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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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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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 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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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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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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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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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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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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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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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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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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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 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 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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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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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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The economic shutdown has turned Minnesota’s projected $1.5 billion budget surplus into a $2.4 billion deficit, state officials announced Tuesday.
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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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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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Tennessee tax revenues in February grew 6.79 percent compared with February 2019, the Department of Finance and Administration announced.
Tax revenue for February was a little more than $1 billion, which was $64.8 million more than was collected in February 2019.
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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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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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In the monthly announcement of state revenues, Tennessee Department of Finance and Administration Commissioner Stuart McWhorter reported that collections for December were $55.3 million more than the budgeted estimate.
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The overtaxation scandal in Detroit underscores the importance of giving President Trump four more years in the White House, lest the tax-and-spend Democrats drown working Americans in a flood of new taxes.
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State lawmakers nationwide are spending more money, but they are also replenishing rainy day funds in preparation for the next economic downturn, a new report determined.
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The IRS placed a tax lien on Hunter Biden seeking $112,805 in unpaid taxes from 2015, according to records the Daily Caller News Foundation obtained.
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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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Vermont’s Socialist Senator and top-tier Democratic presidential candidate Bernie Sanders is one of the true disruptors in American politics. His unconventional ideas defy easy categorization as he campaigns around the country on his own idiosyncratic brand of Democratic Socialism.
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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, September is the second month in the 2019-2020 fiscal year. Combined with August, the two months of revenues have resulted in a total $167.6 million budget surplus year-to-date. Revenues are 6.6 percent ahead of the plan for the 2019-2020 fiscal year and 9.00 percent ahead of this time in the 2018-2019 fiscal year. Finance and Administration Commissioner Stuart McWhorter said of the most recent month’s revenue results, “September sales tax receipts continue to reflect strong consumer activity within the state and corporate tax revenues greatly outperformed expectations.” The sales and use tax, the state’s largest revenue generator accounting for more than 60 percent of the 2019-2020 budgeted revenues, exceeded the estimates for September by $31 million or nearly 4 percent. Year-to-date, sales tax revenues have exceeded the budgeted estimates by $40 million, or 2.5 percent for the two month period. Franchise and excise taxes combined, the state’s second-largest revenue source…
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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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The Commissioner of the Tennessee’s Department of Finance Administration Stuart McWhorter announced August 15 that, while state tax revenues were below budget for the month of July, Tennessee will end fiscal year 2019 with a surplus of $636.1 million.
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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 another Great Depression. “Trump trade plans could cause global recession: Experts,” read one confident headline on CNBC in May 2016. “If you take (Trump’s) position as real, that we would do this, then it would take the world down the road that we saw in the 1930s that we saw with the Smoot–Hawley Tariff,” Caroline Freund of the Peterson Institute for International Economics said. “The world would definitely fall into a recession.” The Washington Post’s Robert Samuelson wrote in June 2018, “The ghost of Smoot-Hawley seems to haunt Trump,” after Trump levied tariffs on steel and aluminum. Samuelson suggested, “What’s eerie is that Trump’s embrace of protectionism is now assuming the same role as Smoot-Hawley in the 1930s. By slowing economic growth, it darkens the outlook and reduces the ability of debtors to repay their lenders. So much for the lessons of history.” Other predictions have suggested, besides slowing economic growth or perhaps…
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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 of $60,060,” CEI’s Wayne Crews wrote in his annual Ten Thousand Commandments report released Tuesday. In total, federal regulations, once again, cost the U.S. economy $1.9 trillion despite the Trump administration’s effort to roll back onerous regulations. Crews said his report was a conservative estimate of the true cost of regulations. “The regulatory ‘tax’ exceeds every item in the household budget except housing,” Crews wrote. “More is ‘spent’ on embedded regulation than on health care, food, transportation, entertainment, apparel, services, and savings.” One of President Donald Trump’s first actions upon taking office was to rein in federal agencies, like the Environmental Protection Agency (EPA), that had issued billions of dollars worth of regulations during the Obama administration. And Trump’s had some success, according to Crews. Crews reported that Trump will cut regulatory costs about $50 billion by the end of 2019, and his administration issued 3,368 rules in 2018. The…
