Missouri, Mississippi, Oklahoma Phase Out State Income Taxes, Capital Gains Exemptions

In 2025, several U.S. states are advancing significant tax reforms focused on reducing or eliminating taxes on investment income, with Missouri set to become the first state to fully exempt capital gains from state income tax, and Texas approving a constitutional amendment to prohibit such a tax. These moves are seen as efforts to stimulate economic growth and investment, reflecting a broader trend toward lower and flatter personal income tax rates. Meanwhile, in New Zealand, political debate centers on introducing a capital gains tax as a concession to left-wing voters, though concerns about capital flight and the unique composition of wealth there complicate the discussion. Additionally, Indian investors are advised to pay careful attention to the taxation of foreign investments, where tax rates and reporting requirements depend on the type of income and applicable international treaties, highlighting the complexity of global tax compliance. The articles collectively reveal contrasting global approaches to capital gains and investment income taxation, from U.S. states pursuing tax cuts to New Zealand's cautious political environment and India's detailed regulatory framework for foreign income reporting.