Title: An In-Depth Analysis of State and Local Tax Burdens Across Income Groups: Insights from ITEP’s 7th Edition of the “Who Pays?” Study Introduction The Institute on Taxation and Economic Policy (ITEP), a respected nonprofit research organization, recently released its 7th edition of the “Who Pays?” study in January 2024. This comprehensive study critically examines … Read more
State Tax Changes and Taxpayers Will Get a Break. 39 states will start 2025 with significant tax changes, including three states that will lower corporate income taxes, two that will adopt new first-year expensing provisions and nine that will lower individual income taxes (two of which will implement flat taxes). Major tax rate changes are … Read more
Some states with high commuter populations have reciprocity agreements, meaning that even if you travel across state lines for work, you are solely taxed by your home state. Taxes might be tricky if you work in one state and live in another. Additionally, state-by-state variations in the regulations might be substantial. Reciprocity agreements allow you … Read more
In the United States, companies and employees are required to pay payroll taxes in order to support a number of federal and state programs, including unemployment insurance, Social Security, Medicare, and occasionally state-specific initiatives. Usually, these taxes are deducted from an employee’s salary and paid by the employer, either directly or through a third party. … Read more