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income tax eliminationsABC News
•Business
Business & Economics
85% Informative
45 years have passed since a U.S. state last eliminated its income tax on wages and salaries.
The push to zero out the income tax is perhaps the most aggressive example of a tax-cutting trend that swept across states as they rebounded from the COVID-19 pandemic with surging revenues and historic surpluses.
Some fiscal analysts warn the repeal of income taxes could leave states reliant on other levies, such as sales taxes, that disproportionately affect the poor.
That bill now is in the Senate . New Missouri Gov. Mike Kehoe , a Republican , also wants to phase out the income tax. The House and Senate have advanced legislation that would take an incremental step by exempting capital gains income from taxes..
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