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Example of flat tax2/29/2024 ![]() ![]() It would take another 30 years for another state to follow suit, when Utah implemented a flat tax in 2007. In 1987, the 75th anniversary of state income taxation, Colorado replaced its half century-old graduated-rate income tax with a single-rate tax. In what is already a year of significant bipartisan focus on tax relief, 2022 is also launching something of a flat tax revolution. Another four adopted legislation doing so this year, and a planned transition in a fifth state is now going forward under a recent court decision. ![]() ![]() In more than a century of state income tax A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.Įs, only four states have ever transitioned from a graduated-rate income tax to a flat tax An income tax is referred to as a “flat tax” when all taxable income is subject to the same tax rate, regardless of income level or assets. ![]()
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