“Honey, our taxes are just too high. We’re moving to Alaska,” said no one, ever.
Nevertheless, a new study from the moving assistance website HireAHelper.com found that your state tax burden could change drastically with an interstate move. According to the study, if you move from the District of Columbia to Tennessee, your collective state
Local Taxes
One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year.
According to the
What goes up must come down – when considering the effects of gravity. That principle doesn’t typically apply to taxes. In the rare cases where taxes do go down, other taxes tend to go up to compensate government coffers.
Because state taxes are often linked to the federal tax code in different ways, changes in
Every year, the Tax Foundation compares the total amount of taxes paid in America and the amount of spending on the necessities of food, clothing, and shelter. In most recent years, the Tax Foundation has concluded that Americans spend more on taxes than on necessities — and 2015 is no different.
The Tax Foundation projections
Tax Freedom Day is the day when our collective income as a nation is enough to pay our collective federal and state taxes for the year. Considered in that respect, all of the income we earn after that point may be considered “tax-free.”
Tax Freedom Day is calculated in April of each year using projections