![]() It would be 2.9%.īut flat tax rates are holding their own even in states that tend to vote Democratic. She said the individual income tax rate was 8.98% when she took office, after being elected in 2018.Ī $1.1 billion tax cut voted in by the Indiana legislature in March would tie the state for having the lowest flat tax rate on income in the country when fully implemented. Kim Reynolds signed a bill last month that creates a flat tax rate of 3.9% by 2026. They’re employed in conjunction with rate cuts. Supporters in states contemplating a move to flat tax rates picture flat taxes as a way to help them grow, attracting businesses and the affluent who will spend money and support the economy.įlat tax rates alone aren’t enough for some Republican-led states. ►2022 IRS tax return deadline: What to know about extensions, refunds and child tax credits. Georgia just joined the movement with its legislature voting for a flat income tax rate of 4.99% by 2029, even though it will cut revenue by $1 billion. They include Colorado, Illinois, Indiana, Kentucky, Massachusetts, Michigan, North Carolina, Pennsylvania and Utah. Yet the states that have enacted flat tax rates cross the political divide. Besides saying the tax would be fairer to all, Forbes vowed that the flat tax would make filing returns to the IRS as simple as mailing in a postcard. The system still prompts an outcry from critics who deride it as a regressive scheme that flies in the face of trying to narrow the income gap.Įnthusiasm for the flat tax built on the American political scene when it became the centerpiece of publishing magnate Steve Forbes’ unsuccessful runs for the Republican presidential nomination in 19. At the same time, the flat tax hasn’t lost any of its controversy.
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