How do state and local general sales and gross receipts taxes work? Q.How do state and local general sales and gross receipts taxes work? A.General sales taxes are taxes on goods and services purchased by consumers, and the tax is a calculated as a percentage of the listed retail cost and added to the final purchase price paid by the consumer. State and local governments collected a combined $477 billion in revenue from general sales taxes and gross receipts taxes in 2021. Read more about How do state and local general sales and gross receipts taxes work?
How do state and local estate and inheritance taxes work? Q.How do state estate and inheritance taxes work? A.Estate and inheritance taxes are taxes levied on the transfer of property at death. State and local governments collected a combined $6.7 billion in revenue from estate and inheritance taxes in 2021. Read more about How do state and local estate and inheritance taxes work?
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?