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Stories Tagged as

Income tax

National Debt

Why the U.S. once relied on tariffs to raise revenue — and what it would mean to go back

by Stephanie Hughes
Nov 13, 2024
President-elect Donald Trump has suggested he would cut or even eliminate income taxes, ramping up the role tariffs play instead.
90% of the federal government’s revenue came from tariffs. From the country’s inception until the 1860s, said one trade historian.
Win McNamee/Getty Images
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China pledges tax reform. That is a big deal for this socialist country.

by Jennifer Pak
Jul 24, 2024
Why China's leaders have long delayed tax reforms in the socialist country.
A shelf displaying China's national drink - a fiery grain spirit called baijiu. A change in consumption tax may soon push prices up even further.
Charles Zhang/Marketplace
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New Jersey offers residents incentives to sue New York

by Meghan McCarty Carino
Apr 25, 2024
The move centers around taxes paid by New Jersey residents whose jobs are in New York and had to pay taxes there.
New Jersey residents who succeed in suing over income taxes paid to New York would be allowed to keep half of the tax dollars they recover, according to a new state law.
Leonardo Munoz/AFP via Getty Images
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High-income taxpayers help some states stay above water

by Mitchell Hartman
Mar 1, 2021
Overall, state revenue is down 1.9%, but 22 states have higher revenue than a year earlier. Tech and Wall Street have helped.
Chris Hondros/Getty Images
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Workplace Culture

States battle over remote-worker income tax

by Meghan McCarty Carino
Dec 24, 2020
Which state should get income taxes when out-of-state workers no longer go to the office?
A teacher works in her home office in Virginia. Some workers have stopped commuting across state borders, provoking skirmishes over tax revenue.
Olivier Douliery/AFP via Getty Images
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COVID-19

45 states just started a new fiscal year. None are celebrating.

by Erika Beras
Jul 8, 2020
Tax revenue is down, expenditures are up and the future's uncertain.
Public health workers in Denver check in with people waiting to be tested for COVID-19 in March. The fight against the pandemic has contributed to state budget shortfalls.
Michael Ciaglo/Getty Images
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COVID-19

Cities and states that lean on sales and income tax to operate have taken a hit

by Kristin Schwab
Apr 15, 2020
A place like Columbus, Ohio, relies on income tax for 75% of its revenue.
With much of the economy shutdown and more and more people out of work, cities and states aren’t collecting as much in taxes.
Matthew Hatcher/Getty Images
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For people who qualify, free tax prep assistance is available

by Renata Sago
Apr 9, 2018
As tax day approaches, many Americans are rushing to tax preparers for paid help. The National Society of Accountants found in a survey last year that Americans paid tax preparers $176 on average to file federal and state returns. That’s without itemized deductions. But what programs are available for people with low incomes so that […]
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New York's wealthy balk at the new tax law

by Ryan Kailath
Jan 9, 2018
They pay half of the city's income tax revenue. Now that they can't deduct it, some may leave.
At age 71, Diane Gilman finally got her dream penthouse on Fifth Avenue in New York City.
Ryan Kailath/Marketplace
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Cutting the federal income tax rate is just a start, some economists say

by Andy Uhler
Nov 9, 2017
Gary Cohn, President Donald Trump’s chief economic adviser, told CNBC this morning that it would be hard for the current tax bill to reduce federal tax rates further for a family earning median income without going into negative tax rates. But federal income tax is just one kind of tax that everyone pays.  Click the audio […]
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