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Your State Tax Bill May Go Up in 2018

Those proposals were defeated, but the legislature voted to raise taxes on real estate transfers, cigarettes and alcohol. Alaska, long a low-tax haven, is facing a $3 billion budget deficit as a result of falling oil prices. Gov. Bill Walker has proposed ...

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Join Today Already a member? Login makeAd(','120x60','bookend_left',is_dartZone,','); makeAd(','120x60','Bookend_Left_In',is_dartZone,','); Search if(!isIEBrowser() && !isMobileBrowser() && !isTabletBrowser()) { $(function(){ $('#stock-search-text').focus(); }); } Nasdaq_Quotesearch.init(); makeAd(','120x60','Bookend_Right',is_dartZone,','); makeAd(','120x60','Bookend_Right_In',is_dartZone,','); makeAd(','728x90,970x90,970x250',is_dartSite,is_dartZone,','); initNav(); cacheLoginStatus(false, null, null, null, "https\x3a\x2f\"); if(useBRad) { is_dartZone = 'article'; } // Your State Tax Bill May Go Up in 2018 December 08, 2017, 12:00:01 AM EDT By Sandra Block, Senior Editor, <i>Kiplinger's Personal Finance</i>, Kiplinger function openFacebookShare() { var width = 575, height = 400, left = ($(window).width() - width) / 2, top = ($(window).height() - height) / 2, url = ""+window.location.href, opts = 'status=1' + ',toolbar=no' + ',menubar=no' + ',width=' + width + ',height=' + height + ',top=' + top + ',left=' + left;, ', opts); } function openTwitterShare() { var title,source,authorTwitter,via,width = 575, height = 400, left = ($(window).width() - width) / 2, top = ($(window).height() - height) / 2, url = '', opts = 'status=1' + ',toolbar=no' + ',menubar=no' + ',width=' + width + ',height=' + height + ',top=' + top + ',left=' + left; if(isArticlePage()) { title = encodeURIComponent($("#left-column-div .article-header").text()); source = encodeURIComponent(document.location.href); authorTwitter = $("#right-column-div .article-contributor-content a[href*='']"); if(authorTwitter.size()>0) { via = encodeURIComponent(authorTwitter.attr("href").replace(/https*:\/\/w*\.*\//,"")); if(via!="nasdaq") via+="+@Nasdaq"; } else via = "Nasdaq"; url += '?url='+source+'&via='+via+'&text='+title; } else url += '?via=nasdaq&text='+encodeURIComponent(document.title);, ', opts); return url; } function isArticlePage() { return /\/article\//.test(document.location.href); } function printPage() { var article_id; if(isArticlePage()) { article_id = /\/article\/([^\$]+)/.exec(document.location.href)[1]; document.location.href = "http://www"+host_Extension+""+article_id; } else window.print(); } function setMailto() { var title,anchor,body, URL; anchor = document.getElementById("mail-link"); if(isArticlePage()) title = $("#content h1.article-header"); else title = $(".forex-lesson h1"); if(title.length) title = title.text().replace(/\s/g, "%20"); else return; URL = document.location.href; body = "Here is something from you might find interesting "+title+" "+URL; body = body.replace(/\s/g, "%20"); anchor.setAttribute("href","mailto:?subject="+title+"&body="+body); } setMailto(); // Shutterstock photo For all the talk about tax reform, unless your personal situation changed last year, you won't see much difference in your 2017 federal tax billBut your state tax bill could be another storyFaced with yawning budget deficits and deteriorating infrastructure, several states raised taxes on everything from income to gas in 2017, and more increases could be in the offing for 2018.See Also: 10 Least Tax-Friendly States for Retirees, 2017In Illinois, for example, lawmakers voted to increase the state's flat-rate income tax to 4.95%, from 3.75%, effective July 1, 2017In Kansas, to help close the state's budget gap, law­makers voted to roll back some of the income tax cuts enacted in 2012The rollback increased the top 2017 income tax rate from 4.6% to 5.2%; in 2018, the top rate will rise to 5.7%.makeArticleAd();Other fiscally challenged states considered income tax hikes in 2017, and those debates are likely to continue this yearIn Delaware, Democratic lawmakers proposed raising taxes on residents who earned more than $60,000 a year and eliminating itemized deductionsThose proposals were defeated, but the legislature voted to raise taxes on real estate transfers, cigarettes and alcohol.Alaska, long a low-tax haven, is facing a $3 billion budget deficit as a result of falling oil prices GovBill Walker has proposed an income or state sales tax to help close the gap (Alaska has neither)Other states that derive most of their tax revenue from energy companies may need to consider similar measures if energy prices remain low, says Scott Drenkard, director of state projects for the Tax Foundation. Even if you live in a state that's not facing a budget shortfall, there's a good chance you're paying more at the pump than you were a year agoIndiana, South Carolina, Tennessee and West Virginia raised state gas taxes effective July 1, 2017In May, Montana adopted a bill that will phase in higher gas taxes over five years.But 2017 also illustrated the challenges facing lawmakers who propose tax hikesMaine lawmakers rolled back a 3% tax surcharge on income exceeding $200,000 that had been narrowly approved by voters in November 2016.The end of estate taxes? One state tax that is fading into the sunset is the estate tax, and Congress's plan to eliminate the federal estate tax could hasten its demiseNew Jersey's estate tax will disappear on January 1Thirteen other states and the District of Columbia continue to impose an estate tax, but a growing number are increasing the amount of assets that are exemptIn New York, for example, the exemption rose to $5.25 million from $4.19 million on April 1, 2017; beginning in 2019, it will match the federal exemption, which is currently $5.6 million.But states could find it much more difficult to impose an estate tax if the federal estate tax diesStates rely on the feds to enforce the tax, Drenkard saysThey may decide it's not worth hiring administrators to collect a tax that typically brings in less than 1% of overall revenue, he says.See Also: The 10 Most Tax-Friendly States in the U.S.Others aren't so sureState and local governments took in about $5 billion from estate, inheritance and gift taxes in 2015, according to the Tax Policy Center at the Urban InstituteThough that's nowhere near what states collect from other taxes, "it's real money," says Richard Auxier, research associate for the Tax Policy Center"If you get rid of it, you have to find a replacement." The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. This article appears in: Personal Finance , Taxes display"> More from Kiplinger Subscribe 15 Worst States to Live in During Retirement 50 Dividend Stocks You Can Count On in 2018 10 Worst Jobs for the Future makeAd(', '650x800', 'mktsnews', 'article_dianomi', ', '); Related Taxes Articles Subscribe A Tax-Smart Way to Get Income 12/08/2017 12:00 AM Last Call for Electric-Car Tax Credit? 12/08/2017 12:00 AM 18 Nice-Try Tax Breaks Rejected by the IRS 12/08/2017 12:00 AM Contributor:Kiplinger Personal Finance if(document.location.href != "" && document.location.href != "") { if(document.location.href == "") makeAd('3', '300x250', 'mktsnews', 'COMP', ', '); else makeAd('3', '300x250,300x600', is_dartSite, is_dartZone, ', '); } Most Popular Highest Rated Digital Power Corporation Raises 2018 Revenue Guidance 50% from Prior Medical Marijuana, IncSubsidiary Kannaway® Announces Expansion into Funko Closes Acquisition of UK Based Animation Studio Brunswick Corporation : Brunswick Corporation Intends to Sell Sea Ray Deborah Deters Named EVP – Chief Human Resources Officer at Heartland View All Highest Rated

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