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A proposal is being considered by state lawmakers to eliminate income tax for millions of taxpayers in the United States.

Times of India LogoTimes of India3 mo ago

 A proposal is being considered by state lawmakers to eliminate income tax for millions of taxpayers in the United States. - Times of India

Quick Summary:

Plans have been put forward in Ohio that aim to abolish the state income tax by the end of the decade.

Republican legislators in both the House and Senate introduced companion bills at January's close, proposing the elimination of not only state income tax for residents by 2030 but also the commercial activities tax, affecting statewide business operations.

Critics point out that states without personal income taxes often shift the burden to higher sales, gasoline, or property taxes.


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Article Details

Author / Journalist: TOI Business Desk

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-02-22 @ 15:42:44 (3 months ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 683 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 20177699

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About Times of India

Times of India Logo

Main Topics: EconomyBusiness

Official Website: timesofindia.indiatimes.com

Update Frequency: 21 posts per day

Year Established: 1838

Headquarters: India

News Last Updated: 1 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #28

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  • URL: https://beamstart.com/news/income-tax-could-be-scrapped-17085904015609

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