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Saturday, June 3, 2023

Thankful for tax advocates like you! – ITEP

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.ITEP Staff

Here at ITEP we want to thank and say we’re grateful for all the hard work advocates in states across the country are doing to secure progressive wins in tax policy. As is the case in ArizonaSupporters of the additional income tax on wealthy residents were able to gather enough signatures to force a referendum against legislation recently signed by the governor that would introduce a flat tax of 2.5 percent. Meanwhile, in the Sunshine State, cities are pressing the law that gives Florida The governor and administration have veto power over local budgets and tax revenues. and advocates in it Ohio They work hard, showing how unfair severance taxes have cost the state more than $1 billion.

Key government tax proposals and developments

  • ArizonaMinister of Foreign Affairs Announce that enough signatures have been collected to initiate a veto referendum to repeal the income tax law that would lower rates and eventually create a flat rate of 2.5 percent. Although the veto referendum is expected in the November 2022 ballot, he will have to overcome many challenges in court. – Marco Guzman
  • State officials have Confirmed that the income tax rate cut will appear employment ColoradoNovember 2022 ballot. The proposal is to reduce the fixed percentage of 4.55 percent to 4.4 percent. – Marco Guzman
  • Louisiana Voters agreed to a tax swap It would free the state from the federal income tax deduction and use it to lower income tax rates. The constitutional amendment also reduced the maximum income tax rate allowed in the state constitution from 6 to 4.75 percent. Voters also rejected the centralization of sales tax collection. – Neva Botox

state report

  • CaliforniaIt is now expected that the progressive tax structure and strong economic recovery of $31 billion budget surplus For the fiscal year 2021-2022. Only half of that amount can be transferred to reserves, so Governor Gavin Newsom and lawmakers can use the rest in a mix of new investments, tax cuts and tax cuts.
  • The District of Columbia Hearing held on legalizing recreational marijuana last Friday. The proposed bill would require that half of cannabis tax revenue be used automatically to write off arrests and convictions related to cannabis and provide employment for residents arrested for drug offenses.
  • Seven Florida cities He filed a lawsuit last Tuesday to challenge a law granting the governor and the Council of Ministers veto power. on local budgets and tax dollars. The lawsuit states that this overreach could lead to fiscal restrictions that ultimately cost taxpayers more money. In other news, Governor Ron DeSantis called on the legislature to Suspension of gas tax for six months Which will cost the state 1 billion dollars.
  • Illinois Governor JB Pritzker signs Illinois’ Reimagining Electric Vehicles Act Which provides extensive tax credits For companies producing electric cars and car batteries.
  • The Maryland The Ministry of Commerce has introduced a new tax credit, which is Maryland Investment Tax Credit, in order to support government tech startups even though decades of research have shown this Countries are better off when they invest in existing employers.
  • Mississippi Governor Tate Reeves has reaffirmed his plan to abolish the personal income tax even though the plan will leave the state with Roughly the same amount of revenue it was collecting before 2010. Inexplicably, Governor Reeves is also planning to Spend more on education, including a $71 million salary increase for teachers, although it is unclear how the state will pay for these investments.
  • as Nebraska Lawmakers are preparing for another year of trying to balance the needs of rural and urban school districts, and one representative of a medium-sized city is Hope you found the sweet spot With A plan to boost state aid Through a combination of per pupil funding and income tax redirection. However, proponents are impressed with how the proposal will be funded, and Governor Pete Ricketts is sure to oppose increased funding from any source..
  • New Mexico Governor Michelle Logan Grisham has announced that one of her major legislative priorities for 2022 will be Lower the total state tax rate on receipts From 5.125 percent to 4.875 percent.
  • Utah legislators Exploration begins How they plan to use the nearly $615 million surplus in the 2022 legislative session. Ideas range from eliminating sales tax on groceries to lowering income taxes, meeting infrastructure needs, and increasing teacher salaries.

what we read

  • The Massachusetts Budget and Policy Center Highlights many progressive tax policies Small businesses can help.
  • New report from Tax Policy Center Communication is available Public finance economists focus on racial justice in their research.
  • Fifty Road Reports In a new trend for state and local parks and recreation departments to expand their understanding of “recreation” to include esports, an increasing number of localities now host online video game tournaments for residents.
  • Comment by Policy Matters Ohio In The Ohio Capital Journal Shows How Ohio Lost $1.2 Billion Due to Unfair Termination Taxes That Favor Energy Companies.
  • A contributor to Sacramento B Comparing The California Lottery industry predatory payday loans and argue the need to close.

If you like what you see in Rundown (or even if you don’t), please send any feedback or tips about future posts to Meg Wiehe at [email protected]. click here To register to receive Rundown via email.

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