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Income Tax

All articles tagged with #income tax

Bezos urges 0% income tax for low earners, cites Queens nurse example
economy6 days ago

Bezos urges 0% income tax for low earners, cites Queens nurse example

Amazon founder Jeff Bezos argues US should exempt low earners from income tax, using a Queens nurse earning about $75,000 as the example of how the tax burden hits working families. He calls the 2026 US economy a 'tale of two economies' in a K-shaped recovery and questions the fairness of progressive taxation while noting California’s billionaire tax and his own wealth as context. He suggests reducing taxes on low earners could ease living costs and discusses universal basic income as a potential alternative, arguing that higher taxes on the wealthy wouldn’t directly solve everyday struggles for workers.

via Business Insider|
#economy#income-tax#jeff-bezos
Missouri's Zero Income Tax Plan Sparks Education Funding and Budget Worries
policy12 days ago

Missouri's Zero Income Tax Plan Sparks Education Funding and Budget Worries

Missouri lawmakers are weighing a ballot measure to eliminate the state income tax, potentially paired with a sales tax expansion, a move supporters say would boost competitiveness and give residents more take-home pay; critics warn it could devastate public education funding and hit lower- and middle-income families hardest, citing Kansas' 2010s tax cuts that left a budget shortfall and districts cutting time and money for schools. The plan's supporters argue revenue growth could offset losses, but evidence from other states is mixed and opponents question whether a switch to higher sales taxes would really help the budget or residents.

via The Guardian|
#education-funding#income-tax#kansas-experiment
Kemp signs sweeping Georgia tax cuts with local property relief
politics14 days ago

Kemp signs sweeping Georgia tax cuts with local property relief

Georgia Gov. Brian Kemp signed HB 463 and SB 33 to overhaul taxes: cutting the income tax rate to 4.99% for 2026 with a scheduled glide to 3.99%, raising standard deductions, expanding retirement exclusions, and easing overtime/tips taxation. SB 33 blocks local governments from opting out of a statewide homestead exemption and creates a 1% Local Homestead Option Sales Tax to fund property-tax relief. Republicans say the measures bolster affordability and job growth, while critics warn about potential revenue impacts for schools and services and note constitutional challenges; a correction clarifies how the homestead cap is calculated.

via WABE|
#brian-kemp#georgia#homestead-exemption
Washington Court Keeps Millionaire Tax, Denies Fall Referendum
politics21 days ago

Washington Court Keeps Millionaire Tax, Denies Fall Referendum

Washington’s Supreme Court denied a conservative group’s bid to put the state’s new 9.9% income tax on high earners to a referendum, effectively keeping the law in place. Opponents can still pursue an initiative to overturn the tax, but would face much higher signature thresholds (over 308,000) and deadlines. The law, which starts in 2028 for earnings above $1 million, won’t yield tax revenues until 2029, and a separate constitutional challenge filed by Citizen Action Defense Fund continues.

via Washington State Standard|
#income-tax#millionaires-tax#politics
Missouri Senate advances plan to replace income tax with expanded sales tax in late-night vote
politics1 month ago

Missouri Senate advances plan to replace income tax with expanded sales tax in late-night vote

Missouri’s Senate approved a plan to replace the state personal income tax with an expanded sales tax that would apply to services and previously exempt goods, sending the measure toward a statewide ballot if the House concurs. The late-night 18-11 vote featured Democratic opposition and notable Republican dissent, with critics arguing the framework is vague and could jeopardize state finances, while supporters say it could spur growth and require future offsets in tax rates and local tax cuts.

via Missouri Independent|
#income-tax#legislation#missouri
Seahawks could lose free-agent edge as Washington plans millionaire income tax
sports2 months ago

Seahawks could lose free-agent edge as Washington plans millionaire income tax

Washington’s plan to tax incomes over $1 million at 9.9% starting in 2028 could erode Seattle’s long-standing free-agent advantage, but the Seahawks’ cap savvy and culture-first approach may keep things steady. The team could accelerate extensions for rookies like Jaxon Smith-Njigba and Devon Witherspoon to lock in core talent before tax implications bite, though most players already face taxes elsewhere and Seattle isn’t prone to chasing top-dollar free agents.

via 12th Man Rising|
#free-agency#income-tax#john-schneider
state-politics2 months ago

Washington OKs 9.9% tax on millionaires to fund schools and services

Democrat-led Washington state Senate approved a 9.9% income tax on residents earning over $1 million to fund education, prisons, universal school lunches and other programs, with Gov. Ferguson expected to sign. Supporters cite budget pressures and public sentiment, while critics warn about potential business impact and legal challenges, including a ballot repeal effort and constitutional questions around how income is treated.

