#1 Colorado
This state joined another five in passing a new tax law that changes the pass-through level. The changed law implements a new entity election in 2022, and it will impact small businesses the most. They will be allowed to make the choice (hence the election option) about whether they want their business to be taxed like before, through an individual income tax system, or if they want to use the new method.
Analysts have said that this new tax system is comparable with what we can see at the corporate income tax level. Thus, if you or someone you know is living in Colorado and they have a partnership or LLC, then they could be choosing to have a 4.55% tax rate.
8 Responses
Doesn’t pertain to me.
Big issues for people considering relocating to lower taxed states.
Send me Ohio information
Just another way for the wealthiest of us to keep their money! If you want to impress me with tax break maybe cut the ridiculously high property tax’s in Iowa. Property taxes should not be a bigger monthly payment then your mortgage principle balance but it is?
I need more info please?
Although, I do not make a big salary on my job, but, I am affected bytax prices. I will never vote for Dem’s.
Well I am waiting to see what the rate for retirees. It’s crazy that they want to take away our hard earned money, working 50-60 hrs per week and save in a IRA now they are going to raise taxes to take care of illegals. Something is NOT right with this picture. It’s OUR money, not the governments.
Last spring I heard the our state (Maryland) had passed legislation giving retirees a break on income taxes. I have yet to find out what that break is.