![]() ![]() ![]() States have benefited from solid economic growth and federal Covid-19 relief funds flowing to them, their residents and their businesses. “We are seeing the culmination of two years of substantial tax cutting across the country, in response to historically high revenues and a desire for states to remain competitive in a much more mobile environment,” said Jared Walczak, the foundation’s vice president of state projects. They have lowered individual and corporate income tax rates, exempted more products from sales taxes and reduced the amount of retirement or military pension income subject to taxation. Some 38 states had noteworthy alterations – mostly net tax reductions – take effect on January 1, according to the right-leaning Tax Foundation. States are kicking off 2023 with a bevy of tax changes for their residents and businesses.
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