The numbers were released from the Department of the Treasury, showing a $225 billion shortfall in revenue due to the TCJA, two years in. These numbers were in line with the projected shortfalls expected from the tax cuts. This tax law is on track to increase the budget deficit $1.5 trillion over a decade. Read more here.
States are updating their sales tax rules in the new post-Wayfair decision environment. In October, many states imposed a new law for remote sellers and marketplace sellers. States now requiring remote sellers to collect and remit sales tax on goods sold into the state (subject to specific criteria) are listed here: Arizona, Kansas, Massachusetts, Maryland, Minnesota, Tennessee and Texas. States that now have a marketplace facilitator law (subject to specific criteria) are listed here: Arizona, California, Colorado, Maine, Massachusetts, Maryland, Minnesota, Nevada, North Dakota, Ohio, Oklahoma, Texas, Utah and Wisconsin. Read more here.
State Income Tax
Utah is proposing an increase on taxes of groceries and gas, and a cut to income tax. Many advocates for lower income households are concerned that the new taxes will unduly burden the underprivileged families living in Utah. Read more here.