Taxes
Covering topics such as bonds, cryptocurrency, federal aid and pensions.
While House Republicans filed measures to eliminate non-school property taxes, DeSantis argues that placing multiple measures on the ballot undermines any substantive reform.
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.
Grant programs too often send money to areas that already have resources. Federal agencies should work with state and local leaders to identify the place-specific needs of regional economies and develop custom projects.
States face a tricky year, with their own revenues stalling and federal aid running low.
Recent laws to improve pension financing should save states tens of billions of dollars over the long term.
Governors, mayors and finance officers are treading water, awaiting the outcome and impact of a new Washington regime’s vows to slash federal spending and taxes. Meanwhile, state and municipal budgeters and debt managers will need to make intelligent guesses and pay more attention to their rainy-day funds.
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.
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