Read the full storyby 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 (HHS), and Omnibus jobs and economic development, energy and climate, and telecommunications policy and finance bills are all expected to be revised through the weekend. Omnibus bills include numerous items that might not be passed on their own and only require a single legislative vote. The House Omnibus HHS bill alone is 1,043 pages long. Both Democratic Gov. Tim Walz’s budget proposal and the Democratic House spending plan raise taxes at a time when the state’s tax revenue is at a record high with an expected billion-dollar surplus. The House plan includes new payroll taxes, new licensing fees and government mandates, in addition to other measures, which the Department of Revenue states would hurt low-income Minnesotans the most. The department’s report estimates that individuals earning less than $14,528 annually would pay an extra $2.37 for every $100 of income, more than double what the highest income earners would pay. On…
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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 (HHS), and Omnibus jobs and economic development, energy and climate, and telecommunications policy and finance bills are all expected to be revised through the weekend. Omnibus bills include numerous items that might not be passed on their own and only require a single legislative vote. The House Omnibus HHS bill alone is 1,043 pages long. Both Democratic Gov. Tim Walz’s budget proposal and the Democratic House spending plan raise taxes at a time when the state’s tax revenue is at a record high with an expected billion-dollar surplus. The House plan includes new payroll taxes, new licensing fees and government mandates, in addition to other measures, which the Department of Revenue states would hurt low-income Minnesotans the most. The department’s report estimates that individuals earning less than $14,528 annually would pay an extra $2.37 for every $100 of income, more than double what the highest income earners would pay. On…
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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 under Walz’s tax, transportation, and health and human services bills. Overall, the report found that the combined increase in tax collections under Walz’s budget proposal is estimated to be $2.372 billion in 2021, of which $2.104 billion is “borne by Minnesota residents.” The average increase in total taxes paid would be 6.52 percent, though the increases would be higher for the bottom five income brackets than the top five. Specifically, the analysis shows that the lowest income bracket would see an 8.5 percent increase in tax burdens while the highest income bracket would see a 4.3 percent increase. Looked at a different way, Minnesotans’ state and local tax burden would increase by an average of 0.76 percent of income. The report, however, states that “the increased tax burden is largest for the lowest deciles and declines at higher income ranges.” The tax burden for the top one percent of earners…
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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, Congress passed massive spending increases with little to no effort to find pay-fors. With just two years remaining for the Budget Control Act’s modest restraints, there is tacit agreement that Congress will likely make yet another deal to add to the nation’s $22 trillion debt. If that was not bad enough, there is a long, bipartisan tradition of finding shortcuts around already-inflated spending limits. Appropriators have repeatedly used fake savings to squeeze more spending inside the caps. Disaster and war funding exceptions have been abused to the tune of hundreds of billions of dollars. Congress has accepted flagrant violations of budget rules with minimal resistance. Another tactic for avoiding budget discipline is to re-categorize existing programs. While discretionary spending is subject to limits and annual deliberation, so-called mandatory spending is typically left to grow unchecked. The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >> Mandatory spending—which…
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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 of their decisions. House Bill 62 (HB 62), the 2020-21 Ohio Transportation Budget, the first major bill proposed of newly-elected Ohio Republican Governor Mike DeWine’s tenure, called for an 18 cent gas tax increase. It would go into effect immediately and carry no tax offsets. The Ohio House of Representatives revised the proposal to 10.7 cents and ordered it to be phased in over three years. Most recently, the Ohio Senate dropped the tax rate even lower to six cents. None of the proposals carry a complete tax offset. In this joint session, the legislators hope to reconcile differences, yet DeWine has maintained from day one that his 18 cent proposal is “a minimalist, conservative approach, with this being the absolute bare minimum we need to protect our families and our economy.” The Buckeye Institute, an independent think tank whose focus is “to advance free-market public policy” has acknowledged that a gas tax increase is…
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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 the rest of the country. “We do have massive [spending],” he said. “We are going to spend $7.6 trillion as a society in this upcoming year which is roughly four times what Reagan’s era spent when he said government was the problem.” “We have massive tax systems,” Del Beccaro continued. “And hallmarks of socialist societies are poor incentives where there is weak economic growth. And that comes from tax systems. Trump did a good job beginning with the business tax code. He’s got to do better with personal so we have better growth.” He then moved to reduced economic growth through government interference and cited the EU as a prime example. “[The EU] had zero economic growth over the last 20 years and government is about 60, 70 percent of their economies,” Del Beccaro said. “In the United States we’re about 36 [percent]. With regulations closer to 50. Our growth has slipped…
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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 organized and connected into the D.C. power centers to continue and if possible expand the favored spending. Do you know who doesn’t have a well-funded lobbying arm? Why, it is the actual taxpayers and limited government conservatives who fight against the tide of the ever expanding government. Groups like Americans for Limited Government, which I head, depend upon the raw power of truth to stand up to the D.C. government growth machine, and the election of Donald Trump to the presidency shows that winning is possible. In spite of growing deficits, the Trump presidency gives us reason for hope that fiscal sanity may be restored, as for the third year in a row, they have released a budget which provides a pathway to balance. While the fifteen-year time frame may seem like a long time, by comparison, so-called budget cutter Paul Ryan’s proposals often had a four-decade timeline to reach balance.…
