Trump Tax Cuts and State Responses
Key Questions
What are the main features of Trump's tax cuts?
Trump's policies include 10% bigger refunds, $7k for small businesses, Social Security adjustments, and a corporate rate cut to 16%. Year one analysis shows mixed consequences for middle-income Americans.
How is Washington state responding to federal tax changes?
Washington approved a 9.9% millionaires' tax starting in 2028, projected to raise $3B.
What property tax changes are proposed in Georgia?
GA SB33 proposes property tax caps, but schools could lose the most funding amid the squeeze.
How is Minnesota addressing tax policy?
MN Gov. Walz pushes social spending, child tax credits against GOP conformance efforts. Tax policy is central to the legislative session.
What is South Dakota's TABOR push?
SD advocates for a Taxpayer Bill of Rights (TABOR) to limit politicians from raising taxes and spending without voter approval.
Which states are decoupling from federal tax rules?
RI, MI, and PA are decoupling, while NY delays action.
What Oklahoma tax ruling affected tribes?
The U.S. Supreme Court upheld equal tax rules, limiting a landmark tribal ruling's scope.
What is the current U.S. business tax rate?
The federal corporate tax rate is 21%, down from 35% post-2017 Tax Cuts and Jobs Act.
Trump Year1 tariffs/OBBBA +$900 middle-class/$1T top1% cut/+$4.6T debt/small biz $7k/SS/corp 16%; Dems Merkley+45 wealth tax ($6.2T social); states: WA 9.9% mill tax '28 ($3B), GA SB33 prop cap/school squeeze, MN Walz soc med/CTC vs GOP conformance, SD TABOR/NY delay, RI/MI/PA decouple/OK tribal.