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IPFS News Link • TAXES: State

Many States are Cutting Taxes, Some Like New York and Illinois are Raising Them

• by Mish

By the end of 2023, about half of the states will have cut rates on income within three years. 

But some Progressive states are intent on driving away businesses and consumers.

The State Tax-Cut Movement

Please consider the Wall Street Journal article on The State Tax-Cut Movement

At least six states have kicked off their 2023 legislative sessions with income-tax cut proposals. Newly inaugurated Governors in Arkansas and Nebraska campaigned on rate cuts and are asking legislators to follow through. Leaders in Virginia and Montana want to cut rates modestly with bipartisan support. Large GOP majorities in West Virginia and Utah are considering significant cuts after hesitating last year.

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