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This measure takes aim at the capital gains tax, which lawmakers approved in 2021 and the state Supreme Court upheld in 2022. It generated about $786 million in 2023, its first year of collections.
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.
2024 Washington Initiative 2109 – Proposed repeal of state capital gains tax 2024 Washington Initiative 2117 – Proposed repeal of state carbon tax cap and trade laws 2024 Washington Initiative 2124 – Proposal to make employee participation in state long-term care program voluntary
After a 2024 tax cut, Connecticut’s state income tax rate now ranges from 2% to 6.99%, depending on your income bracket. If your adjusted gross income is less than $75,000 as a single filer or ...
New Hampshire – no individual income tax. The state taxes dividends and interest at 3% in 2024. The former 5% tax was decreasing by 1% each year, but a 2023 law accelerated the repeal to the start of 2025. [15] For large businesses, the 0.55% Business Enterprise Tax is essentially an income tax. The state also has a 7.5% (2024) Business ...
It is an income tax. More specifically, capital gains are treated as income under the tax code and taxed as such.” Forty-nine states agree with the IRS. The California Franchise Tax Board says ...
Where you live plays a major role in how much you'll pay in state income taxes. Some states, like Alaska and Florida, don't levy individual income tax at all. Others, like California and Hawaii ...
For US federal income tax purposes, state and local taxes are defined in section 164(a) of the Internal Revenue Code as taxes paid to states and localities in the forms of: (i) real property taxes; (ii) personal property taxes; (iii) income, war profits, and excess profits taxes; and (iv) general sales taxes.