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(The Center Square) – A general income tax in Washington state appears to be off the table for now, even as voters retained the state’s capital gains tax by failing to pass Initiative 2109 on ...
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.
The federal income tax collected by the IRS applies to all Americans regardless of where you live, but the rules for state income tax rates and how those taxes are paid can be vastly different.
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 ...
2024 Washington Initiative 2124 – Proposal to make employee participation in state long-term care program voluntary November 19–20: The November 2024 Northeast Pacific bomb cyclone resulted in over 600,000 people in the Seattle area without electricity, and killed two Washington individuals.
25. Alabama. State sales and average local tax: 9.25% State tax on Social Security: None Effective property tax: 0.39% Income tax rate (65+): 4.70% Alabama has the second-lowest property tax in ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
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