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For businesses, the corporate income tax rate will drop from 7.5% to a flat 5.5%, and the state franchise tax will be eliminated entirely. Originally, Landry's plan proposed a rate of 3.5%.
But to offset the loss of income tax revenue Landry is proposing making permanent a 0.45-cent sales tax set to expire in 2025 and adding sales tax to hundreds of services like car washes ...
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 ...
The IRS Free File Program is a service that allows U.S. taxpayers to prepare and e-file their federal income tax returns for free. Through the program, commercial tax software companies that are part of the Free File Alliance offer free tax preparation software to tax filers with annual adjusted gross income (AGI) below $73,000 for Tax Year 2022.
Lawmakers approved a flat 3% individual income tax rate, leading to a $1.3 billion cut. Previously, the personal income tax rate had stood at 4.25% for people earning $50,000 or more. Louisiana Republicans said the measure advanced their goal of ultimately eliminating the income tax in the future. “Income tax is a mandate; you have to pay it.
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