Could “Red” States Actually Be Considering Tax Hikes?

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

/GROCO
Posted in

What Are the Wealthy Really Worried About?

At GROCO we work very closely with some of the most highly successful people in the world and because of that we know what makes these types of individuals tick. We understand how they think and how they operate and we offer top notch business consulting to help them be successful. We also know what…

Does it Really Pay to Win the Lottery?

Everyone dreams of winning the lottery. The thought of taking home hundreds of millions of dollars is enough to get even the laziest people off the couch and into their local quick-e-mart to purchase some tickets. The country has been abuzz during the last several days over the huge Powerball jackpot that ultimately reached $1.6…

What Tax Changes Can You Expect Next Year?

With the New Year almost here that means several new tax changes are on the horizon. These changes are for 2016 and do not apply to the taxes you will be working on in the next few months before April’s deadline. However, it’s a good idea to know what to expect as the new tax…

Try These Tax Ideas for Your Business Before the Year Ends

Are you a business owner? Then chances are you’re already busy getting ready for your taxes. Personal taxes can be a pain for many people, but business taxes can be even more complicated. This is a very important time of year for just about every business because making the right moves now can help save…