Speeders doing more than 85 miles per hour in Georgia will soon pay an additional $200 in fines. Racehorse owners in New York now must fork over $10 to enter their steeds in events. And Massachusetts started charging a 5% tax on broadcast satellite service.
Connecticut, for instance, raised its personal income tax rate to 6.5%, from 5%, for single filers with income greater than $500,000 and married couples earning more than $1 million. The increase in rates is expected to bring in $594 million.
Wisconsin hopes to collect an additional $278.5 million with a new tax bracket of 7.75% for its highest income earners - single filers making more than $225,000 and married couples earning more than $300,000. It also decreased the threshold of capital gains subject to tax to 30%, down from 60%. (The state maintained the 60% exclusion for gains on sales of farm assets.)
Another common revenue raiser is hiking cigarette taxes. Florida added a $1 per pack surcharge, while Delaware upped its levy by 45 cents. Kentucky increased its cigarette tax by 30 cents and doubled the tax on other tobacco products.
Many states added a slew of new taxes and fees to refill government coffers. New Hampshire now taxes gambling winnings, while Rhode Island instituted a $100 fee for the expunging of criminal records. Vermont extended its sales and use tax to digital downloads.
As part of a fee frenzy, New York established a $10 charge on horses entered in races, as well as a $50 bad check charge and a $100 fee on tax preparers who complete 10 or more returns. Those wanting to be certified as a security guard instructor now must pay a $500 initial fee and another $250 every five years.
Will this ever end?