Intro Death and taxes are supposed to be the only two certainties in this world; however, this year a majority of Americans are feeling uncertain about their tax future. According to a new Gallup poll, 56% of U.S. adults are unsure whether the new tax bill signed into law by the president last December will cause their taxes to go up, down, or stay the same.Much of the confusion around taxes is due to the immense complexity of tax codes at federal, state, and local levels. What an individual actually pays in taxes each year is based on myriad factors—one of the most significant of which is location.In addition to changes at the federal level this year, each state and many local jurisdictions have their own unique set of tax laws that residents must keep track of. In Texas, for example, residents don’t pay state individual income or state property tax, but they are subject to hefty sales and local property taxes. Despite saving on individual income tax, residents in Texas … [Read more...] about The most (and least) taxed states in the US
Oklahoma sales and use tax
While it sounds good in theory, attempts to achieve “smarter, smaller government” with lower tax rates and business incentives frequently have put fundamental services at risk — notably education — while not realizing the promised growth.As Iowa Republicans carve out a new state income tax code — an undertaking prompted, in part, by changes at the federal level — we are wary that mistaken assumptions that have driven past tax reform efforts will be repeated.Iowa is one of the few states allowing federal taxes to be deducted on state returns. Consequently, as it stands, the new lower federal tax rates would result in Iowa taxpayers having a higher state bill. In February, the Iowa Department of Revenue estimated the federal tax code revisions would result in Iowans paying nearly $148 million more in state taxes during the 2019 budget year and $192 million in 2020.Gov. Kim Reynolds and Republicans controlling the Senate and House have vowed they … [Read more...] about Is Iowa listening to other states’ tax cut woes?
Oklahoma cities received a boost to their creditworthiness following new sales tax legislation, credit ratings agency Moody's Investors Service said Thursday. Gov. Mary Fallin earlier this month signed House Bill 1019, which requires third-party online retailers to collect sales taxes and send the money to state and local coffers. Moody's said the legislation is "credit positive" for Oklahoma cities. The state portion of the newly collected taxes is dedicated for education spending, but the portion allotted to cities is unrestricted. In Oklahoma, cities are not allowed to use property taxes for operations and are heavily dependent on sales taxes. Sales and use taxes account for more than 60 percent of revenues for most Oklahoma cities. "Given the high reliance on economically sensitive sales tax revenue, an expanded revenue base is particularly important because cities do not have authority to raise the sales tax rate absent voter approval," Moody's said in Thursday's report. The new … [Read more...] about Moody’s: Sales tax bill to boost Oklahoma cities
Oklahoma City will receive an estimated $4 million in new annual revenue under a state law aimed at collecting additional sales tax from online shoppers. Estimates were released as April sales tax numbers showed consumer spending remains on the upswing. The state law is one of the public education funding measures adopted this spring. It is intended to pressure "third-party" online retailers to charge tax on sales to Oklahoma customers. Estimates are it will bring in $20 million per year to the state, earmarked for schools. More will flow to cities. The country's biggest online retailer, Amazon, already collects tax on Oklahoma sales — but only for products it markets under its own brand. The new law is intended to pressure "third-party" retailers whose products are sold through marketplaces at sites such as Amazon.com to charge tax as well. Jane Abraham, community and government affairs manager in the Oklahoma City city manager's office, said the $4 million figure is a … [Read more...] about New law expected to bolster OKC sales tax collections
Oklahoma City will receive an estimated $4 million in new annual revenue under a state law aimed at collecting additional sales tax from online shoppers.The state law is one of the public education funding measures adopted this spring.It is intended to pressure "third-party" online retailers to charge tax on sales to Oklahoma customers.Estimates are it will bring in $20 million per year to the state, earmarked for schools, with more revenue flowing to cities and some counties.The country's biggest online retailer, Amazon, already collects tax on Oklahoma sales — but only for products it markets under its own brand.The new law is intended to pressure "third-party" retailers whose products are sold through marketplaces at sites such as Amazon.com to charge tax as well.To put the $4 million annual figure in perspective, Oklahoma City received $40.7 million in sales and use tax this month alone.The estimate of new annual revenue includes sales and use tax. Use tax is … [Read more...] about Oklahoma City to see estimated $4 million annual revenue increase under new state law