Michigan State Administrators Project $1.24 Billion Tax Shortfall for 2020

Michigan’s General Fund and School Aid Fund tax revenues dropped $1.24 billion since January 2020, according to figures released Friday by state administrators and fiscal analysts.

The latest state consensus revenue estimating conference also projected an $84 million shortfall for 2021.

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Tennessee’s December Revenues Yield a $156.4 Million Surplus

The state’s revenue collections for the month of December were higher than budgeted yielding a $156.4 million surplus, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Monday.

On an accrual basis, December marks the fifth month of the 2021-2022 fiscal year. 

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Georgia Lawmaker Seeks More Transparency in Developing Tax-Incentive Proposals

A Georgia lawmaker is pushing for more transparency in tax-incentive proposals for developers ahead of the upcoming legislative session.

Rep. Mary Margaret Oliver, D-Decatur, has pre-filed a legislative package that would allow local governments and school systems to be involved in the development of annexation and tax-abatement plans.

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Michigan Gov. Whitmer Pocket Vetoes Meijer Tax Break, Property Tax Deferment for Hard Hit Businesses; Industry Leaders Want Answers

Gov. Gretchen Whitmer on Monday declined to sign two bills into law, exercising a “pocket veto” on legislation that would have given a tax break to Meijer and allowed businesses hit hard by COVID-19 to defer summer 2020 property taxes.

Whitmer vetoed SB 1153, which lawmakers said aimed to give Meijer a tax break on sales and use property taxes on automated consumer goods sorting systems.

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Michigan Residents Pay $4,040 Per Capita in Key State Tax Levies, Study Finds

Michigan residents pay 8.47% of their income per capita toward property, income and sales taxes – or $4,040 per person – according to a new study examining tax burdens in the 50 states and the District of Columbia.

The share of income paid by Michigan residents for these three taxes represented the 25th highest state tax burden among the 50 states and Washington, D.C., the HireAHelper website reported. The state’s residents paid 3.07% of their income on property taxes, according to the website, which provides moving services.

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Commentary: Taxing Workers for Staying Home Is a Policy Rooted in Envy

Ever since the beginning of the pandemic, working from home is the new normal.

In 2018, just 5.4 percent of the US’s working population worked remotely. By mid-2020, it had turned into reality for 56 percent of the workforce. While not all workers forced to stay home were quick to welcome the change, many learned to enjoy it over time. With state governments beginning another round of lockdowns, it isn’t shocking to see many companies choosing to carry on with remote work.

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Hunter Biden Says He’s Being Investigated for Possible Tax Crimes

Federal prosecutors in Delaware are investigating Hunter Biden for potential tax crimes, he said in a statement issued Wednesday through his father’s presidential transition team.

“I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs,” Biden said in the statement.

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Biden Pledges to Hike Taxes to Bush Administration Levels

President-elect Joe Biden in a Wednesday interview said “there’s no reason why” his administration shouldn’t raise both corporate and individual income taxes to levels maintained during former president George Bush’s administration.

Biden insisted “everybody pairs their fair share” in taxes during his presidency, and suggested a nearly 40% rate for those in the top bracket, which he said was commonplace during the Bush era, in an interview with the New York Times.

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Tennessee’s Year-to-Date Budget Surplus is Up to $447 Million

Three months into the 2020-2021 fiscal year, Tennessee’s actual revenues have exceeded the budget to create a $447 million surplus.

The surplus represents revenues that are 13 percent over and above the budgeted revenues through October and the fourth month in a row of budget surpluses.

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Biden’s Gun Registration Tax Could Cost Firearms Owners Billions

President-elect Joe Biden’s proposed firearm tax could cost gun owners upwards of $30 billion to keep the weapons they already possess, according to The Washington Free Beacon.

Biden plans to mandate both taxation and registration of so-called “assault weapons” and high-capacity magazines under the National Firearms Act (NFA), which requires a $200 fee per item, according to the former vice president’s campaign website. Around 20 million rifles and 150 million magazines would be taxable, leading to a total cost to U.S. gun owners of over $34 billion, according to the Free Beacon.

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Court Ruling Allows Ohio Small Businesses to File Single Local Tax Return

An Ohio Supreme Court ruling should help small business owners cut through government bureaucracy and save time and money, according to a Central Ohio think tank.

The ruling, which could allow small businesses to file a single local income tax return, is a step in the right direction for small businesses throughout the state, according Greg R. Lawson, a research fellow at The Buckeye Institute.

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Reports: Biden’s Tax Plan Would Increase Taxes Across the Board, Estimates Vary by How Much

Democratic presidential candidate Joe Biden’s proposed tax increases of nearly $4 trillion over the next 10 years, if passed, “would be the highest in American history – indeed, in world history,” an analysis of his plan determined.

Lew Uhler, founder and chairman of the National Tax Limitation Committee and National Tax Limitation Foundation (NTLF), and Peter Ferrara a senior policy adviser to NTLF, made that conclusion in a new report published by The Hill.

