Only Alaska and Nevade Did Not Adjust Their Tax Code Broadly….
California is now offering free health care to illegal aliens On the downside, Republicans in California will be paying taxes to fund the healthcare of criminals On the plus side, illegals will be fleeing other states to move to CA, the CA state budget will implode in on itself, people nationwide will see what a disaster gov’t healthcare for illegals is, and more Republicans will finally move out of CA to swing states to help take back America – DC Draino
Over the past three years, a sweeping change has unfolded in the United States tax landscape, with nearly every state, except Alaska and Nevada, making adjustments to at least one broad-based tax. This widespread phenomenon has manifested in the form of permanent tax reductions, one-time rebates, or temporary suspensions, collectively contributing to a nationwide trend of tax cuts. However, as the nation emerges from the pandemic-induced economic turbulence, the surge in revenue is now waning, hinting at a potential slowdown in tax cuts as the legislative sessions of 2024 commence.
Income, sales, property and gas taxes: Almost every U.S. state cut at least one such broad-based tax as budget surpluses soared over the past three years.- Bill Sheridan, CAE, CPT
Various types of taxes, including income, sales, property, and gas taxes, have undergone alterations across the country. Some states opted for enduring tax reductions, while others implemented short-term measures such as rebates. Regardless of political affiliations, all states, excluding Alaska and Nevada, participated in this transformative trend.
As the 2024 legislative sessions begin, there are indications that the pace of tax cuts might decelerate. The robust revenue surge experienced during the pandemic, fueled by federal spending and inflation, is now diminishing, and in some states, it has even turned negative.
There is no better state for job creators than Texas. America’s CEOs named Texas the BEST State for Business a record-smashing 19 years in a ROW! Thanks to lower taxes, less red tape, and more Texans working than ever before, Texas businesses will continue to thrive in 2024. – Gov. Greg Abbott, Texas
Brian Sigritz, the director of state fiscal studies for the National Association of State Budget Officers, anticipates a return to normalcy for state budgets in the coming year. He notes that funds will be more limited, necessitating careful decisions on prioritizing specific areas. Blue states will not be returning to any sense of normalcy due to their socialist measures which always hurts a state’s finances.
NOT MY TAXES. “California becomes first state to offer health insurance to ALL illegal migrants: Taxpayers will be forced to fork out $3.1BN PER YEAR in medical care for an extra 700,000 people”. Links to Daily Mail article
Tax cut trends across the U.S. may slow in 2024 – https://t.co/8ZsgjnP1Fb
Income, sales, property and gas taxes: Almost every U.S. state cut at least one such broad-based tax as budget surpluses soared over the past three years.Some states made permanent tax reductions. …
— Kelly Lopez (@kellylopez1982) January 3, 2024
California, often experiencing financial fluctuations more acutely than most states, is grappling with a projected budget deficit of a staggering $68 billion. This deficit, surpassing its significant reserves, poses a challenge for Democratic Governor Gavin Newsom, especially considering the state’s previous $100 billion surplus just a few years ago.
Other states are also facing fiscal challenges, with Arizona potentially encountering a $400 million shortfall in the 2024 fiscal year, Maryland projecting a $761 million budget deficit in 2025, and Minnesota’s budget surplus flipping to a $2.3 billion shortfall by 2026-27.
The root causes of these projected shortfalls are challenging to pinpoint, but the impacts of widespread tax cuts are evident as tax collections slow, according to Justin Theal, a state fiscal policy officer for the nonprofit Pew Charitable Trusts.
Working Californians are struggling every day to pay California’s high taxes and cost of living, while state and county politicians are providing taxpayer-funded healthcare and legal services for those who have violated the law and entered the country illegally. It’s unfair to every Californian struggling to make ends meet to use their tax dollars to provide free lawyers and medical services to people violating the law. – Bill Wells (see clip below)
Working Californians are struggling every day to pay California’s high taxes and cost of living, while state and county politicians are providing taxpayer-funded healthcare and legal services for those who have violated the law and entered the country illegally.
It’s unfair to… pic.twitter.com/SVdBVQ7gUZ
— Bill Wells (@MayorBillWells) January 3, 2024
Almost every state cut income, sales, or another broad-based tax amid budget surpluses over the past 3 years.
