The GOP Offers a Sound Tax Reform Program in South Carolina

The Republicans in the South Carolina House are preparing a significant reform plan that will vastly improve the state's tax system. Although details are sketchy, the plan will broaden the sales tax base by eliminating two thirds of the exemptions and lower the rate by half a percentage. All remaining...

A Benchmark for Socialist Tax Rates

You've heard it a thousand times. President Obama wants to continue the Bush-era tax cuts for households with taxable incomes under $250,000 a year, while allowing those cuts to expire for wealthier taxpayers. Were that to occur, the 33% bracket would increase to 36%, and the 35% bracket (currently...

Tax Reform Goals Differ for Corporate Coalitions

When it comes to taxes, corporate America is divided into two parts. First, there are companies that pay full freight. Their effective tax rates are close to the statutory 35 percent rate. They tend to be low-tech and labor-intensive, and -- most of all -- they have most of their profits in the United...

2012 ALEC-Laffer Report Strikes Familiar Theme

The just-released 5 th edition of Rich States, Poor States , the American Legislative Exchange Council's (ALEC) report on economic competitiveness of the states, reaches familiar conclusions shadowing those set forth in preceding editions: How the 50 states, described in the report as "laboratories...

Busting Myths About Rich People's Taxes

There are good reasons for the government to keep its hand out of the pockets of the wealthy. For example -- and this will be a shocker to most liberals out there -- it is a basic tenet of tax economics that an efficient system should eliminate all taxes on capital income. That translates into big tax...

U.K. Road to Competitiveness Is Paved With Tax Increases

It has been the stated policy of the United Kingdom's Conservative-led coalition government "to create the most competitive corporate tax regime in the G20." Chancellor of the Exchequer George Osborne reiterated this policy -- expanded to include all noncorporate business -- in his 2012...

State Net Capitol Journal – May 14, 2012

Budget & Taxes STATES' FISCAL HEALTH CONTINUING TO IMPROVE: State fiscal conditions are continuing their slow and mostly steady improvement, according to the National Conference of State Legislatures' Spring 2012 budget update. For the first time since the start of the Great Recession...

State Net Capitol Journal – May 14, 2012

Budget & Taxes STATES' FISCAL HEALTH CONTINUING TO IMPROVE: State fiscal conditions are continuing their slow and mostly steady improvement, according to the National Conference of State Legislatures' Spring 2012 budget update. For the first time since the start of the Great Recession...

Are You Ready for Taxmageddon?

A combination of spending cuts and tax increases could bring the economy to its knees at the end of 2012. By our count, the economy must deal with nine significant fiscal events that will be automatically triggered by current law if Congress and the president take no action. Together these events create...

State Net Capitol Journal – June 4, 2012

Budget & Taxes LANDLESS TRIBE SEEKING CASINO IN OK: Construction was halted on the Kialegee tribe's Red Clay Casino in Broken Arrow, Oklahoma last month after a federal judge issued a preliminary injunction in response to a lawsuit claiming the tribe doesn't have a legal right to build...

State Net Capitol Journal – June 4, 2012

Budget & Taxes LANDLESS TRIBE SEEKING CASINO IN OK: Construction was halted on the Kialegee tribe's Red Clay Casino in Broken Arrow, Oklahoma last month after a federal judge issued a preliminary injunction in response to a lawsuit claiming the tribe doesn't have a legal right to build...

State Net Capitol Journal – June 11, 2012

Budget & Taxes NC AGENCY LIFELINE FOR LOCAL GOVERNMENTS: North Carolina has the fourth highest state unemployment rate in the nation, according to the Bureau of Labor Statistics' April rankings. But unlike other states with job markets that are in particularly bad shape - especially, Nevada...

State Net Capitol Journal – June 11, 2012

Budget & Taxes NC AGENCY LIFELINE FOR LOCAL GOVERNMENTS: North Carolina has the fourth highest state unemployment rate in the nation, according to the Bureau of Labor Statistics' April rankings. But unlike other states with job markets that are in particularly bad shape - especially, Nevada...

State Net Capitol Journal – June 18, 2012

Budget & Taxes STATES' MEDICAID COSTS RISING FASTER THAN SPENDING: The National Association of Budget Officers (NASBO) and National Governors Association's (NGA) most recent survey of state fiscal health is not particularly encouraging. Although the Spring 2012 update, released last...

State Net Capitol Journal – June 18, 2012

Budget & Taxes STATES' MEDICAID COSTS RISING FASTER THAN SPENDING: The National Association of Budget Officers (NASBO) and National Governors Association's (NGA) most recent survey of state fiscal health is not particularly encouraging. Although the Spring 2012 update, released last week...

State Net Capitol Journal – July 16, 2012

Budget & Taxes POLITICAL DIVIDE ON ECONOMIC RECOVERY: States finally emerging from the long economic downturn are now faced with the dilemma of deciding the best way to facilitate their recovery. Two states in particular are taking approaches that couldn't be more different. Maryland...

State Net Capitol Journal – July 16, 2012

Budget & Taxes POLITICAL DIVIDE ON ECONOMIC RECOVERY: States finally emerging from the long economic downturn are now faced with the dilemma of deciding the best way to facilitate their recovery. Two states in particular are taking approaches that couldn't be more different. Maryland...

Taxing the Rich, and Missing the Point

The hot tax news is that President Obama has proposed extending the so-called Bush tax cuts but only for the middle class, not for the people the President thinks are rich. (If he gets what he wants can we start calling them the Obama tax cuts?) Apparently, the President thinks that families making ...

State Net Capitol Journal – August 20, 2012

Budget & Taxes MA LEADS WAY AGAIN ON HEALTH REFORM: Massachusetts' 2006 health care reform law - upon which the federal Affordable Care Act was patterned - has arguably achieved its primary aim of reducing the number of residents without health coverage; the number of uninsured in the state...

State Net Capitol Journal – August 20, 2012

Budget & Taxes MA LEADS WAY AGAIN ON HEALTH REFORM: Massachusetts' 2006 health care reform law - upon which the federal Affordable Care Act was patterned - has arguably achieved its primary aim of reducing the number of residents without health coverage; the number of uninsured in the state...

President Romney's Tax Reform

If elected president, Mitt Romney will have to make some adjustments to his tax plan. For now he is saying that he wants to lower rates across the board by 20 percent and entirely offset the cost by scaling back tax expenditures unrelated to investment income. He wants his plan to be distributionally...

State Net Capitol Journal – November 19, 2012

Budget & Taxes OBAMA FIRES OPENING BUDGET SALVO: At a meeting with union leaders and other liberal activists last week, President Barack Obama announced that he intended to begin budget negotiations with congressional leaders by calling for $1.6 trillion in additional tax revenue over the next...

State Net Capitol Journal – November 19, 2012

Budget & Taxes OBAMA FIRES OPENING BUDGET SALVO: At a meeting with union leaders and other liberal activists last week, President Barack Obama announced that he intended to begin budget negotiations with congressional leaders by calling for $1.6 trillion in additional tax revenue over the next...

State Net Capitol Journal – New York Governor Andrew Cuomo Proposes $2 Billion In Tax Relief

Budget & Taxes NY GOV CUOMO PROPOSES $2B IN TAX RELIEF: Last week, ahead of his State of the State address, Gov. Andrew Cuomo (D) announced a $2 billion tax relief proposal that sent the clear message New York's status as a high-tax state will no longer be tolerated. The proposal's assortment...

State Net Capitol Journal – August 18, 2014; Federal High-Speed Rail Investment Generating Lackluster Returns

Budget & Taxes FEDERAL HIGH-SPEED RAIL INVESTMENT GENERATING LACKLUSTER RETURNS: In his 2011 State of the Union address, President Barack Obama spoke of a future in which sleek bullet trains whisk passengers all about the country at speeds of over 200 m.p.h. "Within 25 years, our goal...