Income Tax
“Road Warrior” State Income Tax Laws Vary Widely
A crazy quilt of laws governing state income taxes for “road warriors”—residents of one state who work in another—can make tax collections a nightmare. Yet states don’t necessarily favor streamlining the system under a proposed federal law. The way it works now, states have varied standards for requiring workers to file personal income tax returns […]
Mortgage Deduction Rates Vary Widely Among States
The percentage of tax filers who take the mortgage interest deduction varies widely across states, with California, shown here, among the highest. States with lowest claim rates are mostly in the South. (AP Photo/Gregory Bull, File) The mortgage interest deduction, widely viewed as a tax break for a broad slice of middle-class America, benefits the […]
States’ Free Online Tax Filing Services Often Overlooked
State worker Michael Taylor files tax returns in Illinois. Many states offer free online filing if you use the correct website in an effort to promote more electronic filing. (AP) Haven’t filed your state income tax yet? There’s a good chance your state allows you to file it online for free. More than 20 states […]
States in Recovery: Revenues
(AP) Revenue Rollercoaster Isn’t Over for the States Part Three of a Three Part Series Eye-popping Wall Street bonuses are back. Yet New York still is not collecting as much tax revenue from the financial sector as it did before the recession. When the good times rolled, one in every five state tax dollars came […]
As Legislatures Become More Partisan, Nebraska Holds Out
Nebraska state Senator Brad Ashford of Omaha speaks to the legislature in Lincoln. © AP LINCOLN, Nebraska — If Brad Ashford were a state senator almost anywhere, the step he took in the waning days of 2011 might have foreclosed any hope for future legislative accomplishments. Saying the Republican Party here was no longer the […]
GOP Lawmakers Look to Abolish Income Taxes
Republican lawmakers in several states are aiming to do what no state has done in more than three decades: eliminate income taxes. Efforts are under way in at least three states to do away with personal and corporate income taxes, while Republicans in control elsewhere are considering rate cuts. “At this point I don’t know if I could […]
Fiscal Cliff Jitters Could Boost Early State Tax Revenue
When filmmaker George Lucas sold his company and the Star Wars franchise to Walt Disney Co. this fall, he saved hundreds of millions of dollars in state and federal taxes by not waiting until next year when higher tax rates are anticipated. He’s hardly alone. Regardless how or even if Congress and President Obama avert […]
Tax Pledge Permeates New Hampshire Politics
New Hampshire gubernatorial candidates: Democrat Maggie Hassan (left), and Republican Ovide Lamontagne (AP) MANCHESTER, NH – Here in New Hampshire’s largest city last Thursday, President Obama repeated what is now a familiar refrain: As president, Mitt Romney would reduce income taxes for the rich, while leaving the middle class behind. The crowd cheered the assault […]
Dueling Tax Measures Added to California Ballot
Whether California taxpayers should dig deeper into their pockets to help lift the weight of a nearly $16 billion state budget deficit will now be up to voters in November. The Secretary of State’s office announced Wednesday (June 20) that three tax initiatives, including dueling proposals to increase taxes to help fund schools, had received enough […]
Business Gets Its Way in Republican Oklahoma
AP Photo/Richard Drew Oklahoma Governor Mary Fallin visits the trading floor of the New York Stock Exchange to tout her state as a business-friendly environment. OKLAHOMA CITY — Oklahoma is used to being overshadowed politically by its bigger, bolder southern neighbor, Texas. But in the past year, it’s Oklahoma that has developed a reputation […]
As 2012 Agenda Unfolds, to Raise or Cut Taxes Is the Big Question
Republican Governor Chris Christie of New Jersey is calling for an across-the-board 10 percent cut in the state income tax. Governor’s Office/Jody Somers As state lawmakers gather for their 2012 legislative sessions, taxes are emerging as a key issue, with at least half a dozen Republican governors pressing for sweeping tax cuts and just as […]
Brown’s Tax Plan Comes With Double Dose of Uncertainty
With a revenue system that’s heavily dependent on income taxes on the wealthy, California’s budget has a history of unexpected booms and busts that reflect the vagaries of the national economy. In that context, it’s notable that the state Legislative Analyst’s Office (LAO) has declared that “revenue estimates are an even bigger question mark than usual for the Legislature […]