EXPLAINER: Tax cut trend reaches two-thirds of states
About two-thirds of U.S. states have adopted some sort of tax relief this year
By DAVID A. LIEB
Published - Oct 05, 2022, 01:16 PM ET
Last Updated - Jun 24, 2023, 04:03 AM EDT
JEFFERSON CITY, Mo. (AP) — States brimming with cash are cutting taxes at a rapid pace.
With the enactment Wednesday of an income tax cut in Missouri, about two-thirds of U.S. states have adopted some sort of tax relief in 2022.
For taxpayers, the trend means billions of dollars back in their pockets. Some already have received rebate checks. Others, like those in Missouri, will realize their tax savings over several years.
One-time rebates — typically totaling several hundred dollars per taxpayer — have been more common in Democratic-led states, though some Republican-led states also have provided refunds.