via Politico|
#ballot-initiative#education-funding#income-tax
Washington moves toward 9.9% tax on high earners as governor poised to sign
politics2 months ago

Washington moves toward 9.9% tax on high earners as governor poised to sign

Washington’s Legislature passed a 9.9% income tax on households earning over $1 million, clearing the way to Gov. Bob Ferguson’s desk after a last-minute Republican challenge; the governor has signaled he will sign, and the bill would take effect after revenue begins in 2029 to fund schools, health care, higher education and public safety, with expanded tax breaks for small businesses and low‑income families. Supporters say it corrects a regressive tax code, while opponents warn of constitutional questions and potential impacts on business and capital flight, and amendments were added during passage to clarify language and offset revenue losses.

via king5.com|
#governor#income-tax#millionaires-tax
Washington Senate approves 9.9% tax on income above $1M to fund public services
politics2 months ago

Washington Senate approves 9.9% tax on income above $1M to fund public services

The Washington state Senate cleared a 9.9% tax on annual income over $1 million starting in 2028 by a 27-21 vote, with supporters saying it would raise about $4 billion annually and affect roughly 30,000 households to fund schools, roads, health care and higher education. As debate focused on inflation and potential future expansion of an income tax, Republicans warned of erosion of tax control and constitutional concerns. The bill advances to Gov. Ferguson for likely signature.

via KOMO|
#income-tax#millionaires-tax#politics
Washington House advances 9.9% tax on top earners, prompting business concern
politics2 months ago

Washington House advances 9.9% tax on top earners, prompting business concern

The Washington House passed SB 6346 to levy a 9.9% personal income tax on earnings above $1 million, projecting roughly $3.5 billion in annual revenue starting in 2029. Supporters frame it as tax fairness to offset a regressive system, while critics warn it could erode Washington’s business climate; high-profile concerns, including Howard Schultz’s relocation to Miami, amplify the debate. The measure now moves to the Senate and governor as the session nears its close.

via GeekWire|
#business#income-tax#legislation
Washington lawmakers inch toward 9.9% tax on top earners as deadline nears
politics2 months ago

Washington lawmakers inch toward 9.9% tax on top earners as deadline nears

Legislative leaders in Olympia moved overnight toward a vote on a proposed 9.9% income tax on income above $1 million, set to take effect in 2029. Supporters, including Gov. Ferguson, say the revenue would fund families and small-business programs, while Republicans push amendments such as a charitable deduction. Critics warn the plan could violate the state constitution and invite court challenges, with opponents weighing a citizen initiative to repeal if it passes. If approved by the House, the bill would go to the Senate and then Ferguson for signature.

via KOMO|
#income-tax#legislature#millionaires
politics2 months ago

Voters Back NYC Millionaire Tax Plan, Siena Poll Finds

A Siena poll of 805 New York State registered voters (Feb. 23–26, 2026) finds broad support for allowing NYC to raise personal income taxes on residents earning $1M+, with 54-29% statewide, 62-21% among city voters, and 72-13% among Democrats. Independents and Republicans oppose more. The poll also shows Gov. Hochul ahead of Blakeman by 20 points, with a margin of error of ±4.5 percentage points.

via Siena Research Institute|
#income-tax#mamdani#new-york
Tariffs to replace income tax would cost far more than they save
economy3 months ago

Tariffs to replace income tax would cost far more than they save

Trump floated using tariffs to replace the income tax, but tariffs have never generated near enough revenue to substitute for tax income (roughly $195B in customs duties vs about $2.6T in income tax). Higher tariffs would shrink imports and push buyers to domestic substitutes, limiting revenue gains. Complicating the plan: IEEPA tariffs were overturned by the Supreme Court, and officials describe tariff revenue as a melting ice cube, making full replacement of income tax unlikely and potentially costly for consumers and the broader economy.

via Axios|
#economy#income-tax#revenue
Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?
economy3 months ago

Can NYC’s Higher Taxes Truly Tax the Rich Without Driving Them Away?

New York City faces a tax policy clash as Mayor Mamdani pushes for higher income and corporate taxes to close a budget gap, while Gov. Hochul resists and a 9.5% property tax option is floated. Analysts differ: some say higher rates won’t cause abrupt migration but could erode NYC’s competitive footing over time, while others argue high taxes are common in strong regional economies. The piece outlines NYC/state tax burdens, the top-earner tax contributions, and the mixed evidence on whether taxes influence where high earners and businesses locate.

via THE CITY - NYC News|
#corporate-tax#economy#income-tax