Posted on 01/04/2025 7:08:44 PM PST by SeekAndFind
New Hampshire has always been a no-personal income tax state. Now they’ve gone all the way and ended their capital gains tax, as of 1/1/25. This makes eight states with truly no income again. (The number had dropped to seven when Washington State adopted a capital gains tax a couple of years ago.) Congrats to New Hampshire Governor Chris Sununu for getting this done.
For more good news, we’re thrilled to report that with the New Year, Iowa and Louisiana have joined the list of states with a flat rate income tax. There are now 16 such states and with another eight states having no income tax, half the states have either a flat tax or no income tax at all.
A special nod to Governor Kim Reynolds who has slashed Iowa’s progressive income tax system with a top rate of 8.98% down to a 3.8% flat income tax today. Iowa has also abolished its inheritance tax.
Similarly, Louisiana has moved from a progressive system that had a top rate of 4.25% to a 3% flat tax. In North Carolina, meanwhile, the state’s flat income tax dropped from 4.5% to 4.25% on January 1, 2025. A year later, at the start of 2026, the rate will fall again to 3.99%.
California is going the other direction. Higher income taxes, higher sales taxes (extra 0.25% for the homeless scammers), the annual property tax increase, I think it’s 65 cents more per gallon of gas, and about a 10.3% increase in utilities’ fees.
The income tax is not about taxation, it is about control.
I’ll celebrate when they do something about their confiscatory property tax...
It depends on who is to be controlled.
Note that we don’t have a wealth tax.
States without income taxes just make it up with astronomical property taxes.
Oh and since it’s California they will increase the weed tax in July.
Oh, they also banned Menthols. Was going to happen this time last year but the democrats realized it was an election year, so rather than tick all the Kool and Newport smokers off, they pushed it to this year. And for the sake of Equity and Inclusion, all flavored tobacco products are verboten not just menthol. If you didn’t stock up on brandy dipped cigars you are SOL. And at a $2.50 tax per pack and 25% per cigar and vape excise tax I hope the state loses a lot of money to the black market.
Same with the weed tax. Was more fun when it was illegal.
Absolutely my pet peeve….unconstitutional of you ask me. Property being confiscated by the state on property you own…it’s wrong!!
My home state of North Dakota has a slightly progressive income tax but with the highest rate of 2.5%. My adopted state Maine on the other hand has a marginal tax rate of 7%.
We had neighbors who lost their modest family home to back taxes.
Meanwhile, NYS is bribing companies with billions in incentives and/or taxpayer dollars to stay in or come to NYS.
And then there’s the Bills’s new stadium...
Here are the rates for the state income tax in North Dakota
Rates are for taxable income
Single Filers Married Filed Jointly
$0 to $44,725 $0 to $74,750 0%
$44,725 to $225,975 $74,750 to $275,100 1.95%
$225,975 or more $275,100 or more 2.5%
I haven’t seen the increase on the gas tax recently. It’s either delayed or it was stopped for some reason or another. In fact gas is down 5 cents at the local safeway since the new year
Nationwide, about 80% of property taxes go to education. No kids, no direct benefit. Those with no kids subsidize those with large families. (I like Freidman's Voucher System.)
When I lived near the Butler campus, I paid the same property taxes and my neighbor across the street, but he was a multimillionaire--fail on ability to pay, too. It gets even worse when workers retire. Property tax relief for retirees either doesn't exist or is pretty feeble. Those states that have total relief for seniors usually have a state income tax and include Social Security as income...that's just wrong!
Yet Harris won New Hampshire.
Once the true weight of the stupidly high tax rate fully hit the 27% of the people who make enough to itemized their deductions rather then just hitting the "little people" suddenly this happened.
Rather curious don't you think?
They lower or eliminate your income taxes but then hammer you on your property taxes and things like taxes on a gallon of gas.
Doing your income taxes, you have a tax code that can lower your tax liability. Good luck successfully, challenging your property taxes that are raised whenever your county commission and school board need more money.
Texas and Tennessee have no state income taxes but they hammer folks with property taxes.
Bombshell Report Reveals Government Conspiracy To Defraud Homeowners
https://www.youtube.com/live/RZK2a8e9gqA?si=y4yhfyWztFC86pyO
The 2017 tax bill did not disallow writing off state income taxes on your federal return.
That law put a cap on the amount you could deduct, but did not disallow such deductions.
The rest stands however.
It is amazing how if something bites the donor class it suddenly get fixed.
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