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Muni bonds are a more attractive option for investors in high-tax states and cities, so investors in those areas should be sure to calculate the tax-equivalent yield on potential muni investments.
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
Tax rates vary by state and locality, and may be fixed or graduated. Most rates are the same for all types of income. State and local income taxes are imposed in addition to federal income tax. State income tax is allowed as a deduction in computing federal income, but is capped at $10,000 per household since the passage of the 2017 tax law ...
Taxes on interest from bank accounts and most bonds (corporate, Treasury) are assessed at ordinary tax rates and are due when you file your income taxes for that year. Municipal bonds are an ...
Previously, during a special session in August, 2022, the top personal income tax rate was reduced to 4.9% retroactively effective to January 1, 2022, instead of 2025 as was originally planned while also marking the first time since 1971 that the top income tax rate has been 5.0% or lower.
Republicans in Congress and President Obama remain locked in their seemingly interminable debate over how to avoid the fiscal cliff of tax increases and spending cuts set to befall us at the end ...
The other type of Swedish payroll tax is the income tax withheld , which consists of municipal, county, and, for higher income brackets, state tax. In most municipalities, the income tax comes to approximately 32 percent, with the two higher income brackets also paying a state tax of 20 or 25 percent respectively.
The interest earned on municipal bonds is exempt from federal income tax (and in some cases, state and local tax as well), making them potentially attractive to investors in higher tax brackets.
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