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Income Tax

All articles tagged with #income tax

Tariffs to replace income tax would cost far more than they save
economy1 day ago

Tariffs to replace income tax would cost far more than they save

Trump floated using tariffs to replace the income tax, but tariffs have never generated near enough revenue to substitute for tax income (roughly $195B in customs duties vs about $2.6T in income tax). Higher tariffs would shrink imports and push buyers to domestic substitutes, limiting revenue gains. Complicating the plan: IEEPA tariffs were overturned by the Supreme Court, and officials describe tariff revenue as a melting ice cube, making full replacement of income tax unlikely and potentially costly for consumers and the broader economy.

via Axios|
#economy#income-tax#revenue
Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?
economy6 days ago

Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?

New York City faces a tax policy clash as Mayor Mamdani pushes for higher income and corporate taxes to close a budget gap, while Gov. Hochul resists and a 9.5% property tax option is floated. Analysts differ: some say higher rates won’t cause abrupt migration but could erode NYC’s competitive footing over time, while others argue high taxes are common in strong regional economies. The piece outlines NYC/state tax burdens, the top-earner tax contributions, and the mixed evidence on whether taxes influence where high earners and businesses locate.

via THE CITY - NYC News|
#corporate-tax#economy#income-tax
Washington Senate advances millionaires tax targeting $1M+ incomes
politics8 days ago

Washington Senate advances millionaires tax targeting $1M+ incomes

The Washington Senate moved a 9.9% personal income tax on households earning more than $1 million to the House, arguing the measure would fund public defense, expand the Working Families Tax Credit, and aid small businesses, while critics warn of potential economic harm; the tax would take effect in 2028 (revenues begin in 2029) and is expected to yield about $3.4 billion annually once fully phased in, with the plan exempt from the existing prohibition on new statewide income taxes and facing continued political and legal challenges.

via Washington State Standard|
#income-tax#legislation#millionaires-tax
Washington lawmakers push 9.9% tax on $1M+ earners to fund services
politics21 days ago

Washington lawmakers push 9.9% tax on $1M+ earners to fund services

Democrats in Olympia unveiled Senate Bill 6346 proposing a 9.9% tax on household incomes above $1 million to raise about $3.7 billion annually for public education, early learning, childcare, healthcare and other services. The plan would also eliminate the sales tax on grooming products, create a small-business gross-revenue threshold exemption, expand the Working Families Tax Credit and direct 5% of revenue to counties for public safety. Gov. Jay Inslee’s office notes the proposal doesn’t go far enough for Washingtonians, while Republicans call it unconstitutional and warn of potential court challenges or voter referendum.

via king5.com|
#education-funding#income-tax#millionaires-tax
WA income tax push slammed as rigged to dodge voters
politics21 days ago

WA income tax push slammed as rigged to dodge voters

Seattle-based columnist Jason Rantz argues Washington Democrats used an emergency clause to push a millionaire income tax without allowing a voter referendum, delaying any tax collection until 2029 and labeling the move a procedural scam that undermines democracy; he accuses lawmakers of bypassing public accountability and calls for greater transparency and accountability.

via seattlered.com|
#democrats#emergency-clause#income-tax
Missouri Eyes Ballot to Phase Out Income Tax with Expanded Sales Tax
politics1 month ago

Missouri Eyes Ballot to Phase Out Income Tax with Expanded Sales Tax

Gov. Mike Kehoe proposed placing a statewide ballot question to begin phasing out Missouri’s personal income tax within five years, funded by expanding the sales tax to cover digital and modern services (excluding agriculture, health care, and real estate). The move would require constitutional changes and legislative action, and faces opposition from Democrats who warn it could amount to a large tax increase even as Kehoe argues it would boost growth and provide local tax relief.

via Missouri Independent|
#ballot-measure#income-tax#missouri
Reeves Plans Income Tax Hike Amid Political Promises and Market Reactions
politics3 months ago

Reeves Plans Income Tax Hike Amid Political Promises and Market Reactions

The UK Chancellor Rachel Reeves indicated plans to increase income tax, signaling a potential break from Labour's manifesto pledge, amidst political debates and opposition from Labour figures. The article also covers various political and social issues, including BBC controversies, prison release mishaps, and international incidents involving the royal family and sports events.

via BBC|
#income-tax#labour#obr
States Offering Tax-Free Social Security and Future Benefit Changes
finance1 year ago

States Offering Tax-Free Social Security and Future Benefit Changes

Thirteen U.S. states do not tax retirement income from Social Security, 401(k), IRA, or pensions, potentially lowering retirees' tax bills. Nine states, including Florida and Texas, have no income tax, while four others, like Illinois and Pennsylvania, exempt retirement income from taxation. However, some states may tax early withdrawals or specific types of retirement income. Additionally, many states do not tax Social Security benefits, offering further tax relief for retirees. Despite these exemptions, other taxes like property and sales taxes remain unavoidable.

via The Motley Fool|
#finance#income-tax#retirement