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Financial
President Biden Outlines Vision for Higher, More Complicated Taxes in State of the Union Address and FY 2025 Budget
- By Garrett Watson, Erica York, William McBride - Tax Foundation
President Biden’s 2024 State of the Union Address presented a vision of higher taxes for American businesses and high earners combined with carveouts, credits, and more complex rules for taxpayers at all income levels. On Monday, the president released his proposed budget for fiscal year 2025 outlining how the White House would implement the president’s tax vision, amounting to a gross tax hike exceeding $5.1 trillion over 10 years.
Rather than aiming for a simpler tax code that broadly encourages investment, saving, and work in the United States, the president has promised higher taxes that would decrease economic output and incomes, reduce U.S. competitiveness, and further complicate the tax code.
While the Biden budget claims to reduce deficits as a share of the economy over the next decade, that claim is based on several unrealistic assumptions, including:
- Hits: 88
Greenville Takes 21st Place Among Cities Where Renters Can Stretch Their Dollars the Furthest
- By Felicity Domentii - RentCafe
With prices surging faster than paychecks, American renters are left wondering: Where can they stretch their dollars the furthest? To answer this, we've compiled data from 189 cities to identify the sweet spots between income and expenses by weighing how much of their income went toward rent and basic expenses for utilities, food, healthcare and other essentials.
Greenville is the 21st-best city for renters looking to get the best bang for their buck. This is because renters here spend a smaller portion of their incomes on all analyzed expenses compared to most U.S. cities. Plus, Greenville’s income-to-rent ratio is one of the most favorable in the country.
- Hits: 184
Property Taxes by State (2024)
- By John S Kiernan, WalletHub Managing Editor
Depending on where you live, property taxes can be a small inconvenience or a major burden. The average American household spends $2,869 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 26 states with vehicle property taxes shell out another $448.
Property taxes might appear to be a non-issue for the 35% of people who rent their homes, but that couldn’t be further from the truth. We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.
- Hits: 315
State Corporate Income Tax Rates and Brackets, 2024
- By Tax Foundation
Key Findings
- Forty-four states levy a corporate income tax. Top rates range from a 2.5 percent flat rate in North Carolina to a 9.8 percent top marginal rate in Minnesota.
- Four states—Alaska, Illinois, Minnesota, and New Jersey—levy top marginal corporate income tax rates of 9 percent or higher.
- Twelve states—Arizona, Arkansas, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North Dakota, Oklahoma, South Carolina, and Utah—have top rates at or below 5 percent.
- Nevada, Ohio, Texas, and Washington impose gross receipts taxes instead of corporate income taxes. Delaware, Oregon, and Tennessee impose gross receipts taxes in addition to their corporate income taxes. Some localities in Pennsylvania, Virginia, and West Virginia likewise impose gross receipts taxes, which are generally understood to be more economically harmful than corporate income taxes.
- South Dakota and Wyoming are the only states that levy neither a corporate income nor gross receipts tax.
Corporate income taxes are levied in 44 states. Though often thought of as a major tax type, corporate income taxes accounted for only 7.07 percent of state tax collections and 3.32 percent of state general revenue in fiscal year (FY) 2021. And while these figures are not high, they represent a substantial increase over prior years. Corporate income taxes accounted for 2.27 percent of general revenue in FY 2020, which is more in line with historical norms.
- Hits: 400
Ban a Central Bank Digital Currency in South Carolina
- By The John Birch Society
South Carolina lawmakers are seeking to enact legislation banning Central Bank Digital Currencies (CBDCs) in the state.
House Bill 4373 (H.4373) is sponsored by Representative Kathy Landing (R-Mount Pleasant) and 20 other representatives. Meanwhile, House Bill 4442 (H.4442) is sponsored by Representative Bill Taylor (R-Aiken), Senate Bill 834 (S.834) is sponsored by Senator Tom Corbin (R-Travelers Rest) and two other senators, and Senate Bill 861 (S.861) is sponsored by Senator Shane Martin (R-Spartanburg).
If enacted, H.4373, H.4442, S.834, and S.861 would amend the state’s definition of money, found in the South Carolina’s Uniform Commercial Code, to exclude CBDCs — regardless of whether they are “issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system.” The bill would also ban banking corporations from engaging in transactions involving CBDCs. This would effectively ban them within South Carolina.
- Hits: 635
Ban a Central Bank Digital Currency in South Carolina — Support H.4373
- By The John Birch Society
ACT NOW: South Carolina lawmakers are seeking to enact legislation banning Central Bank Digital Currencies (CBDCs) in the state.
House Bill 4373 (H.4373) is sponsored by Representative Kathy Landing (R-Mount Pleasant) and 20 other representatives.
If enacted, H.4373 would amend the state’s definition of money, found in the South Carolina’s Uniform Commercial Code, to exclude CBDCs — regardless of whether they are “issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system.” The bill would also ban banking corporations from engaging in transactions involving CBDCs. This would effectively ban them within South Carolina.
- Hits: 1166
Stop Digital Currency Tyranny – Enact H.R. 1122
- By The John Birch Society
ACT NOW: Members of Congress are seeking to enact legislation to prevent the Federal Reserve from issuing a digital currency, which would decimate personal privacy and implement a full-fledged surveillance state.
H.R. 1122, titled the “CBDC Anti-Surveillance State Act,” is sponsored by Representative Tom Emmer (R-Minn.) and cosponsored by nine other representatives. If enacted, this bill would ban the creation of a Central Bank Digital Currency (CBDC); for example, it states:
- Hits: 1009
- Amid Recession Fears, Americans Expected to Step Up Charitable Giving
- Stop Digital Currency Tyranny with H.R. 6415 and S.3954
- Size Does Matter
- Stop Federal Digital Currency Tyranny with H.R. 6415 and S. 3954
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