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Crom Carmichael Outlines How Joe Biden’s Domestic Policy and the Democratic Party Want to Crush the Middle Class

Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael to the studio to discuss the ways in which the Democratic Party intends to crush the middle class.

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State Revenues $115.1 Million More than Budgeted for First Month of Fiscal Year 2021-2022

Tennessee revenues exceeded budgeted estimates for the first month of the state’s 2021-2022 fiscal year by $115.1 million, Department of Finance and Administration Commissioner Butch Eley reported Monday.

Total state revenues for August, the first month of the fiscal year on an accrual basis, were $1.16 billion, which is $22 million more than August 2019 and 11 percent more than the budgeted estimate for the month.

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Minneapolis Mayor Frey Proposes 5.7 Percent Property Tax Increase, Recommends Police Hiring Freeze

Minneapolis Mayor Jacob Frey gave his preliminary 2021 budget address Friday, in which he suggested how the city could improve its finances after restrictions put in place to slow the COVID-19 pandemic battered tax revenue. 

Fifty-five percent of the city’s ongoing general fund revenue is gathered from sources other than property taxes, Frey said, sources he added that are projected to drop next year by $32.5 million.

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Tennessee Revenues for July Exceed Budget Estimate by $667.1 Million

Tennessee tax revenues for the month of July exceeded the budgeted estimate by $667.1 million, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Thursday.

Overall revenues of $1.86 billion in July were $689.4 million more than state revenues in July 2019.

The higher-than-expected revenues for July has the state finishing the 2019-2020 fiscal year in a surplus position of $369.2 million against the budgeted estimate and 2.42 percent above last year, despite the impacts of the COVID-19 economic slowdown.

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Meshawn Maddock Commentary: Joe Biden’s Tax-and-Spend Agenda Is a Declaration of War on Middle-Income Americans

America’s working families need allies, not obstacles. 

As a mother and a Michigan small business owner, I vividly recall the anemic “recovery” we experienced under the Obama-Biden administration, which increased regulatory costs to a historic high of nearly $2 trillion a year — a tab paid in large part by hard working entrepreneurs like me. 

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Tennessee’s May Revenues Nearly 16 Percent Less Than May 2019 Due to COVID-19 Pandemic

The May revenues announced by Tennessee Department of Finance and Administration Commissioner Butch Eley Monday showed a negative growth rate of 15.83 percent compared to a year ago.

The state’s revenues of $981.9 million were $197.3 million less than budgeted and $184.7 million less than May 2019, according to the department’s news release.

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Commentary: Mayor Cooper’s Tax Increase Would Torpedo an Already Reeling Nashville

Mayor John Cooper’s proposed 32 percent property tax increase is a terrible idea and would be detrimental to the city of Nashville, potentially creating a chilling effect across Middle Tennessee. An increase of such magnitude would bring additional pain and suffering to untold thousands of Nashvillians already harmed by the government-mandated COVID-19 lockdown and the tornado that preceded it.

Decisions about tax increases should be delayed until next spring. After the Mayor has made significant cuts and structural changes in Metro government. It also must come after Mayor Cooper has hosted townhall meetings in every Nashville neighborhood. At such times he can educate voters about what he will have done to cut spending and exactly how he will operate the city in a fiscally conservative manner.

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Tennessee Revenues for March Exceeded Budget by $62.1 Million

Commissioner of Finance and Administration Butch Eley announced Monday that the Tennessee’s tax revenues exceeded budgeted estimates for the month of March by $62.1 million, despite the anticipated impact of the coronavirus.

Eley was named to the new post by Governor Bill Lee on April 15, while also serving as the Chief Operating Officer for the state. Prior to joining Governor Lee’s administration, he was a founder and CEO of Infrastructure Corporation of America, an infrastructure asset maintenance management company and a partner at the Ingram Group.

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Whitmer Signs ‘Pay As You Stay’ Law That Helps Michigan Homeowners Struggling with Back Taxes

Gov. Gretchen Whitmer signed legislation on Monday that would help struggling Michigan homeowners pay their property taxes.

The “Pay As You Stay” bill, sponsored by Rep. Wendell Byrd (D-3-Detroit), eliminates penalties, interest, and fees to allow foreclosing governmental units to significantly reduce delinquent taxes.

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Tennessee’s January Revenue Collections Result in $129.4 Million Surplus

The state’s revenue collections for the month of January remained strong, resulting in a $129.4 surplus over the budgeted estimate of $1.55 billion, Tennessee Department of Finance and Administration Commissioner Stuart McWhorter reported Friday.

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Tennessee State Revenues for October Exceed Budgeted Estimates for a $50 Million Surplus

In a news release Friday, the Commissioner of Finance and Administration Stuart McWhorter announced that the state’s revenues for October exceeded budgeted estimates, resulting in a $49.8 million surplus for the month.

