How do state and local individual income taxes work? Q.How do state and local individual income taxes work? A.The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year, generally imposed by the state in which the income is earned. State and local governments collected a combined $545 billion in revenue from individual income taxes in 2021. Read more about How do state and local individual income taxes work?
How do state and local corporate income taxes work? Q.How do state and local corporate income taxes work? A.The corporate income tax is levied on business profits of C-corporations (named after the relevant subchapter of the IRS code). State and local governments collected a combined $99 billion in revenue from corporate income taxes in 2021. Read more about How do state and local corporate income taxes work?
How do state and local cigarette and vaping taxes work? Q.How do state and local cigarette and vaping taxes work? A.State and local governments levy taxes on various tobacco products, including cigarettes, chewing and smokeless tobacco (often referred to as "other tobacco products"), and vaping products. State and local governments collected a combined $19 billion in revenue from tobacco taxes in 2021. Read more about How do state and local cigarette and vaping taxes work?