STATE TAXES ARE GOING DOWN
Kiplinger's Personal Finance|July 2022
Lawmakers are cutting income, sales and property taxes to return budget surpluses to residents.
- SANDRA BLOCK
STATE TAXES ARE GOING DOWN

AT A TIME WHEN THE COST OF everything from gas to Netflix is rising, there's a good chance that one of your expenses will decline: your state tax bill.

Awash in budget surpluses, lawmakers are cutting taxes on everything from income to groceries, and the trend isn't limited to red states. Several Democratic governors, including New York Gov. Kathy Hochul and Illinois Gov. J.B. Pritzker, have supported broad tax cuts for state residents. "If your state isn't cutting taxes this year, it's in the minority," says Katherine Loughead, senior policy analyst To ha RE for the Tax Foundation, a tax research organization.

Some of the tax cuts are while others could temporary, permanently lower residents' tax bills. For example, Mississippi enacted legislation that will lower the state's top income tax rate from 5% to 4% by 2026, and Gov. Tate Reeves has indicated he'd like to eventually phase out the tax altogether. In April, Georgia Gov. Brian Kemp signed legislation that will consolidate the state's six income tax brackets into a flat rate of 4.99% as soon as 2029. The Peach State's highest income bracket is currently 5.75%. Iowa is lowering its top tax rate of 8.53% to a flat rate of 3.9% by 2026. "They're going from one of the highest income tax rates to a fairly competitive rate," Loughead says. Other targets of state tax cutters:

この蚘事は Kiplinger's Personal Finance の July 2022 版に掲茉されおいたす。

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この蚘事は Kiplinger's Personal Finance の July 2022 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

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