State policymakers will soon begin addressing shortfalls that have already arisen in their current budgets even as they prepare next year’s budgets, and many states are bracing to make deeper, more damaging cuts than they’ve already imposed if they don’t receive additional federal fiscal aid.
State and local tax revenues have plummeted as people have less income, shop less, and reduce...
States need substantial federal aid — now — to stem the fiscal crisis caused by COVID-19 and the resulting recession. States’ revenues are plummeting and their costs are rising and, as a result, they face budget shortfalls that could total...
Responding to extreme wealth concentration, states are considering taxing the assets of the very wealthy — such as stocks, bonds, real estate, boats, and jewelry — more heavily while closing loopholes and ending other special tax benefits that shield many of these...
Amid lots of recent talk about the federal government’s need to tax large concentrations of wealth more heavily, state policymakers also should tax wealth better as state budget season begins.
State tax systems have helped drive the nation’s extreme wealth concentration, as wealthy individuals and corporations used their political power to shape state tax policies to their benefit. In...
States from Hawaii to Connecticut responded to extreme wealth concentration this year by expanding taxes on the assets of the very wealthy — such as stocks, bonds, real estate, boats, and jewelry — while closing loopholes and ending other special tax benefits that shield many of these assets from state and local taxes.
These taxes are important because America’s wealth is concentrated...
To their credit, Connecticut lawmakers are considering a proposal to levy a modest 2 percent surcharge on capital gains of the wealthiest taxpayers, which would raise needed revenue, reduce inequality, and help the state’s economy.
Relatively few, mostly white, families hold an overwhelming share of the nation’s wealth, leaving millions of others, including those of color, with less...
Lawmakers in Connecticut, Minnesota, and Vermont are considering raising taxes on capital gains —profits from selling an asset that has gained value, such as stock, real estate, or artwork — while New Mexico this year scaled back a tax break for capital gains. Historically, wealthy (mainly white) individuals used their political power to shape state tax policies in ways that largely benefit...
Summer is often a time to repair and improve school buildings or finish building new ones, but the nation’s K-12 schools — especially in low-income neighborhoods — have been neglected for years. The coming onset of summer provides a timely reminder that states should move more forcefully to help address the need.
State cuts to K-12 education over the past decade have affected more than...
The nation’s wealth is concentrated in the hands of a few (see graphic), and state tax systems have contributed to that concentration as wealthy individuals and corporations used their power to shape state tax policies to benefit themselves. But better state tax policies could help build...
Most states have most or all of the “rainy day” funds — reserves to use when recessions or other unexpected events cause revenue declines or spending increases — needed to weather a moderate recession, but they still face many risks, according to the bond rating agencies...
