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Thus, the state tax law of 1920 supplied for equalization payments among the states which ensured that no state would have less than 80% of the average state tax revenue. Sections 106 and 107 of the Constitution of the Federal Republic of Germany supply for the distribution of tax revenues (horizontal and vertical equalization).
The equalization formula is "based on a three-year average of economic growth". Since the 2008 recession, the Ontario economy got stronger which resulted in lower equalization payments. [16] In 2012–2013 Ontario's equalization payments increased to a peak of $3.3-billion. It was projected to be $2-billion in 2014–2015.
Equalization is a step in property taxation to bring a uniformity to tax assessment levels across different geographical areas or classes of properties. Equalization is usually in the form of a uniform percentage of increase or decrease to each area or class of property.
Under current Kansas law, the tax brackets are set at 3.1%, 5.25% and 5.7%, with individuals making over $30,000 a year in taxable income taxed at the top rate.
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Missouri imposes an income tax, including an individual income tax, a corporate income tax, and a bank franchise tax. Kansas City and St. Louis impose their own "earnings taxes" on income. Individual income tax
Local elections Tuesday include city offices and school board seats in Johnson and Wyandotte counties, as well as a sales tax to support public transit in Kansas City.
Prominent among the objectives commonly attributed to intergovernmental fiscal transfers is ‘equalization’ of fiscal capacities or resolution of fiscal imbalances. [ 1 ] Thus, the transfer system can promote efficiency in the public sector and can level the field for intergovernmental competition. [ 2 ]