- All commerce is vulnerable to trade flows and price-level adjustments
- Indirect tax rate on purchases links global economic conditions and domestic pressures
- State-level budgets and revenues are reactionary and impacted by external factors
- Factors to monitor include inflation, interest rates, geopolitical risks, and federal revenue-sharing
- Sales tax revenues have increased in nominal terms but decreased in real terms due to inflation
- States may be less likely to reduce property and income taxes and may pursue new revenue-raising measures
- Some states are considering advertising and digital services taxes
- Council On State Taxation and Multistate Tax Commission are developing digital taxation policy models
Source: vertexinc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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