Jan 11
11
State Tax Forms are used by Americans to report their incomes for the year to their states.
Not all states of the United States tax personal income, however; the seven that won’t are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.
In addition to this list, the states of New Hampshire and Tenessee tax only dividends and interest income for individuals, preferring to levy major revenue through higher sales taxes and the like.
The state tax forms used by most Americans tend to mimic those used by the IRS, often a page or two essentially and pretty straightforward.
These are generally filed right along with federal tax returns, and due at the same time, mid-April.
They could be found at the same places federal forms are distributed, like post offices and libraries.
In addition to state tax forms, some municipalities issue their own.
In a place like New York City, the combined personal income tax burden can add up to a maximum of about forty-five and a half percent – a rather high level, to make sure, until it is considered that only the very wealthiest of residents can be subject to it.
Indeed, in the 1950s of pro-business Republican President Dwight D. Eisenhower, wealthy Americans across the country can expect income taxes somewhere in the neighborhood of ninety percent!
So even a rate of almost half doesn’t seem so bad, particularly for the multi-millionaires that are subject to it.
Places like New York City feel they need to charge their own taxes due to the fact that they are huge metropolises that send out more to state and federal coffers than they receive in return.
In reality, during the fiscal crisis of the 1970s, the city pleaded for federal help to no avail, a refusal succinctly captured by a hometown paper’s front-page headlines at the time: “Ford to City: Drop Dead.”
