Retroactive Red State Rate Cuts And Backdated Blue State Tax Hikes
The post Retroactive Red State Rate Cuts And Backdated Blue State Tax Hikes appeared on BitcoinEthereumNews.com. Illinois Gov. JB Pritzker, center, speaks, as Minnesota Gov. Tim Walz, left, and New York Gov. Kathy … More Hochul, right, sit nearby during a House Committee on Oversight and Government Reform hearing, Thursday, June 12, 2025, at the U.S. Capitol in Washington. (AP Photo/Julia Demaree Nikhinson) Copyright 2025 The Associated Press. All rights reserved. As people across the U.S. get ready to commemorate the nation’s founding, Congress has spent the week working toward final passage of the One Big Beautiful Bill Act, legislation that will prevent all federal income tax rates from rising at the end of the year and will restore full business expensing. While avoiding federal tax hikes on more than 80% of households will come as a relief to many, Americans who reside in several states have additional reason to celebrate this Fourth of July, as they also benefit from tax cuts that took effect this week. Many changes to state tax policy enacted this spring took effect on July 1, which is the first day of the new fiscal year in most states. In Georgia, for example, an income tax cut that Governor Brian Kemp (R-Ga.) and state legislators enacted in April took effect this week. That tax cut accelerated previously scheduled income tax rate reduction, cutting Georgia’s flat income tax rate from 5.39% to 5.19% and making that rate reduction retroactive to the first day of 2025. Governor Kemp and Georgia lawmakers plan to continue cutting the rate down to 4.99%. “While other states are running up budget deficits and raising taxes on their citizens, we’re investing in the priorities of our state while further cutting taxes and returning more than a billion dollars to hardworking Georgians,” Governor Kemp said in his signing statement. “That’s on top of the tax relief we’ve given in…
The post Retroactive Red State Rate Cuts And Backdated Blue State Tax Hikes appeared on BitcoinEthereumNews.com.
Illinois Gov. JB Pritzker, center, speaks, as Minnesota Gov. Tim Walz, left, and New York Gov. Kathy … More Hochul, right, sit nearby during a House Committee on Oversight and Government Reform hearing, Thursday, June 12, 2025, at the U.S. Capitol in Washington. (AP Photo/Julia Demaree Nikhinson) Copyright 2025 The Associated Press. All rights reserved. As people across the U.S. get ready to commemorate the nation’s founding, Congress has spent the week working toward final passage of the One Big Beautiful Bill Act, legislation that will prevent all federal income tax rates from rising at the end of the year and will restore full business expensing. While avoiding federal tax hikes on more than 80% of households will come as a relief to many, Americans who reside in several states have additional reason to celebrate this Fourth of July, as they also benefit from tax cuts that took effect this week. Many changes to state tax policy enacted this spring took effect on July 1, which is the first day of the new fiscal year in most states. In Georgia, for example, an income tax cut that Governor Brian Kemp (R-Ga.) and state legislators enacted in April took effect this week. That tax cut accelerated previously scheduled income tax rate reduction, cutting Georgia’s flat income tax rate from 5.39% to 5.19% and making that rate reduction retroactive to the first day of 2025. Governor Kemp and Georgia lawmakers plan to continue cutting the rate down to 4.99%. “While other states are running up budget deficits and raising taxes on their citizens, we’re investing in the priorities of our state while further cutting taxes and returning more than a billion dollars to hardworking Georgians,” Governor Kemp said in his signing statement. “That’s on top of the tax relief we’ve given in…
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