Several states will decide on new tax rules this election year, and voters have the chance to directly decide how their state could enforce new regulations.
“Over the past two years, we’ve seen various states use the tax code as a way to tackle economic and social problems that are occurring, either with the purpose of excluding certain goods and services to encourage growth in that sector or increasing state revenue to pay for other initiatives,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
While some states are making child care more attractive as a business option by attempting to lower or eliminate taxes on those services, others are fighting inflation by raising the minimum wage or getting rid of taxes on everyday purchases.
In Missouri, for example, voters will decide whether to exempt child care facilities from property taxation. This would also apply to properties used primarily for the care of …