How Taxing Is Your State?
For the first time in 10 years, states cut taxes more in 2011 than they increased them, according to the National Conference of State Legislatures. The hesitancy to raise taxes is likely to carry over into 2012 as lawmakers face an election year, says Steven Roll, a state tax analyst with Bloomberg BNA.
Exceptions to the tax-cutting trend in 2011 included a tax hike on millionaires in New York, an income tax rate increase in Illinois and a higher sales tax rate in Connecticut. Many states are also pursuing taxation of residents' purchases from online retailers more aggressively. To see how your state stacks up on income, sales (on the state level; combined state and local sales taxes are here), property, inheritance, estate taxes and more, read on.