Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
The state estimates it will have between $300 and $400 million of American Rescue Plan Act funding still available for use. The problem will be figuring out how to prioritize which programs get money.
Last month, Washington increased funding for the preschool program by $275 million. Additional funding for salaries may help address workforce shortages that have led to a steep decline in enrollment.
After borrowing billions from the federal government to pay for unemployment during the pandemic, the state’s debt now stands at about $21 billion and growing. The state also currently accounts for about 20 percent of the nation’s unemployment.
Affordable online advertisements are critical for thousands of brick-and-mortar businesses that need to reach out to national customers to survive. A Nebraska proposal and similar federal legislation would be a serious blow.
Federal tax cuts may be in jeopardy, but some states are reducing the tax burdens on their citizens and businesses. It’s not surprising that millions are moving to states with robust free-market policies — and leaving those that don’t have them.
The lower number in completed applications for aid has education advocates worried about a smaller fall enrollment this year. An overhaul of the form has caused delays and setbacks across the country.
Many school districts still have a lot of money that could be spent on effective long-term interventions. States should help them build federal dollars into their budgets for years to come.
The federal Affordable Connectivity Program has helped 23 million low-income households afford Internet connections to schedule or attend health-care appointments. But the program will soon run out of funds.
By 2030, an estimated 12 percent of people ages 75 and older will be working, more than doubling from 2000, due to longer lifespans and rising costs of living. In Florida, soaring insurance rates add to financial pressures.
Proposals to eliminate them usually ignore the basic facts of life in state and local revenue management. Successful changes will be focused and surgical, and there is an intriguing opportunity to apply AI to local tax relief.
Democratic Gov. Laura Kelly and GOP legislators have agreed to reduce the state’s top income tax bracket, starting at $30,000, from 5.7 percent to 5.5 percent. The proposal would cost $1.4 billion over the next three years.
State leaders promised a series of sweeping reforms to address problems in the disability pension system, just hours after the publication of a report highlighting poor management.
The state will launch an alternative system where drivers are charged for each mile they drive. That might replace the gas tax, which hasn’t been updated since 2003. As of 2022, just 0.13 percent of the state’s vehicles were hybrid or electric.
Two political leaders are backing a congressional bill that would lower the cost of homeowner property insurance by about a quarter. In 2023, Florida homes cost three times the national average to insure.
An audit by a federal watchdog found several instances of poor planning, misallocation of funds and a lack of workers which undercut millions of dollars of federal aid meant to keep stormwater at bay.
Getting rid of personal income taxes entirely, which several states are considering, would gut services and shift taxes onto those least able to afford them.
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