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Passed by the 2021 state Legislature and signed into law by Gov. Jay Inslee, Senate Bill 5096 created a 7% tax on any gain in excess of $250,000 – now $262,000 as the floor is tied to inflation ...
Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.
This table lists the tax revenue collected from each state, plus the District of Columbia and the territory of Puerto Rico by the IRS in fiscal year 2020, which ran from October 1, 2019, through September 30, 2020.
In addition to federal income tax collected by the United States, most individual U.S. states collect a state income tax. Some local governments also impose an income tax, often based on state income tax calculations. Forty-one states, the District of Columbia, and many localities in the United States impose an income tax on individuals. Nine ...
Arizona. Flat Income Tax Rate: 2.5% Standard Deduction (Single): $14,600 Standard Deduction (Couple): $29,200 Personal Exemption (Single): NA Personal Exemption (Couple): NA Personal Exemption ...
Since 2021, the Working Families Tax Credit program has provided a state tax reimbursement to low-to-moderate income individuals who meet certain eligibility requirements. As of December 31, 2023 [update] , over 163,000 refunds had been issued out of an estimated pool of 360,000 eligible residents. [ 2 ]
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