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Wall Street Journal
02-06-2025
- Business
- Wall Street Journal
ECB Set to Cut Rates Again and Keep Options Open
The European Central Bank is set to lower its key interest rate Thursday, a cut that investors expect to be among the last in this sequence unless the eurozone economy is threatened by recession. Recent developments in U.S. tariff policy are unlikely to have changed the outlook for policymakers greatly.
Yahoo
01-06-2025
- Business
- Yahoo
How Paychecks Would Look in Each State If Trump Dropped Federal Income Tax
While campaigning for the presidency, Donald Trump suggested abolishing the United States income tax in favor of an 'all tariff policy.' Despite the fact that many economists and policy experts have pushed back on the idea as unrealistic (due primarily to the fact that tariffs on imported goods won't generate enough revenue to replace income taxes), President Trump has continued to muse on the subject. Check Out: Learn More: Curious what your paycheck would look like if Trump nixed the federal income tax? Recently, GOBankingRates compiled data to determine what checks and income would look like, state by state. Median household income: $50,536 Total income taxes for single filer: $12,264 State income tax for single filer: $2,911 Bi-weekly check with all taxes: $1,472 Bi-weekly check with no federal tax: $1,832 Read Next: Discover More: Median household income: $77,640 Total income taxes for single filer: $17,434 State income tax for single filer: $0 Bi-weekly check with all taxes: $2,316 Bi-weekly check with no federal tax: $2,986 Find Out: Median household income: $58,945 Total income taxes for single filer: $14,819 State income tax for single filer: $1,557 Bi-weekly check with all taxes: $1,697 Bi-weekly check with no federal tax: $2,207 Median household income: $47,597 Total income taxes for single filer: $11,070 State income tax for single filer: $2,360 Bi-weekly check with all taxes: $1,405 Bi-weekly check with no federal tax: $1,740 Median household income: $73,235 Total income taxes for single filer: $23,902 State income tax for single filer: $5,113 Bi-weekly check with all taxes: $1,974 Bi-weekly check with no federal tax: $2,697 Median household income: $72,331 Total income taxes for single filer: $21,143 State income tax for single filer: $3,426 Bi-weekly check with all taxes: $1,969 Bi-weekly check with no federal tax: $2,650 Consider This: Median household income: $78,444 Total income taxes for single filer: $22,876 State income tax for single filer: $4,407 Bi-weekly check with all taxes: $2,137 Bi-weekly check with no federal tax: $2,848 Median household income: $68,287 Total income taxes for single filer: $19,530 State income tax for single filer: $4,237 Bi-weekly check with all taxes: $1,875 Bi-weekly check with no federal tax: $2,463 Median household income: $55,660 Total income taxes for single filer: $11,875 State income tax for single filer: $0 Bi-weekly check with all taxes: $1,684 Bi-weekly check with no federal tax: $2,141 Median household income: $58,700 Total income taxes for single filer: $16,198 State income tax for single filer: $3,440 Bi-weekly check with all taxes: $1,635 Bi-weekly check with no federal tax: $2,125 Find Out: Median household income: $81,275 Total income taxes for single filer: $26,872 State income tax for single filer: $7,183 Bi-weekly check with all taxes: $2,092 Bi-weekly check with no federal tax: $2,850 Median household income: $55,785 Total income taxes for single filer: $15,751 State income tax for single filer: $3,222 Bi-weekly check with all taxes: $1,540 Bi-weekly check with no federal tax: $2,022 Median household income: $65,886 Total income taxes for single filer: $18,899 State income tax for single filer: $4,044 Bi-weekly check with all taxes: $1,807 Bi-weekly check with no federal tax: $2,379 Median household income: $56,303 Total income taxes for single filer: $13,696 State income tax for single filer: $2,137 Bi-weekly check with all taxes: $1,639 Bi-weekly check with no federal tax: $2,083 Discover More: Median household income: $60,523 Total