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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…
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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…
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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…
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by Edward Ring It is fashionable to refer to the job market of the future as “the gig economy.” In this enlightened, technology enabled wonderland, everyone will be free to balance work and leisure as they see fit. When they want to earn more money, they get online, find a “gig,” and when the job’s performed the money flows into their checking account. Not quite the utopia of Galt’s Gulch, but tantalizingly closer. The problem with the “gig economy” is the troublesome intervention of reality. Tell an Uber driver who has two hungry children, a wife home with the flu (unable to “gig”), who makes $20 per hour and has no health insurance that he’s living in utopia. You may have to duck. In 2017, the opinion section of the New York Times ran a guest editorial that included a graphic entitled “Our Broken Economy, In One Simple Chart.” That chart was drawn from data gathered by a team of economists that included Thomas Piketty, author of the 2014 bestseller, Capital in the Twenty-First Century. Each dot on the chart below represents an income percentile. They form two lines, the grey line showing income growth by income percentile between 1946 and 1980, and the red…
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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 road repairs would need to be funded would be through raising gas taxes. During a meeting with the Canton Repository Editorial Board, Governor DeWine made it clear that he would be taking their advice. He noted that not only was raising the gas taxes essential to fixing the problem but that he couldn’t put a number on how high the hike would be. When asked how much the raise could be per gallon, he stated: Well I’m not going to talk about it yet. I’m not going to put a number on it…Just to maintain status quo, we’ve got to come up with $1.5 billion a year. So how we do that? I’ve been in discussions with the members of the leadership of the legislature of how to do that. Just doing the numbers, significant amount of that has to come from the gas tax. Many advocates note that there will never…
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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 public employers from looking into the criminal history of an applicant and increasing the minimum wage. Here is what the bill seeks to do: Increase the minimum wage to $15 over 5 years statewide; no distinction is made for public or private and the raises would happen on Labor Day each year. “Mandate” equal pay for equal work regardless of experience or education. Require mandatory paid sick leave and family medical leave Increase the ‘tipped’ minimum wage. End “wage theft.” “Ban The Box” or which is removing the checkbox indicating a criminal record on employment applications. Bar public employers from looking into the criminal history of an applicant until a ‘conditional’ offer is made. Remove the ban on unions for public employees in the state Reinstate the earned tax credit. Reinstate the old child care tax credit and old employment expense tax credits. The majority of the bill appears to…
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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 leaders, advisers, and infrastructure experts was assigned the review the current infrastructure needs and explore creative and unique solutions. While they have yet to make their final report, these initial findings are sure to disappoint many of DeWine’s voters, should they be adopted. The current gas tax was set at 28-cents-a-gallon on July 1st, 2005. These revenues are intended to directly fund the maintenance, repair, and expansion of roads and bridges throughout the state. Over time, two primary factors have greatly diminished their ability to do so. The first is that, as cars have become more efficient and achieve higher miles-per-gallon, revenues have decreased. In addition, the higher demand and proliferation of electric vehicles has had an effect that will significantly increase over time. Until this problem is addressed, the more ubiquitous electric cars become, the harder it is to maintain the roads all drivers use. The second factor is…
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by Murray N. Rothbard Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong with them. Myth #1 Deficits are the cause of inflation; deficits have nothing to do with inflation. In recent decades we always have had federal deficits. The invariable response of the party out of power, whichever it may be, is to denounce those deficits as being the cause of our chronic inflation. And the invariable response of whatever party is in power has been to claim that deficits have nothing to do with inflation. Both opposing statements are myths. Deficits mean that the federal government is spending more than it is taking in taxes. Those deficits can be financed in two ways. If they are financed by selling Treasury bonds to the public, then the deficits are not inflationary. No new money is created; people and institutions simply draw down their bank deposits to pay for the bonds, and the Treasury spends that money. Money has simply been transferred from…
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by Chris Edwards The Census Bureau has released new data on state population growth between July 2017 and July 2018. Domestic migration between the states is one portion of annual population change. The Census data show that Americans are continuing to move from high-tax to low-tax states. This Cato study examined interstate migration using IRS data for 2016. The new Census data confirms that people are moving from tax-punishing places such as California, Connecticut, Illinois, New York, and New Jersey to tax-friendly places such as Florida, Idaho, Nevada, Tennessee, and South Carolina. In the chart, each blue dot is a state. The vertical axis shows the one-year Census net interstate migration figure as a percentage of 2017 state population. The horizontal axis shows state and local household taxes as a percentage of personal income in 2015. Household taxes include individual income, sales, and property taxes. On the right, most of the high-tax states have net out-migration. The blue dot on the far right is New York with a tax burden of 13 percent and a net migration loss of nearly 1 percent (0.92) over the past year. On the left, nearly all the net in-migration states have tax loads…
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