Could “Red” States Actually Be Considering Tax Hikes?
![shutterstock_333011963-[Converted]](https://groco.com/wp-content/uploads/2021/02/shutterstock_333011963-Converted.jpg "shutterstock_333011963-[Converted]")
Revamping the nation’s tax system is a very hot topic in Washington D.C. at the moment and that’s not going to change any time soon. One of the reasons Donald Trump was elected president was his stance on simplifying the country’s tax system and lowering the nation’s tax bill. This was a common theme amongst House and Senate republicans during the election, as well. However, some states that typically vote republican are now singing another tune.
According to recent reports, several red states are actually considering new taxes as a way to give their tax revenue dollars a boost. Many of these states, including Kansas, recently made big waves by cutting taxes across the board. However, they are now finding depleted budgets with no relief in site.
That’s why Kansas, along with several other states, including Arizona, Tennessee and Missouri are all considering raising taxes or creating new ones, including raising gas taxes, among them. Meantime, lawmakers in Oklahoma, Nebraska, Indiana and Mississippi are all considering different tax hikes, including raising tobacco taxes, increasing sales and property taxes, creating an Internet sales tax and additional vehicle taxes.
On the other hand, states that have just voted to put republicans in control are still considering tax cuts, including Iowa and New Hampshire. No matter where you live, taxes continue to be a hot topic just like they are on Capitol Hill. 2017 stands to be an interesting year for tax reform, one way or the other.
http://thehill.com/policy/finance/313101-red-states-mull-higher-taxes
Profit From Foreclosures by Preventing Them
Profit From Foreclosures by Preventing Them What makes foreclosures so appealing to many real estate investors is that it’s not one-size-fits-all strategy. You have three basic choices when it comes to c investing: pre-foreclosure, at the auction, and after the auction. Let’s take a look at what’s involved in preforeclosure investing. Preforeclosure refers to the period…
Seven Tax Facts About Selling Your Home
Seven Tax Facts About Selling Your Home During summer months, some people sell their home. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. Here are seven tax facts about selling your home. Ownership and Use…
When Not to Name Your Spouse the Beneficiary of Your IRA
When Not to Name Your Spouse the Beneficiary of Your IRA By Robert Cavanaugh In most cases, naming your spouse as the beneficiary of your IRA makes the most sense. However, depending on your wishes, other beneficiary arrangements may do a better job of accomplishing your goals. First, let’s take a quick look at the…
IRS Guidance for SEC Disclosure of Listed Transaction Penalties
IRS Guidance for SEC Disclosure of Listed Transaction Penalties On August 15, 2005, the IRS issued guidance to taxpayers who are required to disclose listed transaction penalties to the SEC. Rev. Proc. 2005-51 sets forth the form, content, and timing of SEC disclosures for certain reportable transaction penalties that taxpayers are required to make pursuant…