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State Tax Update: Are Yours Going Up?

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On this site, I regularly highlight the good and bad of states’ tax structure (read here, here, here, here, and here for starters). I want business owners, investors and retirees to have the best information possible in order to make their decisions about where to operate, live, and retire. Now, The Tax Foundation has released an update on state tax changes set to take effect on July 1. Some of these changes could be consequential to your income, purchasing power, or business operation. Take a look and see if any of these changes will affect you.

From Morgan Scarboro and David Raymond at The Tax Foundation:

Key Findings

  • Ten states have tax changes scheduled to go into effect on July 1, 2018.
  • Indiana has the lone corporate income tax change, with the rate decreasing 0.25 percent to 5.75 percent.
  • Kentucky is broadening its sales tax base by including select services.
  • Louisiana extended its previous temporary 1 percent sales tax hike at a lower rate of .45 percent. The state sales tax rate will be 4.45 percent.
  • Massachusetts will begin sales of recreational marijuana and levy a state excise tax rate of 10.75 percent. Localities will have the option of levying additional local taxes.
  • Oklahoma and Kentucky are increasing their cigarette taxes: Oklahoma from $1.03 to $2.03 per pack, Kentucky from $0.60 to $1.10.
  • Four states have online sales tax legislation, but may need more time to tweak legislation and issue guidance.
  • Three states, Oklahoma, South Carolina and Tennessee, are increasing their gas tax rates.

Read more from The Tax Foundation here.

Originally posted on Yoursurvivalguy.com. 

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E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.

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