Taxes
Who pays what, deductions and credits, and how public money is raised.
You pay several governments, and each sets its own rules. Income tax brackets and credits are federal; sales tax, most property tax and any state income tax are decided far closer to home.
Who decides this
- Congress
- Federal income tax rates, deductions and credits, corporate tax, and tariffs.
- Your state
- State income tax where one exists, sales tax rates, and state-level credits and exemptions.
- Your city or county
- Property tax rates and assessments, and local sales tax add-ons.
In Congress Senate Finance · House Ways and Means
2 open questions
H.R. 8085
Should the U.S. Impose an Annual Wealth Tax on Fortunes Over $50 Million?
The bill would tax net worth above $50 million. Supporters cite revenue and fairness; opponents cite constitutionality and enforcement concerns. Where do you land?
H.R. 246
Should Congress Raise the Cap on State and Local Tax (SALT) Deductions?
The bill would raise the SALT deduction cap above $10,000. Supporters cite relief in high-tax states; opponents say it mainly benefits higher earners. Where do you land?
Common questions
- Who sets my property tax?
- Your county or city, through its assessor and its budget. Your state sets the rules they operate under, including any caps.
- Who can change the SALT deduction cap?
- Congress. It is a federal deduction, which is why states cannot fix it themselves.