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
Business Sales Tax
Business Sales Tax Sale of a Business – Sales Tax Impact Buying and selling a business can be structured to be tax-free from the standpoint of federal income taxes through the merger and other reorganization provisions of the Internal Revenue Code. However, a tax-free transaction from a federal standpoint may not be tax-free for State…
Tax Telecommuting
Tax Telecommuting If you’re thinking about setting up employees as telecommuters, you’re not alone. Businesses ranging from large multi-nationals to small shops know that telecommuting not only can improve worker morale and performance, it can also save you and your employees money. What’s not to like about zero commuting costs and no office rent? You…
Tax S-corporation
Saving Taxes with an S Corporation An S corporation election allows the shareholders to preserve the benefit of limited liability for the corporate form while at the same time being treated as partners for federal income tax purposes. Ever wondered why so many small businesses operate as an S corporation? Simple. An S corporation saves…
Sec1045 Partnerships
Sec1045 Partnerships This document contains final regulations relating to the application of section 1045 of the Internal Revenue Code (Code) to partnerships and their partners. These regulations provide rules regarding the deferral of gain on a partnership’s sale of qualified small business stock (QSB stock) and a partner’s sale of QSB stock distributed by a…