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State Income Taxes
In this class, we focus on federal individual income tax – but each state also has a taxation system. Please select one state to summarize their state tax. Be sure to select a state that has a state income tax. Please note that several states do not have a state income tax (Texas, Florida, etc.).
In your summary, please cover the following topics:
Explain why you selected this state
Compare tax rates to at least one other state
Use of filing statuses
Unique feature(s) of the state tax system such as deductions, credits – (as compared to the federal income tax or other states)
Any incentive(s) that the state tax system offers to residents such as nontaxation of retirement income
Percentage of state funding provided by state income tax (as compared to sales tax or intangibles tax)
The federal government runs a budget deficit nearly every year because federal spending is greater than taxes collected. Most state have provisions in place (such as state constitutional amendments) that spending can not exceed taxes collected. In other words, the state is not allowed to run an annual deficit. Does the state that you selected run annual deficits?
Your summary should be at least 150 words.