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ATLANTA (AP) — With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief. Political Cartoons View All 253 ImagesIn Texas, voters in November approved a plan cutting property taxes by $18 billion. Pennsylvania is using lottery proceeds to cut property taxes and subsidize rent for seniors and people with disabilities. That owner would have paid more except for a $950 million property tax rebate championed by Gov. More than $2 billion in property value in Columbus is shielded from taxation by homestead exemptions which don't allow for any rise in value.

Persons: Jon Burns, Newington, ”, Jared Walczak, Chuck Hufstetler, Bill, I’ve, Hufstetler, Burt Jones, It's, Atlanta Sen, Jason Esteves, Esteves, Burns, Shaw Blackmon, Kathleen, That's, Suzanne Widenhouse, Brian Kemp, Widenhouse, ” Widenhouse Organizations: ATLANTA, Georgia's, Republican, Tax Foundation, Democratic, Finance, Rome Republican, Associated Press, Georgia Department, Revenue, Georgia counties, Association of, of Georgia, Gov, Atlanta Locations: Georgia, Texas, Kansas, Colorado, Pennsylvania, California, Muscogee County, Columbus

☆ State tax rates are not central to migration patterns, says ITEP's Matthew Gardner
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailState tax rates are not central to migration patterns, says ITEP's Matthew GardnerJared Walczak, vice president of state projects for the Tax Foundation, and Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy (ITEP), join 'Squawk Box' to discuss migration patterns due to different state tax rates, what taxes are less harmful to the economy than income taxes and more.

☆ Do you owe federal taxes on relief checks? Not if you live in these 16 states
▼ + stars: | 2023-02-13 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

You probably don't need to pay federal taxes if you received state-issued inflation or tax surplus rebates this year, the Internal Revenue Service has concluded. On Friday, the IRS provided guidance that confirms most filers won't have to pay federal taxes, although there are some exceptions. For five other states it's a bit more nuanced — but again, the majority of filers in these states likely won't need to pay federal taxes on their rebates. In Alaska, tax filers won't pay federal taxes on 2022's extra energy-relief payment. If a filer's SALT deduction is larger than it would normally be because of a state's rebate, federal taxes would have to be paid on the difference created by the state's rebate.

☆ IRS suggests waiting to file your taxes if you got a special payment from your state in 2022
▼ + stars: | 2023-02-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

Millions of taxpayers in other states got different types of special payments from their state governments as well — such as income or property tax rebates. In the meantime, the agency advises filers who received special state payments to hold off on filing their returns until guidance is issued. “The best course of action is to wait for additional clarification on state payments rather than calling the IRS,” the agency said. Keep in mind, each state issued special payments for different reasons (e.g., inflation relief, surplus revenue rebates, disaster relief, etc.). So the amounts that potentially are subject to federal income tax may not be large,

Democrats cite threats to Social Security, MedicareAs Election Day approaches, Democrats are telling voters that Social Security and Medicare may be at risk if Republicans take control of Congress. Scott has called for reauthorizing Social Security and Medicare every five years in Congress, while Johnson suggests revisiting the programs annually. Minimum wage hikes on the horizonVoters will decide this month whether to make certain raises to the minimum wage in Nebraska, Nevada and Washington, D.C. In Nebraska, the measure would ratchet up the minimum wage to $15 an hour by 2026, up from its current $9. The current minimum wage is $9.50 an hour or $10.50 an hour, depending on if a worker is offered health insurance.

☆ 'Millionaire tax' plans are on the ballot in California and Massachusetts. Here's what that means for taxpayers
▼ + stars: | 2022-10-29 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Whether voters support higher income taxes or not, revenue plans often affect the results on Election Day, experts say. "And we've seen them embrace income tax changes that would affect many." "Massachusetts has been talking about creating a progressive tax rate for a long time," said Richard Auxier, senior policy associate at the Urban-Brookings Tax Policy Center, noting the current flat income tax is 5% regardless of income. "Part of this is they want that ability to shift some of the overall state's tax burden up the ladder," he said. By contrast, California has a graduated state income tax system, with a top rate of 13.3% for individuals making over $1 million per year.

As millions of Americans prepare to submit applications for student loan forgiveness through the Biden administration's new program, the residents of seven states could get a tax bill if they accept the loan cancellation. California is the largest state currently in line to tax student loan forgiveness. However, California legislators have promised to change the state's tax code to exempt student debt forgiveness from being taxed. In a statement to NBC News, a spokesperson for the Indiana Department of Revenue confirmed its residents will owe up to $323 for $10,000 in student loan forgiveness and $646 for $20,000 in student loan forgiveness. “Legislative leaders need to find a solution that treats student loan forgiveness the same way they handled the PPP loan forgiveness that many of them received,” Cooper said.

☆ States may not tax Biden's student loan forgiveness after all, says one tax expert
▼ + stars: | 2022-09-17 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Six states are on track to tax Biden's student loan debt forgiveness. Borrowers could be left with an average bill of $500 for the student loan relief if it is taxed. Historically, any sort of debt forgiveness or debt cancellation at the state or federal level has been considered taxable income. But under the American Rescue Plan act any student loan debt forgiveness between 2021 and 2025 will not attract federal tax. This is where most of the state-by-state deviation on taxing student loan forgiveness stems from.

A high-stakes debt ceiling standoff in Washington could have spillover effects on state spending plans that rely heavily on federal aid to fund a variety of social programs and transportation projects. Policy experts say failing to suspend or raise the debt limit could disrupt spending at the state level, particularly with regard to the recently enacted $1.2 trillion infrastructure law. “We don't have experience of a federal default,” said Jared Walczak, vice president of state projects at the Tax Foundation. "Federal default has never happened and everyone hopes and expects that it won't happen now," Walczak said. It is the National Association of State Budget Officers, not the National Association of State Budget Officials.

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