Wednesday morning on The Tennessee Star Report, host Leahy welcomed David Williams, head of Taxpayer Protection Alliance to the newsmaker line to discuss the ramifications of the cancellation of federal student loan debt in a desperate attempt for Democrats to buy votes while lower-income folks suffer.
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The price of U.S. natural gas futures reached its highest point since 2008 as gas demand continues to spike amid the worldwide energy crisis and the passage of the Democrats’ climate bill, according to The Wall Street Journal.
Natural gas futures for November, December and January each surpassed $10 per million British Thermal Units (BTUs) on Monday, reaching highs that have not been seen since 2008, according to the WSJ. High prices are largely due to the strong demand for gas in Europe amid uncertainty surrounding Russian natural gas flows, the WSJ reported; furthermore, the Democrats’ new climate bill includes regulations that will hike expenses for natural gas producers.
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The 5th U.S. Circuit Court of Appeals on Wednesday threw out a lower court’s order that would have stopped the Biden administration’s moratorium on new oil and gas leasing on federal lands, according to court filings.
The 5th Circuit court appeals court vacated the Louisiana district court’s decision to block the Interior Department’s (DOI) leasing pause after Louisiana and a dozen other states filed a lawsuit against the administration, arguing that they would suffer injury from the policy, according to legal documents. The federal court determined that the lower court’s directive does not specifically outline what the Biden administration is and is not permitted to do.
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Rather than impose higher taxes and more restrictions on domestic production of oil and natural gas, as Senate Democrats voted to do by passing the Inflation Reduction Act, those in the industry proposed 10 actions policy makers can take right now to reduce costs. The industry says its solutions won’t cost taxpayers $740 billion, as the Inflation Reduction Act does, or increase the national debt or inflation, as 230 economists have warned the act will do.
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The environmental impact of electric cars may still be unknown, but leaders are growing concerned about the threat they pose to the financing of the nation’s highway system. Because freeways and bridges are funded, in large part, through federal and state taxes on gasoline and diesel fuel, the battery-powered future will test whether roads can just be paved with good intentions.
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Saying communities in Ohio have been denied economic development and job growth opportunities because of energy issues, two Ohio lawmakers announced legislation Friday that would provide taxpayer incentives to grow energy infrastructure in the state.
Reps. Jon Cross, R-Kenton, and Jay Edwards, R-Nelsonville, called areas of the state “energy deserts,” and want House Bill 685 to promote the use of the state’s natural gas energy resource.
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Pennsylvania business advocates joined Governor Tom Wolf (D) at the York County Economic Alliance on Monday to welcome an upcoming change in tax policy championed by entrepreneurs across the commonwealth.
Via the new budget agreed to this summer by Wolf and the Republican-controlled General Assembly, Pennsylvania will begin a decade-long phased halving of its corporate net income tax (CNIT). Of the forty-four states with a business income tax, the size of the Keystone State’s current 9.99-percent rate is second only to New Jersey’s 11.5-percent tax. Besides these two states, only four others levy top business income tax rates that exceed nine percent.
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U.S. Senators Marsha Blackburn (R-TN) and Bill Hagerty (R-TN) criticized President Joe Biden and their Democrat colleagues on the passage of the $740 billion “Inflation Reduction Act” Sunday. As expected, no Republicans supported the measure, and so by a 51 to 50 vote, with Vice President Kamala Harris cast the deciding vote.
The Inflation Reduction Act, described by Forbes as “a slimmed-down version of the Build Back Better bill,” allows the government to control the price of prescription medications, contains funding for fighting climate change, would implement larger taxes for wealthy corporations, expand the IRS by some 87,000 agents, and more more.
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The U.S. Senate on Sunday passed a $740 billion new taxing and spending bill that seeks to combat climate change and allow the government to control the price of prescription medications, among other things.
No Republicans voted for the bill, named the Inflation Reduction Act of 2022, in the divided 50-50 Senate, forcing Vice President Kamala Harris to break the tie. The measure must return to the House for a concurrence vote after senators passed several amendments Sunday. The House is expected to take the bill up again on Friday. If the House concurs, President Joe Biden has indicated he will sign it.
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Georgia governments and development authorities offered Hyundai Motor Group more than $1.8 billion in incentives.
In May, Hyundai said it had selected Georgia for its first fully dedicated electric vehicle and battery manufacturing facility. The plan calls for Hyundai to invest more than $5.5 billion in building the facility in the 2,923-acre Bryan County Megasite along Interstate 16, while non-affiliated Hyundai suppliers plan to invest roughly $1 billion in the project.
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Pennsylvania state Sen. Gen Yaw (R-Williamsport) this week announced he is authoring a bill to bar any county that bans natural-gas development on county-owned lands from getting certain natural-gas revenues.
