The Future of Finance
A bipartisan group of senators proposed the gas tax should be indexed to inflation to help pay for new infrastructure spending, an approach Biden calls ‘regressive.’
The bill would make funding changes to the Hawaii Tourism Authority and would eliminate the hotel tax distribution from individual counties. Gov. Ige is concerned the bill would detract from the state’s tourism and community focus.
State and local leaders should prod Washington for the funding that can close the digital divide, protect utilities from cyber criminals, build smart cities and shape incentives for high-tech manufacturing.
With one of the region’s largest cryptocurrency mining facilities, a Bitcoin ATM operator and a bill that would allow special trusts to hold digital assets, the state could be a center of the growing fintech industry.
Lawmakers are studying whether they can spend part of the $2 billion the state received from the American Rescue Plan Act on prison construction. The state will have until the end of 2024 to use the funds.
While some argue that the state should save most of the historic budget surplus for the inevitable next recession, others want to spend it ahead of the upcoming midterm elections.
Residents will vote on the “Fair Share” amendment next year and if approved the state will impose a 4 percent surtax on household incomes exceeding $1 million. The tax increase would produce an additional $2 billion in revenue annually.
There are less than three weeks until the state’s constitutional deadline to establish a budget. With federal aid and large tax revenues, the state plans to spend approximately $3 billion more during the 2021-2023 cycle.
21 Alabama cities have been classified as a “metropolitan” under the American Rescue Plan Act, which allocates significantly less federal relief aid than initially anticipated, sometimes reducing by more than half.
A report has found that the state’s strict coronavirus regulations have set the state up to have one of its best years of economic growth. It is estimated that the state’s GDP will grow 7.1 percent this year.
Much depends on their tax structures, particularly if Prop. 13-style tax caps are in place. But inflation-driven pressure for wage increases could squeeze budgets and crush pension funds.
An online lending platform called Kabbage sent 378 pandemic loans worth $7 million to fake companies (mostly farms) with names like “Deely Nuts” and “Beefy King.”
The City Council has approved Mayor Eric Garcetti’s funding plan, which includes a 3 percent increase in spending for the LAPD. The city will also increase funds for homelessness initiatives, child care and business support.
America doesn’t hear about ‘shovel-ready’ or ‘New Deal’ work projects anymore because the Biden administration knows infrastructure spending doesn’t generate jobs in the short term. But it does create long-term economic development.
The legislation would raise $3.8 billion over the next 10 years through increased fees on gas and online delivery purchases, but some are concerned that not enough would be invested in climate change proposals.
While Washington politicians argue over the latest White House proposals, governors and local leaders should promote achievable federal plans that would reduce their costs of funding health care.
The state’s four historically Black universities will plan to use the money to increase funding for STEM and certificate programs in an effort to close the wealth gap between Black graduates and other races.
Republican resistance isn’t just about taxes. It’s rooted in the party’s hostility toward urban initiatives that has played out on a broad range of issues.
The president is famous for his love of riding trains. He's ready to put serious money into the Amtrak system, proposing billions more than have been spent throughout its entire 50-year history.
States and local governments should ensure that the new federal funds are invested in lasting economic development. There are lessons to draw upon from around the world.
The state approved $7.7 billion for the 2022 fiscal year, $452 million more than last year’s allocation. Teachers and education employees in public schools and community colleges will also receive a 2 percent raise.
Progressives and anti-taxers oppose blue-state proposals to remove the federal limit on state and local tax deductions. Reforms must address both tax competition and income confiscation.
The Biden administration’s new budget proposes to increase federal spending. While little is specifically geared toward school technology, some funds could help close the digital divide and bolster mental health services.
Advocates for disadvantaged communities want lawmakers to increase spending on transit projects in areas where driving alternatives are scarce. Paying for the proposals would require increases in taxes and fees.
To maintain the revenue from the gas tax even as vehicles transition away from gasoline, a bill would require fuel-efficient vehicles to pay a fee for every mile they drive starting in 2026.
Lawmakers expected to have to make drastic cuts and enact furloughs when the session began in January. But with the $1.35 billion bailout from federal relief funds, the Legislature could approve the $31.2 billion budget.
City officials may use some of the $115 million it will receive from the state to restore or reimagine public transit usage to increase access and efficiency. But the public must buy in for the investment to pay off.
The Georgia county spent $38.3 million during the 2020 election cycle, nearly four times the amount spent in 2016. But officials expect that the election price tag will only continue to grow.