A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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New IRS Guidelines for Electric Car Tax Credit ‘Recipe for Fraud,’ Tax Watchdog Warns
New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.
Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.
Read MoreLegislation Would Exempt Ohio’s Fully Disabled Veterans from Property Taxes
State Representative Tom Patton (R-OH-Strongsville) is spearheading an effort to end property taxation for fully disabled military veterans and their surviving spouses in the Buckeye State.
According to the legislature’s official analysis of Patton’s bill, Ohio presently exempts $50,000 of the assessed value of homes owned by honorably discharged veterans who the federal Department of Veterans Affairs has given a 100-percent disability rating. Individuals so designated are considered severely impaired and unable to function professionally. A deceased veteran’s surviving wife or husband can access the exemption if the veteran received the benefit the year he or she died, lived at the residence during the veteran’s passing and continues to own that home.
Read MoreTax Foundation: Taxation Plays Direct, Indirect Role in 2021 Population Shift
As more Americans move to lower-taxed Republican-led states, a new report by the Tax Foundation indicates that taxation levels play a direct and indirect role as factors contributing to migration patterns.
Taxes often “play an indirect role by contributing to a broadly favorable economic environment. And sometimes, of course, they play little or no role,” Jared Walczak, a vice president at the Tax Foundation, writes in an analysis of 2021 U.S. Census Bureau data and inbound and outbound migration data published by U-Haul and United Van Lines.
“The Census data and these industry studies cannot tell us exactly why each person moved, but there is no denying a very strong correlation between low-tax, low-cost states and population growth,” he wrote. “With many states responding to robust revenues and heightened state competition by cutting taxes, moreover, these trends may only get larger.”
Read MoreCould Ohio’s CAT Tax Be Responsible for Record Number of New Business Filings?
If Ohio is adding record numbers of new businesses as a top official recently announced, where are the jobs? Ohio Secretary of State Frank LaRose two weeks ago announced 11,920 new entities filed to do business in Ohio in October, allowing Ohio to reach 113,272 new businesses in the…
Read MoreYour $100 Goes Further in Ohio
Your $100 will go further in Ohio than it would in 43 other states, according to the latest map from the Tax Foundation, an independent tax policy nonprofit organization.
Read MoreHigher Property Taxes May Be Barrier to Homeownership in Ohio
Numerous studies have shown that owning a home is financially beneficial to the owner and socially beneficial to the owner and the community. This is why so many politicians, government agencies and non-profit entities promote home ownership as a way to build wealth, move out of poverty and stabilize neighborhoods.
Read MoreAFP-OH Joins Nationwide Campaign Against Ex-Im Bank, Tax Extenders – Targets 3 Congressmen
A national campaign called “Unrig the Economy” was just launched by Americans for Prosperity (AFP). The campaign seeks to inform voters about two issues: the Export-Import Bank and tax extenders. AFP-OH has joined the fight and is targeting three Ohio congressmen: Rep. Steve Stivers (R-OH-15), Rep. Brad Wenstrup (R-OH-02), and…
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