Specifically, Yaw’s proposal would prevent those jurisdictions from receiving allocations from the commonwealth’s gas-drilling impact fee, including any grants from the Marcellus Legacy Fund that finances regional environmental improvement projects. Revenues collected from the levy on companies extracting gas from the sedimentary rock known as Marcellus Shale totaled $234.4 million last year. The fee has brought nearly $2.3 billion into the state Treasury over the last decade.
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President Joe Biden’s attempts to reduce the cause of high gas prices to the war in Ukraine initially, and corporate greed more recently, are disingenuous.
On day one this president clearly stated his opposition to oil and gas production and development. The president’s words and even more so his actions, have serious impacts on the costs of commodities, including oil.
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Connecticut Governor Ned Lamont’s (D) recent video pitch encourages businesses to relocate to his “family friendly” state where women are welcome to end the lives of their unborn babies, but neglects to mention his now effective 23 percent tax increase in diesel fuel is crushing businesses and consumers already reeling from unprecedented inflation and high gas prices.
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Tax cuts are no longer on the negotiating table as Gov. Gretchen Whitmer and the GOP-dominated Michigan Legislature square off before a deadline to submit a budget.
Crain’s first reported the story, citing two anonymous sources familiar with negotiations, and said lawmakers hope to pass a budget on Thursday.
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Wisconsin’s governor is warning gas stations in the state not to raise prices too high.
His new executive order, however, is unlikely to make gas any cheaper.
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Over the past week, Tennesseans have seen a slight dip in prices at the pump after those prices reached record highs in the state and across the nation.
According to the American Automobile Association (AAA), the average price for a gallon of gas in Tennessee was $4.58 on Tuesday. That’s a one penny drop from Monday’s average of $4.59.
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Georgia Governor Brian P. Kemp announced on Wednesday the purchase of a 1,100-acre economic development site that will be the location of the “Middle Georgia Megasite.”
“Even after announcing the two largest projects in the State’s history back-to-back, we remain focused on attracting key industries and investment by providing the project sites companies need,” said Governor Brian Kemp in a press release.
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Of the 360,000 Californians who have fled the deep-blue state in the last year alone, a significant portion are moving to a rather surprising destination to find cheaper costs of living: Across the border in Mexico.
According to the Washington Examiner, California remains one of the most expensive states to live in, with a median housing price of $787,470. In most cities, the yearly property tax is at least $14,000. As a result, many households have failed to pay their property taxes, with at least 2 million delinquent homes in Los Angeles County alone.
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A transportation bill dubbed the “Maricopa County Transit Slush Fund Tax” by the Arizona Free Enterprise Club (AFEC) is steadily advancing through the legislature, and its supporters say it will probably make it through the Arizona Legislature this year in a referral to the ballot. Senate Bill (SB) 1356 has passed the Senate, the Senate Transportation and Technology Committee, and the House Transportation Committee. Valley Metro’s new CEO Jessica Mefford-Miller said this week about it, “We are cautiously optimistic about SB 1356.”
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As part of the state’s 2022-2023 budget, Tennesseans can expect that the state’s tax on food and “food related items” will not apply during the month of August.
“As Americans see their cost-of-living skyrocket amid historic inflation, suspending the grocery tax is the most effective way to provide direct relief to every Tennessean,” said Gov. Bill Lee said upon signing the budget bill. “Our state has the ability to put dollars back in the pockets of hardworking Tennesseans, and I thank members of the General Assembly for their continued partnership in maintaining our fiscally conservative approach.”
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A new tax will be hitting certain drivers in Connecticut, as the state’s tax commissioner announced an increase of the state’s diesel tax.
According to an announcement from the office, the rate will increase from 40 cents to 49 cents—a 23 percent increase for consumers.
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Thursday morning on The Tennessee Star Report, host Leahy welcomed Patrick Hedger, the Executive Director of the Taxpayer Protection Alliance to the newsmaker line to talk about how the IRS is behind on American tax returns and the need for them to redefine their focus.
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The Tennessee Department of Finance and Administration announced Tuesday that overall May state tax revenues exceeded budgeted estimates. On an accrual basis, May is the tenth month in the 2021-2022 fiscal year.
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The Biden administration has rebooted the Energy Department’s green loan program that lent hundreds of millions of taxpayer dollars in the Obama-era to the now-defunct green energy company, Solyndra, according to an announcement.
The Advanced Clean Energy Storage project in Utah will receive the loan, leaving $2.5 billion for other clean energy projects, the Department of Energy (DOE) stated Wednesday.
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Republican Candidate for Lieutenant Governor, Burt Jones, took to Twitter on Friday to propose a possible solution to Bidenflation, which recently peaked at a record 8.6%.
“Inflation is out of control—and it’s making virtually everything more expensive for Georgia families. As Lieutenant Governor, I’ll be focused on continuing to cut taxes, lower costs, and put more money back into the pockets of hardworking Georgians,” the Trump-endorsed Jones said.
