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.
The U.S. Census Bureau found that nearly half of adults ages 55 to 66 had no personal retirement savings in 2017. But a state-sponsored private retirement auto-IRA savings program could give many retiring Kansans a break.
The nonpartisan group Tax Foundation ranked the state’s tax climate as the 28th best in the nation while the Council on State Taxation found the state to have the highest tax burden on business inputs nationwide.
The federal Inflation Reduction Act includes a provision that would update the tax credit regulations for new electric vehicles to decrease or eliminate foreign-made parts in cars, which could possibly make EVs more expensive.
State officials hope to get a large chunk of the more than $65 billion that is available to improve broadband access across the nation through the infrastructure bill that was approved last year.
The first round of payment distributions for taxpayer funds will happen on Aug. 15. But there is concern that the more than $8 million won’t be enough to pay all the candidates who qualify for public matching between now and February.
A meetup that was intended to showcase farming issues quickly dissolved into a forum in which top state Republicans voiced concern over a Democrat-proposed measure that, Republicans fear, would place financial strain on farmers and families.
New incentives included in the Manchin-Schumer “Inflation Reduction Act” could help overcome range anxiety and cost concerns. Meanwhile, states are submitting plans to spend millions of federal dollars on EV charging networks.
The CHIPS and Science Act is awaiting signature from President Biden after it received approval from Congress last week. Many expect the legislation to be a huge boost to Michigan’s auto industry.
A proposal to provide middle-income residents with stimulus checks of $250 failed to pass the state’s Legislature. But House Speaker Ronald Mariano is determined that tax relief is “going to happen” this year.
A long-running lawsuit alleging collusion in the securities lending industry may be heading for class-action status. That could be a big deal not only for pension funds nationwide but also for the future of a $2.5 trillion marketplace.
The Census count led to the state redrawing congressional and state legislative districts, and the loss of a congressional representative. Detroit Mayor Mike Duggan argues that systemic racism led to an undercount.
Small businesses and those owned by women and people of color don’t receive a fair share of government contracting. With infrastructure money flowing, now is the time for public agencies to take a pledge to improve procurement practices.
Several other states are offering residents some form of tax relief to help deal with the financial strains of inflation, but Alabama has nothing planned and the Legislature doesn’t reconvene until March.
Counties regularly take the Social Security benefits of foster youth who are disabled or whose parents have died. Advocates say it amounts to children paying for their own foster care.
At least 16 states have opted out of receiving millions in pandemic food aid while more than 18 million Americans didn’t always have enough to eat last month.
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