(pdf) On Valentine’s Day this year, California’s Franchise Tax Board (FTB) announced that it wanted relationships with a lot more out-of-state businesses. Unfortunately for these businesses, the FTB’s idea of a relationship is an expensive one, and it’s not asking. In a recent guidance, the FTB announced that it intends to reinterpret an existing federal law in order to allow itself to impose income tax obligations on out-of-state businesses. Just a couple months later, New York’s D...| National Taxpayers Union
View PDF Key Facts California, New York, Illinois, and other states with high tax burdens continue to hemorrhage taxpayers and tax revenue, while Florida remains the undeniable winner from movement of taxpayers and their dollars from state to state. In the last decade, New York lost $111 billion in net adjusted gross income (AGI), California lost $102 billion, and Illinois lost $63 billion to interstate migration. On the other hand, Florida gained $196 billion, and Texas gained $54 b, Author(...| National Taxpayers Union
Unless Congress acts before January 1, 2026, the expiration of the 2017 Tax Cuts and Jobs Act (TCJA) will trigger widespread tax increases for 80% of Americans, significantly impact state economies, and disrupt state tax structures. For federal taxes, the expiration of the 2017 TCJA would: Halve the federal standard deduction Reduce the federal child tax credit Reintroduce higher federal tax brackets Lower the federal estate tax threshold Eliminate key business tax benefits like feder| National Taxpayers Union
