Tax collections in Georgia decreased by about 4 percent in February. The change was driven by sharp decreases in the state’s income tax revenues following Republican-led tax cuts, though Georgia simultaneously saw increased revenue from sales taxes and taxes on corporations.
A press release from the office of Governor Brian Kemp notes the state’s tax revenues fell 4.3 percent in February while the year’s tax collections are down 3.1 percent to date.
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Those who received a tax rebate from the Arizona government in 2023 will have to pay federal taxes on the money.
Qualifying Arizona families received a tax rebate starting on Oct. 30, 2023, with $250 for each dependent under 17 and $100 each for dependent adults, but the total went no higher than $750 for any family, The Center Square reported at the time.
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A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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Voters in Milwaukee County don’t want to pay for American Family Field.
A new poll released over the weekend shows 65% of voters asked don’t want to use taxpayer dollars to pay for renovations and upkeep at the Brewers’ ballpark.
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State representative Dallas Kephart (R-PA-Clearfield) wants to reduce Pennsylvania’s corporate net income tax (CNIT) to four percent by 2025.Â
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.Â
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This tax season, the University of Tennessee at Chattanooga (UTC) introduced a new course for students in tax preparation that provides the necessary information and credentials needed to prepare taxes for members of the community.
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The Tennessee Department of Finance and Administration announced Friday that overall June state tax revenues exceeded budgeted estimates. On an accrual basis, June is the 11th month in the 2021-2022 fiscal year.
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The Tennessee Department of Finance and Administration announced Tuesday that overall May state tax revenues exceeded budgeted estimates. On an accrual basis, May is the tenth month in the 2021-2022 fiscal year.
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In the mood for a depressing statistic? A new report from the financial services firm Self concludes that the average American will pay an astounding $525,037 in taxes over their lifetime—roughly 34 percent of their lifetime earnings.Â
But the numbers aren’t uniform across the country; they vary wildly from state to state. Based on taxes on earnings, spending, property, and cars, here are the 10 states where residents pay the highest taxes over a lifetime.
1. New Jersey
Topping the list is New Jersey, where residents will, on average, owe an astounding $932,000 in taxes over their lifetime. That’s nearly 50 percent of their typical lifetime earnings!
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A wide spectrum of Ohioans could catch a break when it comes to state taxes after the Ohio House passed a bill Wednesday that brings state tax rules in line with federal rules.
The bill, which already passed the Senate and now awaits Gov. Mike DeWine’s signature, increases the child and dependent care credit, provides tax breaks for student loan payments and eliminates taxes on the first $10,200 in unemployment compensation.
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Ohio businesses that benefitted from federal and state help during the ongoing COVID-19 pandemic are a step closer to not being forced to pay taxes on that aid.
The Ohio Senate unanimously passed Senate Bill 18, which complies Ohio tax law with the federal code, streamlines the state’s tax filing process and makes sure money received during the pandemic will not be taxed.
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The biggest gap in understanding how business truly works exists between two distinct groups of people: Those who have made a payroll and those who haven’t.Â
Anyone who has run a business – small or large – would only be glad to tell you that it is equal parts fulfilling and terrifying.Â
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Michigan businesses can accept their forgiven pandemic loans without worrying about paying federal taxes, but it’s not yet clear if they’ll owe state taxes.
More than 121,000 Michigan businesses took federal forgivable Paycheck Protection Program (PPP) loans valued at approximately $15.7 billion.
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