Voters in Multiple States Choose Higher Taxes for the Wealthy
Of course, the big news from the election earlier this month was that Donald Trump shocked the world and defeated Hillary Clinton in the race to become the 45th president of the United States. However, there were several other important national, as well as local, election races and issues that were decided on November 8th. Not the least of which were several state measures aimed at raising taxes on high net worth individuals.
To that end, voters in both California and Maine decided that the rich needed to pay more taxes. In Maine, the vote to raise the state’s top tax rate from 7.15 percent to 10.15 percent was extremely close, passing by a narrow 50.4 percent to 49.6 percent margin. That means Maine will have the second highest top tax rate in the country in 2017, surpassing Oregon, which was number two in 2016 at 9.9 percent.
In California, meanwhile, the vote wasn’t even close, with 62 percent voting to extend temporary tax hikes already in place. Proposition 55 extended the hikes originally implemented in 2012 with Proposition 30. That means top earners, those who make $1 million or more a year, will continue to pay a tax rate of 13.3 percent at least until 2030. California will continue to have the highest tax rate for top earners in 2017.
So, while all signs point to Donald Trump lowering the federal tax rates, if you live in California or Maine and you’re a top earner, you won’t see any relief in the coming years in your state taxes.
http://www.forbes.com/sites/ashleaebeling/2016/11/10/voters-okay-state-income-tax-hikes-for-the-rich/#71480a7b16d0
Which Tax Policy Issues Will Be Big in 2017?
Taxes, taxes, taxes. One could argue that 2017 will bring more changes to our country’s tax system and policies than we’ve ever seen before. The hope is that all that change will bring about better rewards, including a simplified tax return process and tax cuts for most, if not everyone. So as the New…
There’s Still Time to Cut Your 2016 Tax Bill
So with tax season officially kicking off next week, as the IRS will begin receiving returns on January 23rd, it would seem that the time to save money on your 2016 taxes is now gone. However, there is still a nice tax break available for this year all the way up till April 18th (the…
Tax Season Starts Next Week – Are You Ready?
It’s almost here. That glorious time of year known and loved by millions as “tax season.” Of course, the reality is that most taxpayers don’t look forward to this time of year – unless they’re expecting a large return – but even those that fall into this category still don’t look forward to the…
Could Some Wealthy Taxpayers Pay More Taxes With Trump?
Are you ready for some new tax policies under President-Elect Donald Trump? Ready or not, there are likely going to be big changes to the nation’s tax system when Trump takes office this month. All the talk since the election began has been about Trump’s tax cuts helping the rich get richer. While it’s…