Tag: Tax Rates

Property Tax Rates Vary Wildly Among States as Some Consider Limits

The Center Square

Property taxes vary significantly across the U.S. with northeastern states imposing effective property tax rates ten times higher than in southern states. 

That comes from a Washington D.C. group that noted some states are exploring property tax caps. The Committee to Unleash Prosperity, which advocates for free trade and limited government spending, found that the average single-family-home property tax in New Jersey hit $9,500 in 2022. That compares with the average of $928 in West Virginia and $1,022 in Alabama, according to a report from the group.

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Democrats’ Budget Set to Include Global Minimum Tax, Treasury Secretary Says

Michigan Star Staff

Treasury Secretary Janet Yellen said Sunday that she is confident that the Democrats’ budget will include a global minimum tax for corporations just days after nearly 140 countries endorsed the measure.

“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Treasury Secretary Janet Yellen told ABC News on Sunday. “I hope that it will be passed and we will be able to reassure the world that the United States will do its part.”

Though the United States and 135 other countries signed the agreement, each nation must pass its own legislation to enact the minimum tax rates. Democrats are currently crafting the budget, a spending package that would reshape the social safety net, but the process has slowed by disagreements between the party’s moderate and left wings.

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