Sign In
Not register? Register Now!
Essay Available:
Pages:
2 pages/≈550 words
Sources:
3 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 9.36
Topic:

State Income Tax: Nevada’s Revenue

Essay Instructions:

Most states collect taxes like the Federal government -via income taxes. The Federal rate depends on your taxable income (progressive) while Indiana's income tax is a flat rate. According to the Indiana government website, total revenue to the state was just over 14.4 billion. About $ 4.9 billion came from payroll taxes (about a 1/3) and 6.9 billion from sales tax. Take a look at the link listed here http://in(dot)gov/sba/files/FY_2014_Revenue_Report-Final.pdf to see other stats from the state. Note property taxes are used by the local communities and most do not enter the state’s budget
All in all, about 80% of the state's revenue came via the two taxes above.
However, there are nine (9) states that do not collect state income taxes. Of these nine states, two states also do not collect sales tax (these two taxes alone make up around 82% of Indiana's revenue from taxes). I want you to pick a state (each person must choose a different state until all nine are used) and discuss how these states make up for the lost revenue. Basically what tax or taxes cover the lost portion of revenue. List at least the top three taxes AND the total yearly amount collected AND COMPARE to what Indiana collects in that same category.
The FIRST two who pick the states without income tax or sales tax and do a good job of showing where the rest of the revenue is made up will earn extra credit. Cite your source and make sure you can actually go back to your source on a different web page. Your source should come from the state’s main webpage or another very reliable source. Once all the states are used, you may reuse a state but you must pick something different to write about in their state revenues. DO NOT USE ALASKA OR NEW HAMPSHIRE!!

Essay Sample Content Preview:

State Income Tax: Nevada’s Revenue
Student’s Name
Institution Affiliation
Instructor
Date
State Income Tax: Nevada’s Revenue
Everyone would love to live in a state that is income tax-free. The people’s wish is to see the tax bills lowered so that they can spend less on their purchases and improve their living standards. Today, some states do not levy an income tax. Therefore, they usually compensate for the lost revenue by reducing services and coming up with other taxes. States like Washington only levy taxes on capital gains and investment income for specific high earners. An example of a state with no income tax in Nevada.
Since Nevada is income tax-free, this implies that it has achieved a different revenue stream like other states that do not have income taxes, such as Alaska, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Most states wish to enjoy various privileges such as royalties and oil, as is with Nevada. To compensate for the lost revenue, Nevada depends on several significant sources. This includes the federal funding, tax from oil, and investment earnings, which pay dividends received by the state yearly. Further illustrations of these factors are highlighted below.
Revenue
With a budget of over 55%, more than 90% of the general funding, also known as discretionary spending, is generated by the oil revenue. The revenue from oil includes petroleum taxes, royalties from big oil fields, and corporate tax (Creedon, 2014). The amount of income received by the state depends not only on the capacity of the oil generated but also on the price of the produced oil. The state generated more revenue with increased oil prices worldwide, leadin...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

👀 Other Visitors are Viewing These APA Essay Samples:

HIRE A WRITER FROM $11.95 / PAGE
ORDER WITH 15% DISCOUNT!
Order Now