Soaring tax revenue and billions in pandemic aid from the federal government have left many states with the unusual problem of having too much money.
In Maryland, Republican Gov. Larry Hogan has long pushed for a, something he says will reduce the migration of people leaving the state to lower-tax places such as Florida when they’re finished working. He may finally have a window for striking a deal with the Democrat-controlled legislature.
The idea is appealing to retirees such as Karen Morgan, a lawyer who worked for the state legislature and lives in a Maryland suburb outside Washington, D.C. And most high-earners avoided layoffs during the pandemic and investors have done well — keeping income tax receipts high. Consumers have used that money to buy a lot of goods: home-office furniture, patio heaters, vehicles. That’s sent sales tax revenue, a key source of government income in most states, soaring.
A proposal in Republican-dominated Mississippi to phase out the personal income tax could drag down revenue enough to force cuts in state government spending in future years. The plan already has passed in the House, butIn addition to the income tax proposal, the House bill would reduce the taxes people pay each year to renew license plates for their vehicles and cut the sales tax on groceries. But the sales tax on most other items would rise from 7% to 8.5%.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Senate unveils income tax cut plan, signaling battle among Capitol leadersThe state Senate on Tuesday unveiled its proposal to cut the state income tax, not eliminate it altogether as the House and governor propose.
Baca lebih lajut »
Will state-by-state regulation of self-driving vehicles work -- and keep people safe?A future where motorists share streets and highways with driverless cars may still be years away, but transportation experts are saying now's the time for elected leaders to plan for that scenario.
Baca lebih lajut »
Gov. J.B. Pritzker touts record on pandemic, crime, climate while offering nearly $1 billion in temporary tax relief in reelection year budget proposalGov. J.B. Pritzker touts his record on the pandemic, crime and the climate while offering tax relief in his reelection year budget and state of the state address.
Baca lebih lajut »
California kills single-payer health care bill that would double state taxesA bill that would have created a first-of-its-kind, universal health care system died in the California state legislature on Monday after progressive Democrats failed to secure the necessary support for the legislation.
Baca lebih lajut »
US asks UN to meet on North Korea missile that can reach USThe United States is calling for the U.N. Security Council to meet Thursday on North Korea’s most recent test of an intermediate-range ballistic missile capable of reaching Guam.
Baca lebih lajut »
Ohio State Athletic Department Suffers Steep Drop in Revenue for Fiscal Year 2021 Due to Impacts of COVID-19 PandemicOhio State’s athletic department revenue fell under $107 million in fiscal year 2021, down from nearly $234 million in fiscal year 2020, due to the impacts of the COVID-19 pandemic.
Baca lebih lajut »