A new analysis by the international research think tank Tax Foundation shows which states in the nation collect the least and most taxes per capita as of fiscal year (FY) 2021, the most recent year for which full state-by-state data are available.
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Knox County Mayor Glenn Jacobs released his proposal for a record-high budget to the Knox County Commission Monday. Though the budget reached a record $1 billion, an increase of $90 million over last year’s plan, the mayor did not propose any tax increases. The proposal represents a 9.46 percent increase in spending.
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Local taxpayers should not be worried about a large local tax increase in four years if a new public school funding formula is enacted, Tennessee Department of Education (DOE) Commissioner Penny Schwinn said.
An introductory overview of the proposed new formula, which would replace the current Basic Education Program (BEP) created in 1992, from the DOE showed “local contributions are set to be lower in FY24, FY25, and FY26 and begin to increase again in FY27, in an amount similar to prior years so that the new state investment does not overwhelm local requirements.”
During discussion in the House K-12 Subcommittee, however, Schwinn pushed back on the notion there would be a four-year cliff where local governments would see a heightened required local expense for public schools.
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Public transportation funding has been a growing concern in some cities, and a proposed bill could give some Pennsylvania counties the authority to levy local taxes to support their transit systems.
Rep. Tim Hennessey, R-Chester/Montgomery, introduced HB2366 to grant Allegheny, Bucks, Chester, Delaware, Montgomery and Philadelphia counties the ability to levy taxes “for transit and transportation systems and transportation infrastructure.”
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