10 States Are in the Process of Eliminating Their Personal Income Tax
Americans seeking economic freedom and opportunity are flocking to Florida and Texas. At least a part of the attraction is the non-existence of income taxes in these three states.
There may be other states soon.
“There are 10 states that are in the process of moving their personal income tax to zero,” Grover Norquist, president of Americans for Tax Reform, said it on the John Solomon Reports podcast.
“North Carolina is a few years away from having zero income tax,” The long-time tax reduction activist said it. “New Hampshire will have zero income tax — they’re getting rid of their tax on dividends and interest over the next three years.”
North Dakota is another state that is on the verge of eliminating income tax. North Dakota Governor. Doug Burgum announced a plan in August of 2022 to eliminate individual income taxes in order to save the state’s taxpayers $250 million per year.
“Now is the right time to provide meaningful, permanent tax relief to make our state a more attractive place to work and a more affordable place to live,” Burgum said in August. “Under this proposal, almost 60% of taxpayers won’t have to pay state income tax, and those who do will see their income tax liability reduced by roughly one-quarter to one-half, allowing North Dakotans to keep more of their hard-earned money to offset expenses and invest in their families and communities.”
Completely eliminating the income tax is a long process that can often take years, according to Norquist .
“It’s going to be a 12-year march for Kentucky to get to zero,” Norquist stated. “Louisiana is on a 15-year phasedown to zero. Mississippi is a third of the way through what they say will be a 10-year march to zero.”
West Virginia is another state which hasn’t fully eliminated its income tax but is making cuts. The state finished the last fiscal year with a roughly $1.3 billion surplus.
“We’ve seen more and more surpluses roll in each and every month of this fiscal year, and now it’s time for some relief in the form of substantial tax cuts,” West Virginia Governor Jim Justice. “With this new year comes the opportunity before us to make real, substantial tax cuts that will benefit West Virginians for generations to come.”
Justice In July 2022, a permanent 10% decrease in the personal income taxes was proposed. It has been passed by the House of Delegates. According to the, the state Senate declined to consider it. Associated Press.
According to Norquist Idaho and Wisconsin are among the other states that have begun to eliminate their income tax.
“We’ve stopped the bleeding in some of the blue states on taxes because of the states with no income tax and low flat rate taxes, and the states that are moving in that direction,” He elaborated.
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