|Flat Tax by Country||Flat Tax by State|
|Individual Income Tax||Corporate Income Tax|
43 states levy individual income taxes:
- 41 tax wage and salary income, while 2 states (New Hampshire and Tennessee) exclusively tax dividend and investment income.
- 7 states levy no individual income tax at all, while 6 states levy no corporate income tax at all.
- Texas has no individual income tax or corporate income tax
Example: Alaska has no sales, property or income tax and is considering comprehensive tax reform to offset the low oil prices. It is worth analyzing whether Texas will need to implement a state income tax to offset current or future low oil prices.
Gov. Walker proposes to fix budget deficit with income tax, PFD cut