How do state and local estate and inheritance taxes work? Q.How do state estate and inheritance taxes work? A.Estate and inheritance taxes are taxes levied on the transfer of property at death. State and local governments collected a combined $6.7 billion in revenue from estate and inheritance taxes in 2021. Read more about How do state and local estate and inheritance taxes work?
What are tax and expenditure limits? Q.What are tax and expenditure limits? A.Tax and expenditure limits (TELs) restrict the growth of government revenues or spending by either capping them at fixed-dollar amounts or limiting their growth rate to match increases in population, inflation, personal income, or some combination of those factors. As of 2020, 31 states had at least one kind of TEL, including those states requiring a supermajority vote of the legislature to raise new taxes or revenues. Read more about What are tax and expenditure limits?
How do taxes on lotteries, casinos, sports betting, and other types of state-sanctioned gambling work? Q.How do taxes on lotteries, casinos, sports betting, and other types of state-sanctioned gambling work? A.Various forms of state-sanctioned gambling, including lotteries, casinos, parimutuel wagering (e.g., horse racing), sports betting, and video games (e.g., video poker), are taxed. State and local governments collected a combined $35 billion from state-sanctioned gambling in 2021. Read more about How do taxes on lotteries, casinos, sports betting, and other types of state-sanctioned gambling work?