The July issue of Budget & Tax News leads with a report on the new 1099 filing provision of the health care overhaul, which could cause an avalanche of additional record-keeping and reporting.
Also in this issue:
- With Missouri’s average income tax payment having fallen nearly 30 percent this year, state senators are debating whether to do away with the personal income tax entirely and replace it with a higher sales tax.
- The recession continues for state governments. A new report shows state tax revenues have fallen for five consecutive quarters and are likely to continue dropping.
- A loud uproar from taxpayers and business owners helped persuade Hawaii lawmakers to drop a proposal to raise the state’s distinctive form of sales tax, called the General Excise Tax.
- To fill budget holes, some localities are considering raising motor fuel taxes. But many local officials are finding it politically difficult to do so.
- Arizona voters approved Proposition 100, a state constitutional provision to raise the sales tax rate for three years by one cent per dollar paid for purchases.