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These federal spending cuts and diverse state-level tax modifications represent significant shifts that will undoubtedly impact the economy and the financial situation of taxpayers and businesses throughout 2025. Staying informed about the specific legislations applicable to you is crucial in the coming months.
#2025TaxChanges #FederalCuts #StateTaxes

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00:00New taxes and cuts. Your 2025 financial forecast. Welcome to a special report on the significant
00:07financial shifts impacting Americans in 2025. While headlines might suggest new taxes from
00:12Trump, the reality is more nuanced. President Donald Trump's administration has primarily
00:18focused on federal spending cuts, while a wave of state-level tax adjustments is set to affect
00:23your wallet. Let's break down the most crucial changes. First, to the federal level. President
00:29Trump has achieved a notable legislative victory with a $9 billion package of public spending cuts.
00:35These are independent state decisions, not directly tied to federal legislation,
00:40but they will impact individuals and businesses across the nation. Many of these changes became
00:45effective on July 1, 2025. California is seeing a jump in cannabis and tobacco taxes. Arkansas and
00:53Kansas are expanding sales tax exemptions for data centers. Alabama is reimposing income tax on
00:59overtime pay. Several states, including Georgia and Idaho, retroactively reduced their individual and
01:06corporate income tax rates. As of January 1, Washington is making its estate tax more progressive,
01:13with a top rate of 35% for estates exceeding $9 million, making it the highest in the nation
01:19by a significant margin. Maryland has established a new extended producer responsibility program for
01:25packaging. Staying informed about the specific legislations applicable to you is crucial in the coming
01:31months. Missouri legalized sports betting with a 10% wagering tax. And in a particularly impactful move,
01:38Washington will begin applying its sales tax to certain services, including digital advertising and IT
01:44services. From October 1, 2025, a move described as a hefty tax that could encourage businesses to relocate.
01:52Maryland added new individual income tax brackets and a capital gains surcharge for high earners.
01:59However, Maryland is newly applying a 3% sales tax to various business-to-business services,
02:05including data and IT services. Conversely, Minnesota is repealing its sales tax exemption for
02:11data centers. Mississippi is offering some relief by reducing the state's sales tax rate on groceries
02:16from 7% to 5%. Hawaii is implementing a new road usage charge for EVs. Illinois is increasing taxes on sports
02:26wagering, e-cigarettes, and moist snuff, and expanding the definition of taxable tobacco products.
02:33Indiana is drastically tripling its cigarette tax and doubling vapor product taxes.
02:38Maryland is raising vehicle excise tax, cannabis tax, and sports betting tax,
02:43plus adding a new rental vehicle tax, and tire fee. New Jersey is eliminating the sales tax exemption
02:50for zero-emission vehicles, making them fully taxable. Washington is significantly increasing
02:55its gas tax. This marks the first time in over three decades the president has successfully rescinded
03:01already-approved appropriations aiming for government efficiency. Many states are increasing gasoline and
03:07diesel taxes, introducing or raising fees on electric vehicles, and hiking taxes on tobacco,
03:13vapor products, and cannabis. Sports gaming taxes are also on the rise. These cuts, approved by
03:20Congress, target to main areas with significant impact. The first is the total elimination of funds
03:26for public broadcasting, a staggering $1.1 billion allocated for the Corporation for Public Broadcasting,
03:33which finances NPR. This includes $800 million for emergency shelters and refugee aid, $496 million
03:42for humanitarian assistance, and $4.15 billion for programs promoting economies and democratic institutions
03:49in developing nations. Opponents fear these cuts could weaken the U.S. position globally and create a vacuum
03:56that other powers like China could fill, while a $400 million cut to PEPFER, a program combating HIV-AIDS,
04:04was removed. The overall reduction is significant, and PBS has been canceled for fiscal years 2026
04:12and 2027. Republicans justify these cuts by citing liberal bias and woke ideology. However, NPR and PBS
04:20leaders warn of an unwarranted dismantling of beloved local civic institutions, projecting severe
04:27consequences, especially for smaller rural stations. Essential services like local news, educational
04:33programming, and emergency alerts could be jeopardized, with some rural stations facing total closure.
04:39This package, the White House indicates, is just the beginning of further rescission efforts.
04:44Next, substantial cuts are coming to foreign aid programs, totaling approximately $7.9 billion.
04:51Now, let's pivot to the significant state-level tax changes taking effect this year.
04:57Expect widespread excise tax changes, some specific examples. Alabama and Mississippi are increasing
05:03gasoline and diesel taxes. Moving to sales and use tax changes, some states are expanding exemptions,
05:09particularly for data centers. On the income tax front, South Carolina is temporarily reducing its
05:16top marginal individual income tax rate. Finally, property tax changes are also on the horizon.
05:23Kansas is discontinuing certain state property tax levies. Other notable changes include Alabama
05:29providing income tax, relief for non-resident workers, and reducing the preferential sales tax rate on food.
05:35These federal spending cuts in diverse state-level tax modifications represent significant shifts
05:41that will undoubtedly impact the economy and the financial situation of taxpayers and businesses.
05:47Throughout 2025, money expires
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