Forget the ax, the Legislature’s budget-writing committee is about to take dynamite to Governor Tony Evers’ record $104 billion budget proposal.
The Democrat’s 2023-25 budget blueprint seeks a 24 percent spending increase over the biennium, funding a long list of liberal policy initiatives and grow government agenda items.
Read the full story
The people who lobby for local governments in Wisconsin are once again talking about more state money.
The League of Wisconsin Municipalities on Thursday said the wave of local tax referendum questions show the need for funding “reform.”
Read the full story
Businesses across Minnesota are expected to see an increase in their unemployment insurance taxes after lawmakers failed to come to an agreement on the issue before the automatic tax hike went into effect.
During the coronavirus pandemic, the state’s unemployment insurance trust fund was depleted, and the tax hike will go to replace the funds and repay the federal government for unemployment aid.
Read the full story
A Detroit lawmaker is pitching up to a 20-year, additional 0.4 mill tax hike to Wayne and Oakland County residents to fund museums – similar to the Detroit Institute of Art tax.
Sen. Marshall Bullock, D-Detroit, sponsored Senate Bill 653 that would apply only to counties with a population over one million – narrowing to the above two counties to fund the Detroit Historical Society and the Charles H. Wright Museum of African American History.
Bullock’s office hasn’t responded to multiple requests by The Center Square for comment.
Read the full story
House Democrats will consider nearly $3 trillion in tax hikes over the next decade in an attempt to pay for their $3.5 trillion budget that includes most of President Joe Biden’s domestic agenda and would overhaul the nation’s social safety net.
The hikes are predominantly focused on wealthy Americans and large corporations. Among the increases is a top income tax bracket of 39.6%, up from 37%, which Democrats say would raise $170 billion in revenue over the next decade.
A summary of the proposals leaked Sunday, and was first reported by The Washington Post.
Read the full story
A new Democratic proposal to increase the capital gains tax could cost 745,000 jobs, a study published by the Regional Economic Models Inc. (REMI) projects.
The Sensible Taxation and Equity Promotion (STEP) Act, which would tax unrealized capital gains when heirs inherit assets, among other things, would have a “significantly negative impact” on the economy, including average job losses of 745,000 over 10 years, the report found.
The analysis, conducted for the Committee to Unleash Prosperity, found that sustained annual job losses from eliminating a tax benefit on appreciated assets known as the step-up in basis could eliminate between 537,000 to 949,000 jobs, with models predicting a base of 745,000 lost jobs through 2030.
Read the full story
If there were trillions of dollars socked away in convenient vehicles to avoid taxes and benefit the ultra-elite should we not tax them? Are they not fair game in a just system of taxation, where the little guy and the middle class have to pay up—or else?
The largest endowments, mainly universities indoctrinating students in social justice, wokeism, and class warfare, pay absolutely no taxes.
The big foundations, promoting radical left-wing activism, likewise pay no taxes.
Read the full story
Chancellor Russell T. Perkins, a Nashville judge, struck down the provisions of a referendum on the city’s taxes that was scheduled for July 27th.
The ruling invalidates the referendum and cancels the special election that was to be held, which would have allowed voters to determine the fate of the dramatic tax hike.
Read the full story
There will always be munis. Income from municipal bonds typically enjoys tax-free status at the federal level and in the issuing state. Conversely, when investors put wealth to work in a startup, private corporation, or public company, they face a capital gains tax penalty if their investment bears fruit. If a home run, that penalty becomes enormous.
Imagine that. Investors who subsidize the growth of government largely avoid taxation. But if they back an innovative corporation, or rush a distant future into the present through an intrepid investment with a visionary entrepreneur, a major IRS bill awaits.
Worse, the cost of prescient investing may soon increase. Seemingly in a bid to placate his ravenous left flank, President Biden has announced a proposal to nearly double the federal penalties on savings and investment to 43.8%.
