Taxing millionaires is a contentious issue—but Massachusetts is declaring early victory, with an announcement this week that the state’s tax on its highest earners has yielded $1.8 billion in additional income. With three more months left in the state’s fiscal year, the take is already $800 million more than what officials, including Gov. Maura Healey, […]
Photo 55347617 © Goory | Dreamstime.com America’s tax code is notoriously convoluted, but the complexity really sparkles when it comes to the federal government’s approach to alcohol taxation. Wine, beer, and liquor are all subject to varying tax rates based on intricate calculations, but the so-called “bubble tax” for hard cider is the star of […]
New Jersey Gov. Phil Murphy is biting a political bullet to raise business taxes on the state’s largest companies in order to find hundreds of millions of dollars a year to fund its beleaguered mass transit system. It’s not the only tax increase in the $55.9 billion budget Murphy outlined Tuesday, but it is by […]
In the waning hours of the 2023 legislative session, lawmakers inserted into the state budget the ability for Indianapolis to create a special taxing district to spruce up the downtown and address homelessness. Now there’s an effort underway to take it back, even as the city has already set the district into motion, with the […]
People across the U.S. rely on Social Security to help them make ends meet in retirement. It’s therefore somewhat shocking for many to learn that tax authorities often end up including a portion of Social Security benefits in taxable income, adding to prospective tax bills. It doesn’t even take that much income to trigger taxes […]