As collections slow, “we’re seeing the impacts of widespread tax cuts being implemented across states,” our @Justin_Theal tells @DavidALieb.https://t.co/p3QbsCYyY4 pic.twitter.com/MVTy0vGskm
— Pew States (@PewStates) January 3, 2024
A recent report by the National Association of State Budget Officers projects a $13.3 billion reduction in general revenue for the current year due to state-level tax cuts, following a $15.5 billion reduction in the previous fiscal year.
Approximately 80% of states have implemented some form of income tax break since 2021, including cash-back plans like Delaware’s $300 rebate and California’s rebate ranging from $200 to $1,050 for eligible individuals and households. Targeted tax breaks for families with children and seniors, along with permanent individual income tax rate reductions in Republican-led states, contribute to this notable wave of tax adjustments.
Alaska and Nevada, both states without individual income tax, stand apart from this trend. Alaska, relying heavily on oil revenue, and Nevada, dependent on sales and gambling taxes, witnessed revenue fluctuations during the pandemic. Despite a proposal by Nevada’s Republican Governor Joe Lombardo to suspend the state’s gasoline tax, the plan faced opposition in the Democratic-led Legislature.
And we must keep cutting taxes. MA must find a way to be competitive with other states, many that cut broad based taxes over the past few years. #mapoli #mabiz https://t.co/Xpn4z7c7Zo
— NFIB Massachusetts (@nfib_ma) January 3, 2024
Looking ahead, while fewer states may pursue income tax cuts, there is a growing focus on providing property tax relief. Lawmakers, responding to constituents’ concerns about rising property taxes, are exploring various measures, such as increased residential deductions and decreased property tax assessment rates.
To Sum It All Up: the transformative wave of tax adjustments seen across U.S. states over the past three years appears to be slowing down as the nation navigates fiscal challenges. The initial surge in revenue driven by pandemic-era factors is receding, prompting states to carefully assess their fiscal priorities in the face of potential budget constraints. As the 2024 legislative sessions unfold, the trajectory of state tax policies will likely continue to evolve in response to changing economic landscapes.
Major Points Discussed:
- Over the past three years, nearly every U.S. state, excluding Alaska and Nevada, has undergone significant changes in tax policies.
- The nationwide trend includes permanent tax reductions, one-time rebates, and temporary suspensions, driven by a surge in budget surpluses.
- The 2024 legislative sessions mark a potential slowdown in tax cuts as the pandemic-era revenue surge diminishes.
- States like California face budget deficits, while others, such as Arizona and Maryland, grapple with shortfalls and spending exceeding forecasts.
- Despite challenges, about 80% of states have implemented income tax breaks, contributing to the largest wave of individual income tax rate reductions in over a century.
California quietly raised its marginal income tax rate by a whopping 10% for 2024.
Someone has to cover the free healthcare the state is now offering illegals. pic.twitter.com/72dzqOvAYa
— Julia 🇺🇸 (@Jules31415) January 2, 2024
Comments – Threads – Links
- I know too many people that have fled the state. High taxes and cost of living will do that. One party rule by Democrats will not help your state, your city, your town. I wish people in Massachusetts would realize why this is happening. – Boston Mom
- State tax cutting trend faces headwinds from declining revenues and tighter budgets Income, sales, property and gas taxes: Almost every U.S. state cut at least one such broad-based tax as budget surpluses … – Paul Jensen (Esq.)
- True if you use them this way but think of creating a broad based consumption tax includin most all services, then a lot of that regressivity goes away – would we do that? nah just double down on regressivity while reducing taxation on wealth. – B.J. Reed
- Starting from January 1, 2024, as per the Infrastructure Investment and Jobs Act passed in November 2021, individuals receiving $10,000 or more in cryptocurrency must file a report with the IRS. This report necessitates details like the name, address, and Social Security number of the sender, along with the amount and details of the transaction. However, complications arise, such as when miners or validators receive block rewards exceeding $10,000. Who should they report? Additionally, sellers of PFPs or NFT art may struggle as they often don’t know the buyer’s identity. This requirement is valid for individuals, which means it impacts artists, traders, private sales, and businesses alike. DYOR and Stay informed it’s very important now- Professor John Keeting
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