If your state never recovered from the recession and is on a tight budget, they may be increasing your taxes in the future to make up for their income. Today, we are revealing some states that have already announced that they are increasing their taxes.
For taxpayers who reside in the Constitution state, you can expect to have taxes increase on everything. The highest tax rate usually is 6.7%, however, now it has jumped to 6.9%.
Georgia is projected to bring in an additional one billion to help jump start putting the state’s finances back in order. Gas prices already increased an additional 6 cents at the beginning of July.
The Sunflower state has a goal of 400 million. They started feeling their budget slip from under them when Governor Sam Brownback decided to back one of the largest tax cuts in history. Residents can thank him for their new tax rate of 6.15%. This leap now has Georgia ranking in number eleven on the state tax list.
South Dakota decided that they would reward motorists by allowing them to drive faster since the tax increase surprised them. The old maximum speed has increased by 5 mph to 90 mph on some major interstates.
Huddleston Tax CPAs, a Bellevue CPA firm, can help you even if your state did not make our list, it does not mean that you are in the clear yet. It may be wise to find out if your state is in a bad place financially so you can prepare yourself for an increased tax rate.