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Tennessee State Revenue Report Shows Surplus of $138.8 Million in September

  The report of Tennessee state revenues for September at $1.6 billion resulted in a budget surplus of $138.8 million. Revenue for the month of September 2019, as indicated in the report, is $138.7 million more than September 2018, reflecting a 9.75 percent year-over-year growth rate. On an accrual basis,…

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Tennessee Has Surplus Revenue of $28.8 Million in August, First Month of 2020 Fiscal Year and Governor Bill Lee’s Budget

Commissioner of the Department of Finance Administration, Stuart McWhorter, reported last week that Tennessee revenues for August were $28.8 million more than the budgeted estimates.

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Commentary: Tariff Hawks Got It All Wrong When They Predicted ‘Another Great Depression’ from Trump’s America-First Trade Policies

Donald Trump

by Robert Romano   In 2016, when President Donald Trump ran on his America first trade agenda, much of the conventional wisdom was that, if implemented, his tariffs would wreck the U.S. economy. It would have the same impact as the 1930 Smoot-Hawley Act, and so the prediction goes, lead to…

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Federal Regulations Amount to a $15,000 ‘Hidden Tax’ on Families, Report Finds

by Michael Bastasch   The federal regulatory apparatus imposed a roughly $14,600 “hidden tax” on American households last year, according to a new report by the Competitive Enterprise Institute (CEI). “That amounts to 20 percent of the average pretax income of $73,573, and 24 percent of the average expenditure budget…

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Conference Committees Meet to Hash Out Tax, Spending Increases in Minnesota Budgets

by Bethany Blankley   With 17 days to go before the end of session, legislative conference committees began meeting Friday to hash out differing proposals for three of the most contentious omnibus bills yet to be voted on by the full Legislature. The Omnibus tax bill, Omnibus Health and Human Services…

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Minnesota Dept. of Revenue: Walz Tax Proposals Would Hurt the Poor Most

  A new analysis from Gov. Tim Walz’s own Department of Revenue shows that his tax proposals would hurt the poorest Minnesotans the most. The Tax Research Division of the Minnesota Department of Revenue released its tax incidence analysis Tuesday, and looked at the combined changes that would be made…

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Lawmakers Eye a Huge Backdoor Spending Increase

US Capitol

by David Ditch   Members of Congress are promoting the concept of changing three programs from the discretionary category (requiring annual appropriations) into mandatory (auto-pilot) spending. Such changes would become a huge backdoor spending increase. Spending limits have come under relentless attack from both parties. In 2013, 2015, and 2018,…

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Buckeye Institute Blasts Tax Hike, Warns Legislators: ‘Don’t Increase the Tax Burden on Ohioans!’

A joint committee of the Ohio House of Representatives and Senate was convened Wednesday in the hopes of reconciling the major divides in their respective transportation budgets. As they work towards a solution, one state think tank is reminding them not to forget the consequences Ohio citizens will face as a result…

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Former California GOP Chairman Lists Nine Ways America Is Moving Towards Socialism

by Nick Givas   Former California GOP Chairman Tom Del Beccaro listed nine ways in which America is moving towards socialism during an appearance on “Fox & Friends” Monday. Del Beccaro said increased government spending and inflated tax codes are just the beginning and claimed they’ll have a domino effect on…

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Rick Manning Commentary: President Trump Versus Washington’s Spending and the Constituencies Who Fight for Them

by Rick Manning   In Washington, D.C., every spending program and tax break has a constituency that fights for it.  This is why they exist, because somewhere, someone believes that Warren Buffett needs a wind production tax credit, and that opera programming should be taxpayer funded. These constituencies are tightly…

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Americans for Tax Reform Urges Ohio to Reject ‘Straight-Up’ Gas Tax Increase

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…

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Federalism Committee Chair John Becker Gauges Gas Tax as Ohio Statehouse Battle Ignites

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…

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Columbus Democratic Mayor Backs Governor DeWine’s Gas Tax

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.…

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Governor DeWine Accelerates Gas Tax Planning with No Limits Set

It’s safe to say that when Ohio Governor Mike DeWine appointed his “Governor’s Advisory Committee on Transportation” to develop solutions for paying for road and bridge repairs, citizens were hoping they’d come up was some creative answers. Instead, the committee reached a consensus last week that the primary means by which…

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North Carolina State House Democrats File Progressive Agenda ‘Wish List’ Bill

North Carolina State House Representatives Pricey Harrison (D-D61) and Susan Fisher (D-D114) filed a bill on Monday that contains a progressive agenda wish list of tax reform rollbacks and social justice inspired mandates. House Bill 46, is titled the “Economic Security Act of 2019,” and includes items such as barring…

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DeWine Appointed Committee Recommends Gas Tax Hike for Ohio

After two meetings and two hours of public testimony, the Governor’s Advisory Committee on Transportation has, so far, agreed on only one thing to save Ohio’s roads and bridges: raise taxes. As previously reported, the committee was officially launched on January 31st. Hand-picked by Governor Mike DeWine, the bipartisan committee of industry…

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