Taxes
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Off the Charts Blog: North Carolina Lawmakers Chart the Wrong Course
May 23, 2013
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Policy Basics: State Supermajority Rules to Raise Revenues
April 22, 2013
Legislatures in most states (34 states plus the District of Columbia) can approve tax bills with a simple majority vote in each house, the same margin required for practically every other bill. In the other 16 states, some or all tax bills require a supermajority vote of each house (plus the … -
Strategies to Address the State Tax Volatility Problem
April 18, 2013
State revenues plummet in recessions, just when states can least afford the loss. Some proposals to address this flaw in state tax systems would change the systems’ structure — for instance, by replacing state personal income taxes with sales taxes — but wouldn’t solve the problem and would exacerbate others in … -
Policy Basics: Where Do Our State Tax Dollars Go?
Updated April 12, 2013
With state revenues still deeply damaged by the recession, policymakers continue to confront major choices about how to pay for important services now and in the future. To inform this crucial decision making, it is useful to examine where state tax dollars go as well as changing trends over time.… -
Tax Foundation Figures Do Not Represent Typical Households’ Tax Burdens
April 2, 2013
The Tax Foundation released its annual “Tax Freedom Day” report today that, once again, can leave a strikingly misleading impression of tax burdens — showing an average federal tax rate across the United States that’s likely higher than the tax rate that 80 percent of U.S. households actually pay. To project the day … -
State Personal Income Tax Cuts: A Poor Strategy for Economic Growth
March 21, 2013
Policymakers in a number of states including Arkansas, Kansas, Missouri, North Carolina, Ohio, and Wisconsin are promoting deep cuts in personal income taxes as a prescription for economic growth — an approach that has not worked particularly well in the past and is not supported by the preponderance of the … -
State Taxes on Inherited Wealth Remain Common:
Updated March 12, 2013
Taxes on inherited wealth are a traditional and common revenue source for states. Prior to the passage of the federal estate tax cut in 2001, every state levied an estate tax that allowed them to “pick up” a share of federal estate tax revenues. The state “pick-up” estate taxes did not increase total estate … -
Strengthening State Fiscal Policies for a Stronger Economy
Updated March 11, 2013
Strengthening state economies and creating jobs — now and into the future — will require sensible, forward-looking state fiscal policies. States need to invest adequately in education, health care, transportation, and workforce development. To do that, they need to generate sufficient revenue, and they need to do so … -
Cutting State Personal Income Taxes Won’t Help Small Businesses Create Jobs and May Harm State Economies
February 19, 2013
Cutting state personal income taxes not only won’t promote small business growth and job creation, but it is also likely over time to threaten the success of entrepreneurs by taking resources away from critical services like education. Until recently, most proposals to cut state taxes in the name of boosting economic growth and job … -
Four Big Threats to State Finances Could Undermine Future U.S. Prosperity
February 14, 2013
Without adequate revenues, states and localities cannot continue providing public services like education, health care, and infrastructure that lay the groundwork for a prosperous future. But state revenue systems face four serious challenges. The most severe recession in seven decades blasted holes in state budgets from … -
ALEC Tax and Budget Proposals Would Slash Public Services and Jeopardize Economic Growth
February 12, 2013
Governors and legislatures in numerous states are considering, or have recently enacted, sweeping tax and budget proposals that follow recommendations of the American Legislative Exchange Council (ALEC), with potentially adverse consequences for middle- and lower-income families, individuals, and communities across the country. These policies … -
States Can Opt Out of the Costly and Ineffective “Domestic Production Deduction” Corporate Tax Break
Updated January 31, 2013
Over the past few years, states have faced large budgets gaps caused by a dramatic decline in revenue collections since the start of the recession. One contributor to this fiscal crisis in many states has been a relatively new corporate tax break — one that in most states never even received a vote in the state legislature but …
