Taxes
As child poverty doubles, states launch or expand their own tax credits
The federal pandemic-era child tax credit expansion lifted millions of children out of poverty in the second half of 2021. But Congress allowed it to expire at the end of that year, and new U.S. census data shows the child poverty rate more than doubled in 2022, erasing the record gains that were made. “It […]
Voters to Weigh Tax Caps, Increases
© AP Alvin Dollar, of Decatur, right, carries a sign proclaiming he voted early as he talks with Dianna Green, of Atlanta at a Democratic rally encouraging early voting in Georgia. Georgia is one of many states with fiscal issues on the ballot this year. (AP) Capping or outlawing state income taxes by referendum is […]
Superstar Athletes Pay Big Jock Taxes
Getty Images The Cleveland Cavaliers’ LeBron James, left, controls the ball against the Chicago Bulls during an NBA preseason basketball game earlier this month in Columbus, Ohio. Ohio and other states collect ‘jock taxes’ on athletes when they visit to play road games. (Getty Images) This story was updated to clarify that Tennessee’s “jock tax” […]
Volatile Income Tax Revenue Stumps States
© AP Democratic Gov. Dannel P. Malloy (right) of Connecticut addresses state legislators on the final day of the legislative session in May. Connecticut and other states that heavily rely on income taxes are having a hard time crafting budgets as income tax revenue has become increasingly volatile. (AP) Income tax revenue, once a reliable […]
Despite Atlantic City Closures, Most Casinos Thriving
© AP Hercilia Restrevo, Monica and Juan Varela and Carlos Gonzalez take advantage of the slot machines before the Revel casino in Atlantic City closed Sept. 2. Despite multiple casino closings there, casinos in other states are doing well, bringing in millions in state and local revenue. (AP) Recent casino failures in Atlantic City may […]
Two-Tier Taxes Pit ‘Summer People’ Against ‘Townies’
© Getty Images Pedestrians on Commercial Street in downtown Provincetown, Massachusetts, enjoy a sunny August day. Provincetown leaders may institute a two-tier property tax system that would raise taxes on summer residents while sparing those who live in the seaside town year-round. (Getty) More states and local jurisdictions across the country are considering whether seasonal […]
Marijuana Revenue Still Hazy for States
© AP A customer pays cash for retail marijuana at 3D Cannabis Center, in Denver, Colorado, one of two states where recreational marijuana is now legal. Many states are watching to see how much tax revenue legalized marijuana brings in – so far in Colorado, sales have been far under projections, although they continue to […]
Eyeing Revenue, States Try to Predict Billionaires’ Moves
© AP Facebook founder Mark Zuckerberg rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, California, on the day of the company’s initial public offering (IPO) of stock. The financial impact of the IPO was so large California officials had to include it in their revenue calculations that year. (AP) The wealthiest Americans […]
State Budgeting With an Eye on Results
© AP Jim Schowalter, Minnesota Management and Budget Commissioner, presents the state’s budget forecast last February. Minnesota is one of the states where performance-based budgeting is gaining traction. (AP) “Performance-based budgeting,” buzzwords for states making spending decisions based on specific benchmarks, gained traction in the 1990s, then fell out of favor during the budget-cutting era […]
Shrinking Revenue Spurs Gas Tax Alternatives
© AP An electric car charges up in Montpelier, Vermont. Carpooling and cars that run on electricity or burn less gasoline may be good for the environment, but they are shrinking per-gallon gas tax revenue. Some states are looking at alternatives. (AP) It was the potholes that convinced real estate broker Lester Friedman that there’s […]
States Debate Millionaires’ Taxes
© AP Illinois House Speaker Michael Madigan, a Chicago Democrat, argues in favor of the “Millionaires’ Tax” proposal at the state Capitol. About a dozen states have increased income tax rates on high-income earners since the Great Recession. When New Jersey Gov. Chris Christie last month vetoed a tax increase on any income over $1 […]
States Step In to Aid Cities
When Illinois Gov. Pat Quinn earlier this month signed an overhaul of two pension systems for Chicago city workers, he inserted the state into the city’s budget business and set off a political firestorm that will heat up this fall’s elections. Quinn, a Democrat running for re-election, wanted to claim the pension overhaul as an […]