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Over the next nine years, more than half of the stadiums in the National Football League will reach 30 years of age, or the age at which stadiums are generally replaced, according to economist J.C. Bradbury of Kennesaw State University in Georgia.
The model for replacement is trending more toward the taxpayer-supported efforts being pitched for the Tennessee Titans and Buffalo Bills than it is strictly team-owner funded stadiums such as the $5 billion SoFi Stadium in Los Angeles, home of the Chargers and Super Bowl-champion Rams.
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Georgia saw its May tax revenues increase by 1.6% from a year ago as tax collections approached $2.7 billion for the month.
This fiscal year, state general fund receipts exceeded $30.2 billion. That represents a 23.9%, or more than $5.8 billion, increase over collections last fiscal year, which exceeded $24.3 billion at the same point.
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Michigan’s personal income tax will remain 4.25% for the foreseeable future after Gov. Gretchen Whitmer on Friday vetoed a bipartisan bill that would have lowered it to 4.0%.
House Bill 4568 and Senate Bill 784 were vetoed or, in the case of SB784, vetoed in effect on Friday. The bills were tie-barred, which means neither bill could pass without acceptance of the other bill under consideration.
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Ohio Republican Senate candidate J.D. Vance criticized the energy and fiscal policies of his Democratic opponent and of the White House on Wednesday, blaming them for the steep gasoline prices Buckeyes now endure.
The average price of a regular gallon of gas in Ohio exceeded $5.00 on Wednesday. That’s a 118.91-percent increase over the $2.32-per-gallon average cost state motorists faced when President Joe Biden took office. In Vance’s estimation, “no one else” bears responsibility for this other than Biden and his “extreme allies in Congress like Tim Ryan (D-13).”
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Governor Brian Kemp took to Twitter on Sunday to follow-up critiques of his Democrat gubernatorial opponent, Stacey Abrams, on vital 2022 political issues.
“Stacey Abrams lied about election integrity, supports the Defund the Police movement, and wants to raise taxes on Georgia families as they fight Bidenflation. I’ll keep fighting to ensure Georgia continues to be the greatest state in the country to live, work, and raise a family,” said Governor Kemp on Sunday.
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Georgia’s record-high gas prices are lowest nationwide, according to the American Automobile Association (AAA).
The average price for a gallon of gasoline in Georgia Monday was $4.29, matching a record high set on March 11. That figure is the lowest in the nation, as the average price for a gallon of gas in the United States Monday was $4.86.
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Florida Gov. Ron DeSantis vetoed two bills and several lines of another as part of what he said is his ongoing commitment to fiscal stewardship.
The bills in question were passed by the legislature during the regular session earlier this year. As the bills are sent to the governor for his consideration, he said he’s been going through them to exercise his line-item veto authority.
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According to recent data from the center-right Tax Foundation, Connecticut taxpayers continue to shoulder nearly the highest revenue burdens of anyone in the U.S.
As stated in a report titled “State and Local Tax Burdens, Calendar Year 2022,” the average state resident paid 15.5 percent in combined state and local taxes last year. That places Connecticut in second among all states in that category, second only to New York which claims 15.9 percent of residents’ annual earnings on average. Neighboring Massachusetts and Rhode Island both have tax onuses under 12 percent, hovering around the national mean.
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After months of debate about Virginia’s biennium budget, lawmakers reached a deal to provide an income tax cut for the middle class, a reduction in the grocery tax and a pay raise for teachers.
The deal earned approval from Republicans and Democrats in a joint conference committee, but still needs to pass the House of Delegates and the Senate and be signed by Gov. Glenn Youngkin. Republicans narrowly control the House and Democrats narrowly control the Senate.
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Georgia awarded a $3 million grant for a new Jack Link’s manufacturing facility in Perry to help upgrade infrastructure.
The company plans to build a 500,000-square-foot snack meat production plant as part of a $450 million investment, a project that officials nicknamed “Project Birdcage.” The new facility is on a 120-acre Georgia Ready for Accelerated Development certified site near Interstate 75 in Houston County.
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Georgia Gov. Brian Kemp has not said whether he would seek to extend the state’s motor fuel tax suspension when it expires at the end of May. However, during a Wednesday morning interview with an Atlanta radio station, the governor indicated an announcement might be looming.
“I know Georgians need it; they’re getting killed at the pump right now, and they’re getting killed at the grocery store because of [President Joe] Biden’s 40-year high inflation, and quite honestly, … just bad policies in Washington, DC, like our domestic energy supply policy,” Kemp, a Republican, told WSB Radio.
