New Mexico, with a top state rate of 8.2%, allows an unlimited deduction.
Residents of New York City are currently subject to a maximum state rate of 8.82% and an additional city tax of 3.82%, for a combined tax rate exceeding 12.5%.
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What nongovernment entity is going to lay out the necessary billions of dollars if politically minded state rate-setters won't let them recover both the capital outlay and the true cost of maintenance, not to mention earning a decent return for shareholders and creditors?
This year the federal capital gains rate is 15% plus a Virginia state tax rate of 5.75%.
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Specifically, he's proposing a November ballot initiative raising the state's top income tax rate to 12.3%, making it the nation's highest, and raising the basic state sales tax rate, already the nation's highest, to 7.75% from 7.25%.
But with a state unemployment rate of just 3.8%, other businesses that can't pay so much are coming up even shorter.
In that case grabbing the deduction now, when your combined federal-state tax rate is higher, probably makes more sense than forgoing a current deduction to open a Roth.
The son of a Kentucky lawyer, he worked as a reporter at the Lexington Herald-Leader for three years before going to law school and on to a job representing consumers in state utility rate cases.
Hennepin County's Johnson notes that if there were a uniform tax system, a simple software program that includes a base state tax rate plus local options could be used by businesses to easily calculate and administer sales tax.
But what if you're fiftyish, paying California's hefty top 10.3% state income tax rate and likely to retire to a state that doesn't tax pensions?
Spending would consequently grow more slowly than total state taxes, which also tend to grow at the rate of state economic growth.
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As of August 1, 2012, California had the highest state sales tax rate of 8.25%.
Daily jail costs alone are more than three times the state and local rate.
Meanwhile, Governor Jerry Brown persuaded Californians last fall to raise the top state income tax rate to 13.3%.
Arizona has the highest combined state and local rate of 12.7%.
The majority of analysts (71.4%) rate State Street as a buy.
The majority of analysts (65.2%) rate State Street as a buy.
All of which argues for a corporate tax reform that would at the very least cut the combined U.S. state-federal rate to the mid-20s to be comparable with many of our trading partners.
A. I put in a Google search for 'flat rate state pension' and got more than one million hits, not all of them saying the same thing, so I do understand your confusion.
With data stretching from 1980 to 1998, he calculated that a 10% increase in an average state's rate of gun ownership, proxied by magazine sales, was associated with a 2% rise in its homicide rate.
Three years after Massachusetts enacted its groundbreaking health care reform law, Chapter 58 of the Acts of 2006, the number of residents with health insurance has increased by more than 432, 000, roughly the population of Boston, giving the state the lowest rate of uninsured residents in the country.
This is too bad, since a state whose unemployment rate still lags the national average could really use the thousands of jobs and billions of dollars in economic impact that would be generated by development of the portion of the prolific Marcellus Shale formation that underlies much of the southwestern quarter of the state.
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New York City dwellers face a combined state and local marginal rate as high as 12.6%, a rate that may or may not be mitigated by the elusive federal deduction for state taxes.
The rate guarantee language has been removed from all marketing materials including the state-specific booklets and rate sheets.
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The highest income tax rate in the state moves to 11% from 9%, which will give Oregon close to the highest rate in the nation. (New York City residents pay 12.6%.) This ballot outcome runs contrary to the current public mood about spending and taxes, so it's worth exploring how it happened.
By comparison, the combined state and local top rate in New York is 12.7%.
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As of last year, no single state had an obesity rate of less than 20%.
By May the state's unemployment rate was running at the national average of 9.4%.
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In a 1990 CDC study, not a single state had an obesity rate greater than 15 percent.
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The combined U.S. federal and state corporate income tax rate is approximately 40%.
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