Income is a crucial aspect of people's lives, impacting everything from daily expenses to long-term financial planning. As such, it's important to stay informed about the latest news and trends related to income. In this article, we'll take a closer look at some of the most significant recent developments in the world of income. New Jersey lowered its gross-income tax revenue forecasts by $2.3 billion. In testimony before the Assembly budget committee in Trenton on May 20, state treasurer Elizabeth Maher Muoio cited the ongoing COVID-19 pandemic and the resulting economic downturn as the primary reasons for the revised projections. The news is likely to have significant implications for the state's budget and spending priorities in the coming months.
Stocks Walmart Inc. (NYSE: WMT) recently released its first-quarter earnings report, revealing consolidated revenue of $152.3 billion - a 7.6% increase year over year. The company's strong performance was largely driven by its e-commerce business, which saw sales growth of 37%. However, Walmart's stock price fell slightly following the earnings announcement, as investors expressed concern about the company's ability to maintain its growth trajectory in the face of increasing competition from online retailers.
Popular Many states have lowered personal income tax rates for this year. Do you live in one? As of this writing, several states - including Arizona, Georgia, and Iowa - have implemented or are planning to implement tax cuts for 2021. The moves are aimed at boosting economic growth and providing relief to taxpayers who have been struggling during the pandemic. However, some critics have argued that the cuts primarily benefit high earners and may not have the intended effect on the broader economy.