Tax-cut fever sweeps nation as states enact ‘unprecedented’ rash of relief

DENVER — Prices may be going up but income taxes are going down, thanks to an unparalleled outbreak of state tax cuts.
 
Starting Jan. 1, millions of Americans will bring home fatter paychecks as individual income rates fall in a dozen states, marking the second consecutive year in what the Tax Foundation calls “an unprecedented wave of tax reductions and other tax cuts.”
 
Jared Walczak, Tax Foundation vice president of state projects, chalked up the tax-cutting fervor to a perfect storm of pandemic revenue growth, high inflation, greater worker mobility and increased intrastate competition for employers and employees.
 
“These past two years, states have experienced record levels of growth, and they’re sitting on an enormous amount of money,” Mr. Walczak told The Washington Times. “At the same time, you have people struggling under the burden of inflation. It’s been a time when states have seen the benefit of relief and also
Read more…

Please follow and like us: