Tag: Taxation

Tag: Taxation

  • Taxpayers Score Win as Pennsylvania House Squashes Proposed Tax Hikes image

    Taxpayers Score Win as Pennsylvania House Squashes Proposed Tax Hikes

    Late Wednesday night, members of the Pennsylvania House of Representatives passed a budget that is free of the onerous tax increases included in previous budgets passed by …

  • Arkansas Fumbles the Ball With Fantasy Sports Tax image

    Arkansas Fumbles the Ball With Fantasy Sports Tax

    Rotisserie league and general fantasy sports betting contests have existed for decades. With the internet, now millions can compete in daily and season-long fantasy sports contests, often with entry fees …

  • North Carolina Accelerates Broad-Based Tax Relief image

    North Carolina Accelerates Broad-Based Tax Relief

    By further lowering economically destructive taxes on productivity, North Carolina lawmakers are giving the state’s economy yet another long-term boost, further magnetizing its draw for individuals and businesses alike.

  • Resolution Urging Congress to Cut the Federal Corporate Tax Rate image

    Resolution Urging Congress to Cut the Federal Corporate Tax Rate

    Summary: This resolution encourages Congress to cut the 35 percent federal corporate tax rate and replace the U.S.’s “cross-border” tax system with a “home country” tax system in order to …

  • State of the State: Illinois image

    State of the State: Illinois

    From Illinois’ crushing taxes and regulations to the state’s fiscal problems, it is easy to see why people are voting with their feet and leaving the state at disproportionately high rates. If the Land of Lincoln wishes to stop the bleeding, Governor Rauner can’t be the only one with good ideas—members of the General Assembly and the general public need to get behind necessary reform efforts to save the state.

  • State of the State: Delaware image

    State of the State: Delaware

    Governor Carney's agenda resists overall spending reductions, advocates for higher taxes and neglects other needed policy reforms (such as worker’s compensation and worker freedom). With a legislature unlikely to circumvent the lackluster agenda of the new governor, don’t expect Delaware’s economic outlook to break through the median anytime soon.

  • State of the State: Ohio image

    State of the State: Ohio

    A renewed focus on reforms-rather than government micromanagement-can ensure the governor’s homestretch is one of continued economic renewal.

  • State of the State: New Hampshire image

    State of the State: New Hampshire

    Despite the Granite State’s strengths and Sununu’s proposals, there remains work to be done. For example, the top marginal tax rate for corporations is a steep 8.2%; and although New Hampshire doesn’t have a personal income tax or sales tax, it does have the highest property tax burden in the nation. New Hampshire also ranks a lackluster 37th in the nation in terms of burdensome regulations according to the Pacific Research Institute. Furthermore, the recently released ALEC report Unaccountable and Unaffordable 2016 ranks the state’s pension funding level at 43rd nationally. Using a risk-free rate of return of 2.344 percent, New Hampshire’s state pensions are unfunded in excess of $13,000 per capita with a funded ratio of just 28 percent.

  • State of the Commonwealth: Massachusetts image

    State of the Commonwealth: Massachusetts

    Overall, however, the state’s steps towards economic competitiveness are yielding results. Governor Baker rightfully recognized this achievement, “We built a bipartisan team, worked in partnership with the legislature and looked for common ground.” Shrinking the state’s budget gap by over $1 billion without tax or fee increases is just one example.

  • State of the State: Vermont image

    State of the State: Vermont

    With Vermont’s economic outlook continuing to languish at 49th (according to the American Legislative Exchange Council’s Rich States, Poor States publication), legislators may be ready to take the governor’s charge to heart: “We must act now, and begin our ascent.”

  • State of the State: Utah image

    State of the State: Utah

    The governor cautioned against “altering our tax policies in any way that could damage our robust economic engine.” He also advised that the “best way to ensure ongoing growth of education funding is to continue to grow our economy. Failure to take into account how tax rates affect business investment won’t help us make good policy decisions.” Indeed, the relatively low top marginal personal and corporate income tax rates (18th and 11th lowest, respectively) are partly responsible for Utah holding the top economic outlook for 10 consecutive years.

  • State of the State: Michigan image

    State of the State: Michigan

    Fortunately, the governor recognizes that the government can best enable growth by removing artificial obstacles to entrepreneurs: “Over the last few years we dumped the dumbest tax in America, we cut needless regulations, we started paying down our long-term debt, we started saving for the future, we laid the groundwork for success we have today so our businesses could create jobs. We create the environment for job creation, we don’t create those jobs.”

  • State of the State: Louisiana image

    State of the State: Louisiana

    Louisiana Governor John Bel Edwards highlighted the “success” of the Medicaid expansion, foster care improvements, budget reforms, and business investment growth during his second State of the State address; but most of his speech …

  • Taxes Matter—Yes, in Georgia Too image

    Taxes Matter—Yes, in Georgia Too

    With gridlock continuing to delay the first fundamental federal tax reform since 1986, states are leading the way. Recognizing that tax policy has the power to make or break an …

  • State of the State: Pennsylvania image

    State of the State: Pennsylvania

    Enacting common sense budgetary reforms, eliminating some cronyism, and blocking attempts to increase taxes yet further are commendable. But this will not reverse Pennsylvania’s economic malaise. Accomplishing this will require bold reduction in twin burdens of bureaucracy and tax burden.

  • State of the State: Maine image

    State of the State: Maine

    Under Governor LePage’s leadership, Maine’s economic outlook has improved from 48th in 2011 to 38th in 2016. But the tax hike and minimum wage increase threaten to roll back all of the recent progress. The governor recognizes this economic peril. His economic agenda address the problems created by the twin referendums from this fall. The outcome depends on whether or not state legislators heed his warnings.

  • Cornhuskers Need Not Fear Tax Reform image

    Cornhuskers Need Not Fear Tax Reform

    States like North Carolina have flourished after embracing both tax relief and restraints on spending.

  • Arkansas Gains Big on Capital Gains Tax Cut image

    Arkansas Gains Big on Capital Gains Tax Cut

    According to Governor Asa Hutchinson, Arkansas ended fiscal year 2016 with a budget surplus of $177.4 million – a sizable $117.3 million higher than the previous fiscal year.

  • Philadelphia Embraces Discriminatory Taxation image

    Philadelphia Embraces Discriminatory Taxation

    "This is not the narrative that had been told to the public."

  • State Tax Cut Roundup: 2015 Legislative Session image

    State Tax Cut Roundup: 2015 Legislative Session

    The 2015 legislative session featured a notable number of states achieving tax relief and tax reform for their citizens. Pro-growth tax reform was a key theme throughout the 2015 legislative …