Post Tagged with: "income tax"

BRACK: House lawmakers need to be bolder on tax reform

BRACK: House lawmakers need to be bolder on tax reform

By Andy Brack, editor and publisher | The ghosts of tax reform are rising and slithering through the halls of the Statehouse as lawmakers have been seeking to change how sales, services and income are taxed.

Unfortunately, the backsliding already has begun. Two weeks ago, members of a special House tax policy committee announced with great fanfare that they were taking the bold steps of putting a lot of reform on the table, including a move to get rid of costly special sales tax exemptions that suck billions of dollars from state coffers.

But by late last week, the boldness was gone, a victim of institutional timidity. It’s not surprising because if the past is any reflection of the future, anything changing the tax status quo will be a long, tough slog. Two efforts since 2010 have failed. And even if reform does come, it’s could be two or three years off as proponents will have to spend months to flesh out details and educate recalcitrant lawmakers on what reforms mean.

by · 03/05/2018 · Comments are Disabled · Andy Brack, Views
MY TURN, Morris:  Tips to review for the new tax season

MY TURN, Morris:  Tips to review for the new tax season

By Kyra Morris, contributing editor  |  Taxes matter. Whether we agree the Tax Cuts and Jobs Act passed on Dec. 22, 2017, is good for the middle class, good for the wealthier taxpayer or simply good for the debt structure of America, it is here.  It is happening now and it is different. 

As you prepare for 2018 tax season, here are some highlights you should know:

Tax Rate: The top individual tax rate dropped from 39.6 percent to 37 percent. It will take more taxable dollars to get to the highest bracket. 
A single filer has to have over $500,000 taxable income in 2018 to reach the 37 percent.
A filer who is married, filing jointly, must have over $600,000. Roughly, a 2 percent decrease in taxes on $600,000 is a $12,000 savings.

by · 03/05/2018 · Comments are Disabled · Money, Views