State Taxes Are Going Down

Kiplinger’s Personal Finance

“At a time when the cost of everything from gas to Netflix is rising, there’s a good chance that one of your expenses will decline: your state tax bill. Awash in budget surpluses, lawmakers are cutting taxes on everything from income to gro­ceries, and the trend isn’t limited to red states. Several Democratic governors, including New York Gov. Kathy Hochul and Illinois Gov. J.B. Pritzker, have sup­ported broad tax cuts for state residents. “If your state isn’t cutting taxes this year, it’s in the minority,” says Katherine Loughead, senior policy analyst for the Tax Foundation, a tax research organization.”