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The Contributions of State Taxes to State Revenue
from:State taxes are compulsory contributions to state revenue levied by the government on personal income and business profits. They may also be additional amounts to the cost of some goods, services and transactions. All states have their own tax system where they acquire the necessary revenue to maintain their governments through tax collection, fees, and licenses. With the revenue that the government receives through these state taxes, it makes public services available to their citizens. Some examples of these public services are health and welfare benefits, public schools, police protection and the operation of the state government.
There are many types of state taxes. Here are some of the most common:
1) Personal Income Tax
The first modern personal income tax system was originated in 1911 by the State of Wisconsin. This is the tax taken from an individual’s personal income.
2) State Sales Tax
This tax is levied on the sale of goods and services. Below are the three different types of sales taxes:
• Vendor Tax
This taxes the person doing business. It is levied on the amount of goods sold.
• Consumer Tax
This taxes retail sales. It is added to the original price of what was being sold. The vendor at a store collects this tax from the buyer and then sends the money to the state.
• Combination Vendor-Consumer Tax
This one taxes the vendor who is then required to pass the tax on to the consumer.
3) Property Tax
The revenue from this type of state taxes usually goes towards financing public services, such as police protection, public schools and sanitation. The amount of tax to be paid is figured on the total value of the property or on a certain percentage of the value.
4) Other State Taxes
There are other state taxes that states may impose in addition to personal income tax, sales tax, and property tax, and these include fuel tax, inheritance tax, and corporate income tax.
• Fuel Tax
This is the tax on gasoline and diesel fuel purchased within the state. Most of the time, the tax on gasoline and diesel fuel is a cents-per-gallon tax.
• Inheritance Tax and Estate Tax
These are imposed on the transfer of property after the owner's death wherein the beneficiary of the property must pay the taxes.
• Corporate Income Tax
This is almost the same as the individual income tax. Most states impose this system which makes corporations subjected to income tax the way individuals are. State corporate income tax system uses the graduated method in some states and the flat rate method in others. Some states purposely keep their corporate income tax rates lower than other states in order to attract new businesses to their states.
File Virginia State Taxes News
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