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TFOC Makes the Case for a State Income Tax
April 13, 2010
Original publication: Las Vegas Review Journal
Date of publication: April 13, 2010
"Nevada's lack of an income tax means state taxpayers are paying more than they should in federal income taxes, according to a study released Monday.
Seven states that rely on sales taxes instead of an income tax could cut sales taxes while implementing an income tax to generate equal amounts of money for state coffers. [...]
Generally, taxpayers can deduct portions of state property, sales and income taxes from their federal returns. The problem with states that rely on sales taxes instead of income taxes is that the people paying a lot of the sales taxes have lower incomes, said Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, which co-authored the study."
Read the full article by Alan Choate in the Las Vegas Review Journal.