income tax

After she turned in her tax return, a young Australian OnlyFans star got a very bad surprise.

Retail sales taxes account for 32% of state tax collections, 13% of municipal tax collections, and 24% of all tax collections, making them a crucial component of most states' revenue strategies. Additionally, since they generate fewer economic distortions than the individual income tax, the other significant state tax, they are more pro-growth.

The greatest source of money for the federal government is the individual income tax. For tax year 2020, the third one under the modifications introduced by the Tax Cuts and Jobs Act (TCJA), taxpayers submitted more than 164 million individual income tax returns.

With the passing of the June solstice, summer officially began and most state legislative sessions came to a conclusion. Many states are starting to put new policies into effect now that were passed during this year's legislative session (or are being phased in gradually).

Tax cuts were passed in 43 states in 2021 or 2022, and often in both years. Of these, 21 states cut their income tax rates. It's a very interesting trend that is being driven by strong state revenues and a more competitive tax situation. But many people thought this trend couldn't or shouldn't last until 2023.

President Biden just proposed $4.7 trillion in tax increases on businesses and individuals, raising U.S. tax rates to some of the highest in the developed world.

IRS management has tended to view its role as chasing tax cheats, not helping people navigate the confusing tax code.

(Temporary) victory! The IRS has paused its intrusive demand that all payments amounting to $600 be reported to the government.