- Union Budget 2018 live: All eyes on Arun Jaitley
Will the income tax slabs be revised? Finance Minister Arun Jaitley is expected to answer every question in a few hours from now when he will present the Union Budget for 2018-19 in Lok Sabha on Thursday. Ask any common person on what they expect from this budget, the answer would be a change in income tax slabs. A Direct Tax Code is yet to see its light. Trade bodies and economists have been batting for a new personal income tax structure with exemption upto Rs.
- Your Tax Bracket Doesn't Mean What You Think It Means
By retaining the seven tax brackets that existed under previous law but lowering the rates that apply to most of those brackets, tax reform gave taxpayers a highly visible tax cut that on its surface seems easy to measure. Sometimes, you'll hear people refer to your marginal tax rate as another term for your tax bracket. Under the brand-new 2018 tax brackets reflecting tax reform, that puts you in the 12% tax bracket, and your tax would be $8,859. ... but knowing your tax bracket is still importantDespite this common misconception about tax brackets, there are decisions you have to make in which you'll need to know the marginal tax rate rather than the effective tax rate. Don't let tax brackets trip you upThese might look like trivial points, but failing to understand the ins and outs of tax brackets can lead to mistakes that could cost you thousands of dollars.
- States With the Highest (and Lowest) Property Taxes
While nearly every municipality levies some form of property tax, tax burdens vary widely across states. To determine the states with the highest and lowest property taxes, 24/7 Wall St. reviewed the effective property tax rate — the total amount of property taxes paid in 2015 as a percentage of the total value of all occupied homes — for all 50 states with data from the Tax Foundation. Unlike other major types of taxes, property taxes tend to be the principal revenue source for local government. This is the case in only eight of the 25 states with the lowest effective property tax rates. Click here to see the full list of the states with the highest (and lowest) property taxes.