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Inflation is an invisible tax that Tennesseans have to pay each and every day. Everywhere you look, inflation is wreaking havoc. At the gas station: gas is up 48 percent. At the grocery store: beef is up 20 percent, chicken is up 15 percent, butter is up 14 percent, fruits and vegetables are up 7 percent, and coffee is up 12 percent. At home: electricity is up 11 percent, furniture is up 15 percent, and rent is up 5 percent. What about a vacation? You still won’t be able to escape inflation as hotels are up 29 percent and flights are up 23 percent.
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Renting out cars on Turo allowed Bill Huffhine of Rochester Hills to retire early.
But a bill package in the Michigan House could “triple-tax” the emerging peer-to-peer car-sharing industry, Huffhine said, and squash the thin margins that let him accelerate a one-vehicle side-hustle in 2018 into a 20-vehicle fleet.
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A survey from the tech company GasBuddy found more Americans are planning to travel this summer, but the Virginia tourism industry is still concerned that the steady increase of gas prices could still cause issues.
“Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we’re certainly seeing increased hesitancy due to rising prices at the pump,” Patrick De Haan, the head of petroleum analysis for GasBuddy, said in a statement.
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The GOP-dominated Michigan Legislature approved $2.5 billion in far-ranging tax relief amid record 40-year-high inflation.
Meanwhile, Gov. Gretchen Whitmer and Democrats pitched sending immediately $500 checks to working families. Senate Majority Leader Mike Shirkey, R-Clarklake, characterized the plan as trying to “pay off” Michiganders for her COVID policies.
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A federal appellate court dealt President Joe Biden a loss Thursday, ruling that Arizona can challenge the administration’s rule prohibiting states from using COVID-19 funds to lower taxes.
Biden rallied support and passed the American Rescue Plan Act in March of last year. That law provided funding for states to fight COVID-19 and rebound from the economic consequences, among other things. However, the law included a “tax mandate” preventing states from lowering taxes if they accepted the federal funds.
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Connecticut gas prices have continued to climb and set a state record on Wednesday, averaging $4.65 per gallon and $6.44 per gallon for diesel.
For comparison, the average price throughout the state was $3.067 per gallon one year ago. Diesel sat at $3.230 per gallon.
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Gas prices in Tennessee have once again hit all-time highs, as the Biden administration struggles to control rising prices at the pump and elsewhere.
According to the American Automobile Association (AAA), the average price per gallon of gas in Tennessee reached $4.12, the highest ever recorded Tuesday. A year ago, a gallon of gas in the state averaged $2.71.
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Ohioans would no longer pay state income tax and the state would become the 10th without it if a bill recently filed in the Senate becomes law.
Sen. Steve Huffman, R-Tipp City, introduced a plan to lower the tax rate in each bracket by 10% a year over the next 10 years, eventually eliminating the state income tax completely.
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Just two months after Virginia’s gas prices hit an all-time high, the average price per gallon of gasoline is set to eclipse that record again.
According to the American Automobile Association (AAA), the average price for a gallon of gas in Virginia was $4.22 on Monday, just three cents shy of the state’s March 11 record of $4.25.
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Gov. Ron DeSantis on Friday signed the largest tax relief bill in Florida history, delivering $1.2 billion in savings to Floridians.
DeSantis signed HB 7071 into law, which includes permanent tax relief through a range of sales tax exemptions, corporate income tax credit expansions, and ad valorem tax and exemption provisions. They are expected to generate an additional $190 million in tax savings over two years and $140 million annually thereafter.
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The GOP-dominated Michigan Senate approved 14 budget bills that aim to provide $2 billion in tax relief in the fiscal 2023 budget amid 40-year high record inflation.
Senate Bills 827-843 were welcomed by Senate Appropriations Chair Jim Stamas, R-Midland.
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Since 2015, when Democratic Gov. Tom Wolf issued a moratorium on new oil and gas leases on state forest and state park lands, the administration argued it was “striking the right balance” between economic and environmental concerns.
However, Wolf’s executive order didn’t stop all new leases on publicly owned acreage.
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Action in the General Assembly was not enough to stop the publication of regulations to enter Pennsylvania into the Regional Greenhouse Gas Initiative, but legal action could stop it in the future.
If legal action doesn’t halt Pennsylvania’s entry into RGGI, the outcome of the gubernatorial election could determine whether the Commonwealth stays in the multi-state compact or leaves it by executive order.
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Gov. Jay Inslee brought his wife to the United Nations Climate Change Conference in Glasgow, sticking Washington taxpayers with the bill, which included more than $12,510.08 for business class airfare for the couple, something no other governor did at taxpayer expense.
Inslee led a delegation of subnational governments to the conference. The total travel tab for Washington taxpayers cost $25,955.32, more than any other U.S. state examined by The Center Square. The higher cost was due in part to the governor’s decision to fly with his wife in business class while other governors who attended at taxpayer expense flew in less expensive seats.
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