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.
Most red states are looking to reduce property tax burdens, which have increased along with home values. Finding ways of replacing lost revenues for locals remains a challenge.
Solutions include funding the federal agency properly, requiring states to share a larger burden of the responsibility and removing barriers to resilience.
Republican Gov. Mike DeWine has proposed a new refundable child tax credit and increases in child care and children’s health funding, along with full funding for public schools.
President Trump, who calls FEMA “not good,” has issued an executive order and established a commission to look at ending the agency. He favors having states respond to their own disasters, but they may not have adequate resources.
South Carolina residents are seeing rates go down thanks to a law passed in 2022, but the state still charges a lot more than North Carolina and other southeastern neighbors.
Cities across the country are committed to making it easier to build housing and are taking a variety of promising approaches, note the leaders of the U.S. Conference of Mayors. But they must be bolstered by federal investment and flexibility.
Crystal River, Minn., is a freshly incorporated city that lacks money for services and infrastructure. A lobbyist would help secure state funds, but some local officials call the idea a “racket.”
The administration rescinded its order for a spending review due to blowback. Republicans had not joined the chorus of critics, even though red states are heavily dependent on federal grants.
The legislation would block foreclosures and allow homeowners who’ve suffered financially due to the L.A. fires to freeze payments without penalty. Several major lenders have already reached agreement with Gov. Gavin Newsom to provide voluntary relief.
The White House ordered a pause on all federal grants, partly intending to target diversity, equity and inclusion and other "woke" programs. A third of states' budgets comes from federal grants.
It could bring states a lot of revenue. But voters don’t like it, even though few of them would have to pay.
Like other states, Michigan is seeing declining revenues due to electric vehicles. It’s pulled a pilot program to try out a fee system based on miles traveled due to lack of funding, which critics call short-sighted.
The plan would reduce the state’s $7 billion general fund by $1.1 billion over 10 years. Losses would be partially offset by increases in sales and gas taxes.
Seven employees were fired after accessing tens of thousands of Medicaid and food stamp accounts and stealing at least $270,000.
As 2024 came to a close, the White House and Congress approved big giveaways to two subsets of state and local government employees and pensioners. There could be political backlash, and for equity’s sake there might be a case for some corrective tax policies.
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