Guest Opinion: Cut state tax on capital gains – The Coastland Times
Fact: John Hood suggests cutting the state tax on capital gains in North Carolina to make the tax code friendlier to growth and investment.
phase out
Cut state tax on capital gains | Sampson Independent
The General Assembly in North Carolina has pursued tax reform to promote growth and expand freedom in the state. They have implemented a flat-rate income tax, lower rates on personal income and retail sales, and are phasing out corporate income taxes. However, there are concerns about completely eliminating income taxes without raising sales taxes or broadening its base. One solution proposed is to keep the personal income tax but subtract net savings and charitable gifts from taxable income, similar to other states and countries. Implementing an exclusion for long-term capital gains, like South Carolina, could make the state more favorable for savings and investment without creating fiscal imbalances.
Ohio trucking company owner indicted in tax evasion scheme
An Ohio trucking company owner, Alice F. Martin, is accused of using multiple entities to conceal income and avoid paying over million in taxes.
White House begins push for corporate tax hike in earnest
Fact: Lael Brainard, director of the White House National Economic Council, stated that President Biden is considering raising the corporate tax rate and increasing the federal tax on stock buybacks if he wins a second term.
JOHN HOOD | Cut state tax on capital gains | Laurinburg Exchange
The General Assembly in North Carolina has pursued tax reform to foster growth and expand freedom in the state. The state now has a flat-rate income tax and lower rates on personal income and retail sales. Lawmakers are phasing out state taxes on corporate income. However, some lawmakers believe all income taxes can be phased out without affecting core public services, which the author disagrees with. The author suggests keeping the personal income tax mechanism in place but subtracting net savings from taxable income, similar to other states like South Carolina. This would make the state friendlier to savings and investment without creating fiscal imbalances.
House and Senate DFL to battle over progressive tax provisions • Minnesota Reformer
Fact: The Minnesota House passed a tax bill that includes requiring large corporations with 0 million or more in gross domestic sales to publicly disclose their tax returns.
G7 agree deal to quit coal by 2035, but with caveat
Energy ministers from the G7 countries have agreed to end the use of coal in power generation by the first half of the 2030s. However, there is a caveat that allows for flexibility based on each country’s net-zero pathways. Germany and Japan, which heavily rely on coal-fired power plants, have been given room for manoeuvre. The agreement on coal aligns with the goal set at the COP28 climate summit to phase out fossil fuels. Additionally, the G7 countries recognize the need to reduce Russian energy revenues to support Ukraine but did not reach a common position on potential sanctions on Russian LNG.
Bill phasing out corporate income tax, tax credits in hands of Missouri Senate – Washington Examiner
House Bill 2274 aims to phase out the corporate income tax in Missouri, decreasing the rate from 4% to 3% in 2025, 2% in 2026, 1% in 2027, and eliminating it in 2028 and beyond. The bill also seeks to end tax credits for corporations. The state’s general revenue is projected to decrease significantly if the bill is fully implemented. Republicans argue that eliminating the tax would benefit workers and consumers, while Democrats question the fairness and necessity of the bill.
Missouri House passes phase out of corporate income taxes over next few years
Missouri House members voted to phase out all corporate income taxes over the next few years.
State Rundown 3/28: Tax Cut Madness, But Our Brackets Bet on Tax Fairness
– Several high-profile, regressive tax cuts are making their way through state legislatures in Kansas, Missouri, Nebraska, and Vermont.
– In Kansas, the House passed cuts to income, sales, and property taxes, with more than half of the benefits flowing to the state’s top 20 percent of earners.
– Missouri’s House passed a bill to fully eliminate the state’s corporate income tax by 2028, despite its 0 million annual revenue loss.
– Nebraska lawmakers are considering raising the state’s sales tax to fund property tax cuts.
– Vermont’s House Ways and Means Committee approved bills to generate 0 million by taxing wealthy households and corporations.