All articles tagged with #income tax
Missouri voters rejected Amendment 4 (requiring district-wide majorities for citizen-led constitutional changes) and Amendment 5 (phasing out the state income tax) by wide margins (roughly 80% and 82% opposed). Amendments 1 and 2 passed, preserving park funding via a sales tax and electing the Jackson County assessor. Gov. Kehoe endorsed the tax-cut plan, but voters backed preserving current tax and governance structures.
Missouri voters in the primary rejected Amendment No. 5 to abolish the state's personal income tax by an 84%-16% margin; supporters led by Gov. Mike Kehoe framed it as a generational opportunity, while opponents warned it would hit funding for schools, prisons and social services and likely require higher sales and other taxes to replace revenue.
Missouri voters will decide Amendment 5, which would eliminate the state income tax and require revenue replacement via expanded sales taxes within five years; supporters argue it could spur growth and simplify taxes, while opponents warn it would raise costs for low- and middle-income residents and seniors, with no exemptions defined yet and local tax rollbacks possible, along with ongoing questions about which items would be taxed and how the changes would be implemented.
Los Angeles County prosecutors charged comedian Carlos Mencia with 12 felonies for failing to report or pay taxes on about $8.7 million in earnings—six counts of personal income tax and six for corporate taxes—leaving him with a $300,000+ state tax bill; he was arrested at his Los Angeles home with bail set at $250,000 and faces more than 11 years in prison if convicted on all counts. The charges are the first under the district attorney’s new Business Tax Fraud Unit, and the IRS status was not disclosed.
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.
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.
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.
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.
Former President Donald Trump floated eliminating the income tax, arguing that tariffs could provide enough revenue to fund the move, including a claimed trillion-dollar figure; experts warn the math and real-world impact of such a shift are unclear and would carry major economic and policy repercussions.
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.
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.
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.
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.
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.
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.