Read the full story
Just over three months into his presidency, Joe Biden has been nothing if not active. Fresh off proposing two bills that could end up costing taxpayers $5 trillion over the next decade, the President is now proposing yet another $1.5 trillion spending package. This plan, intended to fund expanded childcare and education initiatives, would include huge tax hikes that would act as yet another sucker punch to a still-rebounding economy.
About the only tax increases the President hasn’t supported thus far arewealth taxes and financial transaction taxes. But just because the tax hikes in this package are less exotic doesn’t mean they wouldn’t prove to be harmful.
In keeping with Biden’s ongoing efforts to undo the 2017 tax reform law, the first tax increase proposed is the restoration of the top tax bracket to 39.6 percent, the level it was at before the Tax Cuts and Jobs Act (TCJA) lowered the rate to 37 percent. The top individual rate isn’t the most influential piece of the tax code on economic growth — as the Tax Foundation estimated prior to the passage of the TCJA — but it’s also far from the only tax hike that Biden is proposing.
Read the full story
Understandably lost in the wake of Wednesday’s shocking events was the fact that, with two election wins in Georgia, Democrats took control of the Senate to go with control over the House and presidency. Though tax policy may have taken a backseat in these Georgia elections, the results raised the chances of significant tax hikes, and the undoing of progress made in the 2017 Tax Cuts and Jobs Act (TCJA), substantially.
Read the full story
A House bill package seeks to put about $800 million annually into local roads without a 45-cent gas tax hike or increasing future debt.
The six-bill package, if enacted, would eliminate the six percent sales tax on fuel over three years and replace it with another excise tax that would fund the 92 percent of local roads that aren’t touched by Gov. Gretchen Whitmer’s $3.5 billion bonding plan.
Much of that bonding money would go to repair roads in Metro Detroit.
Read the full story
Hamilton County commissioners will reportedly ask voters to decide on a $60 wheel tax to fund public schools.
Read the full story
by Tyler Arnold Michigan House Republicans unveiled an infrastructure funding plan that would divert all revenue generated from sales taxes paid on gasoline purchases to fund road improvements, rejecting Gov. Gretchen Whitmer’s plan to increase road funding through a 45-cent gas tax hike. The Republican plan would provide about $800 million annually in additional funds for roads once fully phased in, which is far less than Whitmer’s plan crafted to generate about $2.5 billion. “It’s our duty to do the best job we can to provide an effective, efficient and accountable state government with the money taxpayers already provide,” Rep. Shane Hernandez, R-Port Huron (pictured above), said in a news release. “We have gone through the budget line-by-line to find savings and set priorities that reflect what matters most to Michigan taxpayers and families,” Hernandez said. “That’s the approach we should take – rather than asking taxpayers for more money.” Currently, the sales tax paid at the pump is used mostly to fund schools and local governments, rather than roads. Hernandez’s plan would divert all of this money to infrastructure, but would do so without sacrificing money for schools and local governments. Money will be diverted back into schools and…
Read the full story
The Republican-held Ohio Senate joined Republicans in the House of Representatives in opposing Gov. Mike DeWine on his proposed gas-tax hike. House Bill 62 (HB 62), the 2020-21 Ohio transportation budget, first proposed by DeWine on Feb. 12, originally called for an 18 cent increase to the current gas tax. This was the first major bill proposal of his term. He called the measure “a minimalist, conservative approach, with this being the absolute bare minimum we need to protect our families and our economy.” In his State of the State address, as well as in other forums, he maintained that this was the absolute lowest the tax could be and would have to go into effect immediately. After being referred to the House, the Republican-held legislature broke significantly from the governor, lowering the rate to 10.7 cents and ordered it to be phased in over three years. “If they pass the House bill, we’re going to end up with the worst of all worlds,” DeWine said in response. He was insistent that the 18 cent number was the only acceptable rate. While DeWine seemed hopeful he could convince the legislature to return to his 18 cent number, the Ohio Senate seems to be making it clear that 18…
Read the full story
