Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
States’ overall fiscal cushions are quickly eroding, leaving states with fewer resources to address widespread current and projected budget imbalances.
When Democrat Jay Inslee took office in 2013, the state’s two-year budget was $38.4 billion. Now, as he prepares to leave, he’s released a $78.8 billion spending plan.
The taming of inflation was the main financial story. Bond and capital markets were cooperative, even if voters upset about property taxes were not. Governors, mayors, finance directors and pension pros may soon look back wistfully at 2024’s business-as-usual atmosphere.
Iowa has helped prompt other states to adopt flat income tax rates. To bring down property taxes, the state has to address local government spending.
A bill would allow more public employees to shift out of 401(k)-style plans into more traditional pensions, which could help with recruitment. But critics say costs are a reason the state has moved away from such plans for decades.
State and local governments will be forced to return pandemic relief funds if they aren’t properly obligated by the end of December.
Incoming GOP Gov. Mike Kehoe campaigned on a pledge to eliminate personal income taxes. Several bills would cut the income tax to 4 percent while imposing sales taxes on services.
St. Louis voters rejected a $60 million proposal for a new soccer stadium, but the city got one anyway. Here’s how it did that with minimal public funding.
The states have trigger laws to end coverage if the feds end funding for expansion under the Affordable Care Act. Other states may make cuts if funding gets rolled back.
The city’s finances were already in poor shape but suffered a blow last month when voters rejected a $400 million-per-year sales tax hike.
In Connecticut, 40 percent say they’re either struggling or just getting by financially.
’Tis the season: State politicians love to proclaim temporary tax respites, but they rarely achieve their stated objective of boosting economic activity. Poor timing, poor design — or just a bad idea?
Solar farms are being shut off, losing more than twice as much potential power than in 2021. The surplus would be worse if utilities weren’t paying other states to take some of the excess.
After tearing down high-rises and building more townhomes, the city is trying a mixed-used approach that blends towers with other amenities.
Big city transit systems receive more than half their operational funds from the state. That’s a far higher percentage than Boston, Chicago or New York.
Democratic governors are scrambling to mount an effective opposition to the policies of the new administration. They may not be holding a winning hand.
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