March 27, 2020

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March 31, 2020

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States Increasing Their Taxes In 2017

February 9, 2017

 

It is no secret that states are starved for cash, but some have resorted to more tax increases (like Maryland in recent years) rather than fiscal thriftiness. New taxes come from a variety of sources, including income, sales, excise, and telecommunications. The list of the five states imposing more in 2017 are:

 

1) Maine. The top bracket for the residents with income more than $200,00 has been raised to 10.15% for 2017. The bottom rate is 5.8%; sales tax is 5.5%.

 

2) California. The tax on a pack of cigarettes increases from 87 cents to $2.87, effective 4/1/2017.. Income tax rates range from 1% to 13.3% (on income of $1M or more for single filers). Sales tax is 7.25%.

 

3) New Jersey. The tax on a gallon of gas is increasing from 14.5 cents to 37.5 cents. Income tax rates range from 1.4% to 8.97% (on income of $500K or more). Sales tax is 7%. Up to $100K in retirement income will be sheltered from income tax starting in 2020.

 

4) Pennsylvania. The tax on a pack of cigarettes increases from $1.60 to $2.60. The state also taxes video streaming services at a rate of 6%. Income tax rate is 3.07%; sales tax is 6%.

 

5) Louisiana. The sales tax rate is rising to 5% from 4%, although the increase is supposed to sunset on 6/30/18. The tax on a pack of cigarettes increases from 86 cents to $1.08. Income tax rates range from 2% yp 6% (on $50K of single income or $100K for joint).


 

 

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