income taxes for single filer: $16,579 State income tax for single filer: $4,016 Bi-weekly check with all taxes: $1,690 Bi-weekly check with no federal tax: $2,173 Median household income: $59,597 Total income taxes for single filer: $15,864 State income tax for single filer: $3,483 Bi-weekly check with all taxes: $1,682 Bi-weekly check with no federal tax: $2,158 Median household income: $50,589 Total income taxes for single filer: $11,813 State income tax for single filer: $2,370 Bi-weekly check with all taxes: $1,491 Bi-weekly check with no federal tax: $1,855 Median household income: $49,469 Total income taxes for single filer: $10,973 State income tax for single filer: $1,970 Bi-weekly check with all taxes: $1,481 Bi-weekly check with no federal tax: $1,827 Read Next: Median household income: $57,918 Total income taxes for single filer: $15,674 State income tax for single filer: $3,612 Bi-weekly check with all taxes: $1,625 Bi-weekly check with no federal tax: $2,089 Median household income: $84,805 Total income taxes for single filer: $25,347 State income tax for single filer: $4,655 Bi-weekly check with all taxes: $2,287 Bi-weekly check with no federal tax: $3,083 Median household income: $81,215 Total income taxes for single filer: $25,416 State income tax for single filer: $5,067 Bi-weekly check with all taxes: $2,146 Bi-weekly check with no federal tax: $2,929 Median household income: $57,144 Total income taxes for single filer: $14,890 State income tax for single filer: $3,024 Bi-weekly check with all taxes: $1,625 Bi-weekly check with no federal tax: $2,082 Try This: Median household income: $71,306 Total income taxes for single filer: $21,061 State income tax for single filer: $4,503 Bi-weekly check with all taxes: $1,933 Bi-weekly check with no federal tax: $2,569 Median household income: $45,081 Total income taxes for single filer: $10,058 State income tax for single filer: $2,003 Bi-weekly check with all taxes: $1,347 Bi-weekly check with no federal tax: $1,657 Median household income: $55,461 Total income taxes for single filer: $13,674 State income tax for single filer: $2,428 Bi-weekly check with all taxes: $1,607 Bi-weekly check with no federal tax: $2,040 Median household income: $54,970 Total income taxes for single filer: $14,447 State income tax for single filer: $3,018 Bi-weekly check with all taxes: $1,559 Bi-weekly check with no federal tax: $1,998 Learn More: Median household income: $61,439 Total income taxes for single filer: $16,288 State income tax for single filer: $3,250 Bi-weekly check with all taxes: $1,737 Bi-weekly check with no federal tax: $2,238 Median household income: $60,365 Total income taxes for single filer: $13,082 State income tax for single filer: $0 Bi-weekly check with all taxes: $1,819 Bi-weekly check with no federal tax: $2,322 Median household income: $76,768 Total income taxes for single filer: $18,752 State income tax for single filer: $0 Bi-weekly check with all taxes: $2,231 Bi-weekly check with no federal tax: $2,953 Median household income: $82,545 Total income taxes for single filer: $24,699 State income tax for single filer: $4,312 Bi-weekly check with all taxes: $2,225 Bi-weekly check with no federal tax: $3,009 Trending Now: Median household income: $49,754 Total income taxes for single filer: $11,364 State income tax for single filer: $2,049 Bi-weekly check with all taxes: $1,477 Bi-weekly check with no federal tax: $1,835 Median household income: $68,486 Total income taxes for single filer: $19,734 State income tax for single filer: $4,047 Bi-weekly check with all taxes: $1,875 Bi-weekly check with no federal tax: $2,478 Median household income: $54,602 Total income taxes for single filer: $13,969 State income tax for single filer: $2,572 Bi-weekly check with all taxes: $1,563 Bi-weekly check with no federal tax: $2,001 Median household income: $64,894 Total income taxes for single filer: $13,838 State income tax for single filer: $324 Bi-weekly check with all taxes: $1,964 Bi-weekly check with no federal tax: $2,483 Consider This: Median household income: $56,602 Total income taxes for single filer: $12,701 State