Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
Now 25,000 members strong, financially secure and long blessed with thoughtful leadership, the Government Finance Officers Association is poised to address the challenges to come for those who manage the public purse.
Residents will vote on whether the state general reserve fund should keep 7 percent of the previous year’s state-collected tax dollars and whether the capital reserve should retain 3 percent of the year prior’s revenues.
In its annual survey of the fiscal condition of U.S. cities, the National League of Cities finds cause for both hope and concern. Federal funds have improved municipal fiscal health, but inflation and recession fears are on the horizon.
Despite the recent announcement that Social Security benefits will increase next year, the federal program is likely to become insolvent by 2035. Congress has done little so far, but some candidates hope to change that.
Since the start of 2021, car manufacturers have announced plans to spend at least $50 billion on electric vehicle plants in 10 states and have received commitments of at least $10.8 billion to lure those developments within their borders.
There are 129 ballot measures in states this November, with issues ranging from dialysis to term limits.
The Established Program to Stimulate Competitive Research is aimed at states and territories that previously received little funding from the National Science Foundation. The hope is to boost scientific research across the nation.
At least eight states have bills that would modify existing or establish new programs to tax drivers of electric vehicles based on the number of miles they drive to supplement the decreasing revenue from the gas tax.
Pennsylvania and other states argue that Delaware has been wrongly pulling money through unclaimed property seizures, which, in recent years, have funded 10 percent of the state’s budget. The case could cost Delaware $400 million.
With inflation taking root, state and local treasurers were warned of the risks of blindly investing their cash longer term for minuscule returns. It was advice that many ignored, leaving their portfolios squandering billions.
In the first year that the state legalized online gambling and sports betting, the state earned $41 million in tax revenue, which is much higher than expectations but much less than the profits of two of the state’s casinos.
Phil Murphy wants the president to require an environmental impact statement for the city's traffic program, which would take much longer than the environmental assessment process currently underway.
If passed, a bill would divest the state’s pension fund from the 200 largest publicly traded fossil fuel companies no more than two years from the time the bill is enacted. The pension fund is valued at $92.9 billion.
As costs rise, the economy slows and federal grants decline, Tom Kozlik warns that cities, including Philadelphia, may have to adjust the way they manage their finances to prepare for tough times ahead.
Buffered by relief programs, like stimulus checks, expanded SNAP benefits and Child Tax Credit payments, the state’s supplemental poverty rate decreased to 10.5 percent in 2019-2021.
More than a dozen states allow homeowners to lose not only their houses but also years of mortgage payments if they fail to pay their property taxes. Some lawmakers are hoping to change the rules.
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