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Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [8] This tax was repealed and replaced by another income tax in the Revenue Act of 1862. [9] After the war when the need for federal revenues decreased, Congress (in the Revenue Act of 1870) let the tax law expire in 1873. [10]
[10] Georgia created a cumulative poll tax requirement in 1877: men of any race 21 to 60 years of age had to pay a sum of money for every year from the time they had turned 21, or from the time that the law took effect. [11] The poll tax requirements applied to whites as well as blacks, and also adversely affected poor citizens.
For the 1964 tax year, the top marginal tax rate for individuals was lowered to 77%, and then to 70% for tax years 1965 through 1981. In 1978 income brackets were adjusted for inflation, so fewer people were taxed at high rates. [40] The top marginal tax rate was lowered to 50% for tax years 1982 through 1986. [41]
Florida – no individual income tax [10] but has a 5.5% corporate income tax. [11] The state once had a tax on "intangible personal property" held on the first day of the year (stocks, bonds, mutual funds, money market funds, etc.), but it was abolished at the start of 2007. [12] Nevada – no individual or corporate income tax.
Undocumented immigrants in Florida paid $1.8 billion in state and local taxes in 2022, according to a recent report analyzing what people who generally cannot legally work in the United States ...
In 1950, Florida was ranked twentieth among the states in population; 50 years later it was ranked fourth, [104] and 14 years later was number three. [ 79 ] [ 105 ] Due to low tax rates and warm climate, Florida became the destination for many retirees from the Northeast, Midwest and Canada.
Grisham's office said in a statement last year that a married couple filing jointly would save about $303 a year under the new tax brackets. The state will now have six brackets, versus five in ...
Florida, by contrast, has no capital gains tax. Meanwhile an estate tax in Washington applies to estates worth more than $2.19 million (a paltry figure in the Bezos universe) and goes from 10% to 20%.