LexisNexis® CLE On-Demand features premium content from partners like American Law Institute Continuing Legal Education and Pozner & Dodd. Choose from a broad listing of topics suited for law firms, corporate legal departments, and government entities. Individual courses and subscriptions available.
The District of Columbia Council narrowly voted to impose higher taxes on its wealthiest citizens. The law, expected to be signed by Mayor Vincent Gray, will tax those making more than $350,000 a year at 8.95 percent. Those earning more than $40,000 will continue to be taxed at -- a still high -- 8.5 percent. If DC were a state it would have the sixth highest income tax rate in the country. But the vote was close 7-6. The opponents were hardly Tea Party conservatives. Indeed, the measure was opposed by some of the most liberal members of the council. And the hardly conservative Washington Post editorial page was very critical of the new law. Why?
View TaxAnalysts' opinion in its entirety on TAX.com.
Discover the features and benefits of LexisNexis® Tax Center
For quality Tax & Accounting research resources, visit the LexisNexis® Store