The combined costs of all tax changes states adopted for the 2023 budget year, as well as those proposed in governors’ 2024 budgets, exceed the tax cuts enacted after the Great Recession. While no comprehensive accounting exists of state income tax rate cuts over time, available evidence indicates that the COVID-era wave of 26 states cutting rates (see Figure 1), while not unprecedented, is historically large and will lead to substantial damage for public services. Rate Cutting Is Historically Large in Size, Scope All told, 48 states and the District of Columbia passed some sort of tax cut from 2021 to 2023, according to the Tax Policy Center. These sums don’t include lost revenues from a wider swath of tax reductions enacted during this time, such as one-time rebates and senior tax breaks.
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