Missouri Gov. Mike Parson speaks from a lectern before signing legislation cutting the states income tax rate on Wednesday, Oct. 5, 2022, at his Capitol office in Jefferson City, Mo. Parson said the new law would cut peoples taxes by 5% and cost the state about $760 million when fully phased in over several years. With the enactment Wednesday of an income tax cut in Missouri, about two-thirds of U.S. states have adopted some sort of tax relief in 2022.
Many Republican-led states have instead opted for permanent income tax rate reductions, sometimes phased in. In such cases, workers might notice a gradual reduction in the amount of taxes withheld from their paychecks — and potentially get a refund when they file their annual income tax returns.Economic shutdowns at the onset of the coronavirus pandemic triggered sharp revenue declines for many states in 2020. But those losses turned out to be short-lived.
In addition to general income tax cuts and rebates, some states have approved targeted tax breaks for families or retirees. Others have cut sales taxes on food or suspended gas taxes to help offset the effects of inflation., until after the Nov. 8 election. Kemp estimates the state already has forgone about $800 million in gas tax revenue, which benefits roads. He plans to backfill that by using some of the state's $6.6 billion surplus.Wednesday, Missouri Gov.
Parson said the cuts amount to a 5% reduction in people's taxes. The nonprofit Missouri Budget Project estimates that a household earning $30,000 annually would save $17 next year, and $29 once the law is fully phased in. For a household earning $152,000 annually, first-year savings would be $348 and eventual savings would reach $759.
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EXPLAINER: Tax cut trend reaches two-thirds of statesStates brimming with cash are cutting taxes at a rapid pace. With the enactment of an income tax cut in Missouri, about two-thirds of U.S. states have adopted some sort of tax relief in 2022. Here's a look at the tax-cutting trend across the U.S. I wonder how many of these 'swimming with cash' states are the same states that are subsidized by states like NY and CA. Also if MO is so cash flush, why are their schools ranked almost last in the nation? Taxation be theft Not CA- Newsom just destroying his constituents
Source: AP - 🏆 728. / 51 Read more »
Mayor Turner says Houston will ask voters to adjust revenue cap to boost funding for police, fireMayor Sylvester Turner said Wednesday he will ask voters in 2023 to amend the city's cap on property tax revenue to allow for more public safety spending, as the council cut the city's tax rate for the eighth time in nine years to get under that limit. cjblain10 Funny, Councilmember DwightBoykins suggested this along with the garbage tax and was ostracized by SylvesterTurner …. Now they are great ideas….
Source: HoustonChron - 🏆 609. / 51 Read more »
When does daylight saving time end in 2022 and why do we still have it?A switch to year-round daylight saving time really involves redrawing the nation's time zones. For Ohio, that would mean moving to Atlantic Time. Eastern, Atlantic, whatever… let’s ditch the switching of clocks!
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Tomlinson: Texas need fairer taxes, current system cheats the poorTomlinson: Middle-class Texans lap up the low taxes lie, while 1 percenters avoid paying their share So it’s fake news? Hmm, I’ve seen this version of truthiness before🤔🤔 Put an average paycheck side by side from Texas and California. And let's get a look at the difference. I already know. My dad worked in California his whole life. He was lucky if he took home more than 50 percent of his pay. Mine was more like 85 percent in Texas. So yall lying.
Source: HoustonChron - 🏆 609. / 51 Read more »
The 'Curtain Cut' Haircut Is Short, Sleek, and Perfect For FallThe 'curtain' cut haircut trend is going to be everywhere this fall. Learn about the new fall hairstyle from a celebrity stylist.
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