Pioneer Institute for Public Policy Research’s Post

Seven states have no state income tax. Of the 43 states with a state income tax (and the District of Columbia), the top marginal income tax rate ranges from 2.5% to 13.3%. Most states (and D.C.) with an income tax have multiple tax brackets with graduated rates; 14 states have only a single tax rate. New Hampshire only taxes interest and dividends, and Washington only taxes capital gains. Read more >> https://ow.ly/Q2Mz50TcbPL

In short, it has become much easier to pay a higher level of income tax in Scotland. The new 48% income tax bracket introduced by Holyrood for the 24/25 tax year has been detrimental to those looking forward to an end of year bonus. Many are finding this can cause them to creep into this new band and even lose their personal allowance causing them to pay a effective 60% income tax. This is where working with an adviser can be so valuable. From investment planning to holistic tax planning, financial advice can grow your wealth significantly. Click on the link below to see what is and what isn't changing as we start the new tax year. Read more: https://lnkd.in/ewh69dt9 #TaxYearChecklist #Changes #FinancialPlanning

Great reading! Just in case you think on terms of TLDR: 1. More Than Just Taxes: Estate planning ensures your assets are distributed as you wish, appoints decision-makers for healthcare and finances, and designates guardians for dependents. 2. Avoid Probate Hassles: A plan saves your family from costly and time-consuming probate, streamlining asset distribution and reducing stress during difficult times. 3. Adapt to Tax Changes: Tax laws change often, but a well-structured estate plan protects your legacy and remains effective regardless of shifting policies. Reach out if you have questions.

Discover essential insights about federal tax benefits when selling your primary residence. Uncover criteria for minimizing capital gains, learn about tax exclusions, and explore strategies to reduce your tax bill through adjustments to the home's basis. Questions? Let me know! I’d love to hear from you. https://bit.ly/3upjYN3 #BHHS #BHHSRealEstate #TaxTips #Homeownership #ForeverAgent

Senate Bill 1 represents a comprehensive overhaul of Kansas’s tax system, providing broad-based relief to individuals, families, retirees and financial institutions. One of the most notable changes is the alteration of Kansas’s income tax structure. The state will transition from a three-bracket system to a two-bracket system. This simplification not only streamlines the tax process but also lowers the top income tax rate from 5.7% to 5.58%. #ksleg

Hawaii's Act 46 just enacted the largest income tax cut in the state's history—see how the new standard deduction and adjusted brackets can impact your finances. Explore our latest article to understand the benefits and determine if you need to adjust your withholdings and estimated tax payments. https://lnkd.in/gF98YrKd

Seven states have no state income tax. Of the 43 states with a state income tax (and the District of Columbia), the top marginal income tax rate ranges from 2.5% to 13.3%. Most states (and D.C.) with an income tax have multiple tax brackets with graduated rates; 14 states have only a single tax rate. New Hampshire only taxes interest and dividends, and Washington only taxes capital gains. Read more >> https://ow.ly/HFlT50TcbPM

Taxpayers may be able to collect federal-income-tax-free income and gains in several different ways. Read the article: "6 tax-free income opportunities" at bit.ly/3THwOiT to learn more about some of the best opportunities to put money in your pocket without current federal income tax implications.

The political economy of local governments in the US is fascinating, particularly in how assessors serve local authorities. Properties with connections to local authorities often receive lower assessments, even if their market value is higher. I coined the term communitism—a blend of “communism” and “community”—to describe this phenomenon, where collective favoritism operates within small communities. In these settings, local authorities manage property taxes, law enforcement, and other services to benefit members who are well-connected or have longstanding ties to the community. Meanwhile, immigrants and newcomers often face subtle forms of discrimination.

Local tax assessors appear to tactically assess their own and others' homes to reduce their tax burden, and buoy local finances at times of need, from Huaizhi Chen and Lauren Cohen https://lnkd.in/esVg3CDw