Tax revenue is down, expenditures are up and the future's uncertain.
A place like Columbus, Ohio, relies on income tax for 75% of its revenue.
As tax day approaches, many Americans are rushing to tax preparers for paid help. The National Society of Accountants found in a survey last year that Americans paid tax preparers $176 on average to file federal and state returns. That’s without itemized deductions. But what programs are available for people with low incomes so that […]
They pay half of the city's income tax revenue. Now that they can't deduct it, some may leave.
Gary Cohn, President Donald Trump’s chief economic adviser, told CNBC this morning that it would be hard for the current tax bill to reduce federal tax rates further for a family earning median income without going into negative tax rates. But federal income tax is just one kind of tax that everyone pays. Click the audio […]
The GOP tax bill as written gets rid of deductions for state and local income taxes and would cap state and local property tax deductions at $10,000. It would also limit the mortgage interest deduction by capping it at $500,000 for future home purchases. These provisions will have a bigger impact in some parts of […]
It's designed to ensure all taxpayers pay their fair share, including those with higher incomes.
Not everyone thinks automatic deductions for state and federal taxes are a good idea.