income tax for single filer: $1,200 Bi-weekly check with all taxes: $1,688 Bi-weekly check with no federal tax: $2,131 Median household income: $52,919 Total income taxes for single filer: $12,413 State income tax for single filer: $2,531 Bi-weekly check with all taxes: $1,558 Bi-weekly check with no federal tax: $1,938 Median household income: $62,818 Total income taxes for single filer: $20,837 State income tax for single filer: $6,496 Bi-weekly check with all taxes: $1,615 Bi-weekly check with no federal tax: $2,166 Median household income: $61,744 Total income taxes for single filer: $15,638 State income tax for single filer: $2,336 Bi-weekly check with all taxes: $1,773 Bi-weekly check with no federal tax: $2,285 Find Out: Median household income: $67,167 Total income taxes for single filer: $18,824 State income tax for single filer: $2,843 Bi-weekly check with all taxes: $1,859 Bi-weekly check with no federal tax: $2,474 Median household income: $53,199 Total income taxes for single filer: $13,260 State income tax for single filer: $2,649 Bi-weekly check with all taxes: $1,536 Bi-weekly check with no federal tax: $1,944 Median household income: $58,275 Total income taxes for single filer: $12,232 State income tax for single filer: $0 Bi-weekly check with all taxes: $1,771 Bi-weekly check with no federal tax: $2,241 Median household income: $53,320 Total income taxes for single filer: $10,681 State income tax for single filer: $0 Bi-weekly check with all taxes: $1,640 Bi-weekly check with no federal tax: $2,051 For You: Median household income: $61,874 Total income taxes for single filer: $13,358 State income tax for single filer: $0 Bi-weekly check with all taxes: $1,866 Bi-weekly check with no federal tax: $2,380 Median household income: $71,621 Total income taxes for single filer: $21,731 State income tax for single filer: $4,226 Bi-weekly check with all taxes: $1,919 Bi-weekly check with no federal tax: $2,592 Median household income: $61,973 Total income taxes for single filer: $16,959 State income tax for single filer: $3,212 Bi-weekly check with all taxes: $1,731 Bi-weekly check with no federal tax: $2,260 Median household income: $74,222 Total income taxes for single filer: $22,047 State income tax for single filer: $4,514 Bi-weekly check with all taxes: $2,007 Bi-weekly check with no federal tax: $2,681 Read More: Median household income: $73,775 Total income taxes for single filer: $18,374 State income tax for single filer: $0 Bi-weekly check with all taxes: $2,131 Bi-weekly check with no federal tax: $2,838 Median household income: $46,711 Total income taxes for single filer: $10,624 State income tax for single filer: $2,085 Bi-weekly check with all taxes: $1,388 Bi-weekly check with no federal tax: $1,716 Median household income: $61,747 Total income taxes for single filer: $16,130 State income tax for single filer: $2,918 Bi-weekly check with all taxes: $1,755 Bi-weekly check with no federal tax: $2,263 Median household income: $64,049 Total income taxes for single filer: $13,200 State income tax for single filer: $0 Bi-weekly check with all taxes: $1,956 Bi-weekly check with no federal tax: $2,463 Methodology: To generate the income tax for every state, GOBankingRates first found incomes based on 2023 American Community Survey median household figures and income tax estimates using an in-house calculator for a person a single filer and using the standard deduction (with 2024 tax brackets). Once the income taxes (federal and state) were calculated as an annual amount, GOBankingRates found each state's (1) total annual income taxes paid, (2) total income tax burden, (3) amount taken out of bi-weekly paycheck and (4) bi-weekly paycheck amount. GOBankingRates then took these figures and removed the federal income taxes (including FICA) to see what paychecks would look like by state without federal income taxes. All data was collected on and is up to date as of Feb. 4, 2025. More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on How Paychecks Would Look in Each State If Trump Dropped Federal Income Tax Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
