Today is the Ides of July — or Quintilis if you aren’t fond of Julius Caesar –and a good time to remind us all what we do and don’t know about taxes — that perennial political football. Tax myths abound and all too often color political debate. But a look at tax data tells us more about our economy and system than the insipid polemics that disease what passes for public discourse.
The individual income tax provides about half of all revenue for the federal government. In 2015, the individual income tax will provide $1.48 trillion, about 46% of all federal revenue. By contrast, corporate income taxes provide 10% of federal revenue, $341 billion in 2015. Click here to keep reading.
How are New Hampshire’s finances? According to the Mercatus Center, a Virginia based think tank, slightly better than average. In their recently released rankings of state finances, New Hampshire comes in 20th in comparison to the other 50 states. The study gauges each state based on five solvency measures, (cash, budget, long run, service level and trust fund) creating a comprehensive snapshot of each state’s finances. However, it is important to keep in mind, that the rankings only indicate a state’s financial position in relation to the other states, not in absolute terms. A low ranking might not necessarily spell financial trouble, while a high ranking does not mean a state can rest on its laurels. Click here to keep reading.