Grover Norquist, President and Founder of the nationally recognized Conservative taxpayer advocacy group Americans for Tax Reform (ATR), implored Ohioans Friday to reject the “straight up” gas tax currently being considered by the Ohio Legislature. In an open letter, Norquist warned; A gas tax hike does the greatest harm to households who can least afford it. Coupled with gas tax prices that have been creeping up in Ohio, a gas tax hike would have especially adverse effects on the state’s lower income earners. Additionally, the 2003 gas tax increase failed to meet revenue projections. Also consider that a state gas tax increase would counteract the benefits of federal tax reform and eat into Ohio taxpayers’ federal tax cut savings. This is one of the reasons why Congress has declined to raise the federal gas tax, despite pressure for them to do so. The bill has been a source of significant controversy, forcing a schism between many Ohio Republican legislators and the Ohio Republican Governor, Mike DeWine. While there is an overwhelming consensus that something must be done to address the rapidly decaying roads and bridges in Ohio, how best to fund these repairs is still up for debate. When DeWine first introduced House Bill 62 (HB…
Read the full story
COLUMBUS, Ohio — The battle over a gas tax increase has officially kicked off in the Ohio Statehouse. Since taking office, Ohio Republican Gov. Mike DeWine has insisted that a gas tax was critically necessary to preserving and repairing the state’s decaying roads and bridges. Though many in the state on both sides of the political aisle agreed that some form of revenue increase would be necessary, the real question was exactly how much would the increase would be. In his State of the State Address on Tuesday, as previously reported, DeWine explicitly stated that his proposed gas tax increase of 18 cents was lowest it could go: “Members of the General Assembly, by requesting $1.2 billion dollars to fill the budget hole and meet existing needs, let me assure you that I am taking a minimalist, conservative approach, with this being the absolute bare minimum we need to protect our families and our economy. He intended for it to go into effect immediately with no tax break offsets, and would peg it to the Consumer Price Index (CPI), thereby ensuring it would increase over time as the economy grew. However, prior to that speech, Ohio Republican State Speaker of the House Larry Householder…
Read the full story
COLUMBUS, Ohio– In a statement made via a Facebook Video, Columbus, Ohio’s Democratic Mayor Andrew J. Ginther announced that he is backing DeWine’s 18 cent gas tax hike. The mayor said he is backing the bill because: It will help us increase our funding for infrastructure in Columbus neighborhoods by 19 million a year. We think that’s worthwhile because we know infrastructure is really about people; opening up jobs and opportunities for others in the community to share in our prosperity. House Bill 62 (HB 62), which would create the transportation budget for the 2020-2021 biennium, includes the 18 cent gas tax increase and is currently being reviewed by the House Finance Committee. Governor DeWine made the case Tuesday in his State of the State Address for the necessity of the bill, stating: Mr. President, Mr. Speaker, Members of the General Assembly—our families should not be driving on roads that are crumbling and bridges that are failing. I appeal to you—as legislators, as fathers and mothers, as sons and daughters—help us fix this! The state has avoided its responsibility for too long—and now is the time to act. As previously reported, 30 percent of all roads are in “poor or mediocre condition.” DeWine dedicated almost half of his hour-long address to…
Read the full story
If it seems like every other State in the Union has either raised their fuel tax – or is working on it – it’s because they are. A full 21 states’ legislatures have proposed raising the gas tax, and more of those proposals have been successful than not. California and Tennessee consumers will see a sharp increase in prices at the pump thanks to increased taxes; while South Carolina’s governor just spared his constituency by vetoing a gas tax hike. Louisiana is up next, with a vote Tuesday in the powerful Ways and Means Committee which will determine the fate of a years-long battle to raise the gas tax there. Americans for Prosperity (AFP), whose Tennessee state group opposed the gas tax in Tennessee, is sponsoring a “Day at the Capitol” through its Louisiana state group. Activists are called to gather Tuesday, May 16 in Baton Rouge from 9 a.m. to 12 p.m. at the Ways and Means Committee room. The hearing begins at 9:30 a.m. The Hayride reports: There are 19 members of the House Ways And Means Committee – 12 Republicans and seven Democrats. HB 632 by Rep. Steve Carter, which is the gas tax bill, has eight…
Read the full story