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State Income Taxes Article
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State Taxes at a Glance
from:State taxes are enforced contributions levied upon individuals by their state of residence. Except for Alaska, Washington, Nevada, Wyoming, South Dakota, Texas and Florida, every state in the union imposes a state tax in the form of a percentage to a resident's income. These percentage rates can vary from the highest at 9.5% for Vermont residents to a low of 3% for residents of Illinois. States such as Tennessee and New Hampshire only allow a state tax on interest and dividend income. State taxes are collected annually and are combined with other forms of direct and indirect tax contributions to pay for state facilities, programs and services.
The majority of states apply a tax rate to incomes on a progressive scale. The larger a resident's income, the more tax they will pay. While a lack of state taxes can sound promising, those not enforcing this type of tax generally obtain their revenues elsewhere, often through sales or excise taxes. Purchasing goods or cigarettes and alcohol tend to be higher in states such as Washington than they are in North Carolina. There is much debate as to the benefits of this type of taxation as it can be a plus or minus for both individuals and businesses. States such as Nevada obtain proceeds by means of their renowned gambling industry.
When and where warranted, state taxes are filed annually with federal taxes. Because tax laws vary from state to state, each will have their own type of tax forms. Like federal returns, taxpayers can opt for a long form or a short form. Individuals and businesses with more complex tax returns usually rely on the services of a professional tax preparer. This is especially true when businesses or individuals divide their time or make income in multiple states. While these forms are widely available in places such as post offices and libraries, now more than ever taxpayers file their federal and state taxes online.
Unless one applies for an extension, state taxes are filed every year by a certain date in the month of April. While it can vary from state to state, individuals in the military or those who fall under certain income guidelines are the only ones who may not be required to file. It is best to always obtain the advice of a tax professional when questions about federal or state taxes arise. The penalties with accruals that come with failure to file or file correctly based on deceptive or frivolous intent can make for a most uncomfortable situation. In worst case scenarios and offenses, individuals can face imprisonment.
State Income Taxes News
The Politics of the Budget: For Christie, Any Income Tax Cut Will Do - WNYC
 WNYC | The Politics of the Budget: For Christie, Any Income Tax Cut Will Do WNYC And nothing would better cement Christie's credentials than a "10 percent income tax cut" to brag about. Christie's campaign for the income tax cut may say as much about his ambition as it does about his policy goals. Christie started out in his State ... NJ tax cut plan scrutinized due to slowed growth Gov. Christie standing by his plan to cut income taxes, rejects arguments NJ ... Christie Plugs $676M Hole With Borrowing, One-Shots |
State Republicans say they want income tax relief... can Democrats afford to ... - Michigan Radio
State Republicans say they want income tax relief... can Democrats afford to ... Michigan Radio By Zoe Clark and Rick Pluta Taxes, as we all know too well, are a powerful political issue. And, the issue has come up yet again at the state Capitol. A cut in the state income tax has become part of the negotiations as Governor Rick Snyder and the ... |
Gov., Mich. legislative leaders OK income tax cut - BusinessWeek
 CBS Local | Gov., Mich. legislative leaders OK income tax cut BusinessWeek The tax cut would amount to $90 million, but most people might not notice it since wealthier taxpayers may save only around $100 and low-income families may save only $10. The state expects to receive nearly $7 billion in income tax revenue this fiscal ... State budget: Schools and movies get boost; taxes fall More for movies, less for heat in state budget State Income Tax Rollback Grows More Likely |
Three Reasons Oklahoma's Income Tax Cut Plan Failed - StateImpact Oklahoma
Three Reasons Oklahoma's Income Tax Cut Plan Failed StateImpact Oklahoma By Joe Wertz After months of debate, discussion and rancor from lawmakers, business leaders and think-tank activists, the state legislative session will close today without an income tax cut. Cutting the personal income tax was a top priority for Gov. Oklahoma's personal income tax rate won't be cut this year Fallin proposes a flawed tax-cut plan Okla. Legislature adjourns 2012 session with no deal for tax cut; no plan for ... |
Plan to reduce state income tax stalls - Edmond Sun
 kjrh.com | Plan to reduce state income tax stalls Edmond Sun EDMOND — The state Senate will not budge from the tax reform plan the Senate, House and Gov. Mary Fallin negotiated last week, state Senate Pro Tem Brian Bingman said in a Senate press conference Wednesday. House Speaker Kris Steele announced an ... Okla. Gov. Fallin disappointed, will not call legislative session for state ... Oklahoma's personal income tax rate won't be cut this year State House scuttles tax agreement; has new plan |