State Tax Cut Roundup, 2019

by Jonathan Williams, Skip Estes & Lee Schalk

Introduction

The 2019 state legislative sessions ended with six states enacting substantial tax relief for their citizens that was sufficient to qualify for State Tax Cut Roundup. Of the six states that substantially reduced taxes in 2019, two were states that had yet to conform to the new federal code following the passage of the federal Tax Cuts and Jobs Act (TCJA). The annual Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index illustrates how certain tax and fiscal policies lead states to prosper and others to fall behind. Fortunately, state legislators are heeding this message. Every tax cut made reduced the burden of income and business taxes on families and job creators. As the COVID-19 pandemic wreaks havoc on state budgets, these states that practiced fiscal restraint and refused to grow spending will find themselves better positioned for prosperity coming out of the pandemic.

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