally) screwed during Session.” This assessment goes against the traditional narrative that corporate political donations pad Republican campaign accounts and tax breaks and lax regulation follow.
The most public rebuke of corporate interests was on display during the controversy between Governor DeSantis and Disney CEO Bob Chapek as related to the Parental Rights in Education legislation. The controversy made headlines across the U.S. and put the two powerful executives in a very public battle.
A day after Chapek publicly condemned the bill that would ban classroom instruction about sexual orientation and gender identity before fourth grade, DeSantis ripped Disney before a roomful of supporters. He called Disney a “Woke corporation” and criticized its business interests in China.”
But Chapek should not have been surprised by the DeSantis response.
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On Tuesday, at the first Pennsylvania Senate hearing on next fiscal year’s budget, lawmakers considered the state’s slow economic recovery—and the state’s failure to attract new residents.
Independent Fiscal Office (IFO) Director Matthew Knittel testified before the Senate Appropriations Committee regarding the state’s fiscal, economic and demographic outlook. Particularly in that last category, the Keystone State doesn’t boast an envious position.
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