Significant Tax Reforms Are Expected in US in 2013

Significant Tax Reforms Are Expected in US in 2013

In its latest study, the Institute on Taxation and Economic Policy (ITEP) made a forecast that 2013 will be a watershed year regarding tax reforms. The lawmakers across the USA intend to enact reforms that would help their states to collect more revenue.

The ITEP noted that the lawmakers would give their states and local tax systems an extraordinary opportunity to assess and fix structural flaws and provide states with the necessary revenue and vital public services. The ITEP’s report contains a brief description of the tax debates took place in more than 30 states and highlights the 15 key states with potential for major tax reforms, particularly amendments in sales tax and personal income tax, to expect in 2013.

According to the ITEP, tax measures packages, ranging from an extension of the sales tax in Kansas to elimination of some personal income taxes in North Carolina and a rise in taxes for the wealthy in Minnesota will be introduces by state legislatures next year.

Kansas’s governor has already signed a package that reduces state expenses by USD 3.7 bln over five years. North Carolina’s newly elected governor has promised to revise the state’s tax code and its lawmakers have also confirmed that tax reform will be their top legislative priority in 2013. In New York, a year after the lawmakers passed a temporary revenue-raising package with the promise to revise the state’s tax code the governor established the Tax Reform Commission. Finally, in California, the voters approved a temporary increase in personal income tax rates for those earning over USD 250,000 annually and a 0.25% increase in the sales tax.

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