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...
As this week’s New York Times vignettes from teachers themselves show, school funding debates in states across the country must include an important piece of the funding puzzle: money to build new — and repair old — schools. Improving the schools in which children learn is one key to...
Senate Democrats’ new Jobs & Infrastructure Plan for America’s Workers would invest roughly $1 trillion in public transit, roads, schools, water treatment plants, housing, and other critical infrastructure to create better-paid jobs, boost broadly shared economic growth...
The Supreme Court is considering whether public sector unions can require non-members to pay fees to cover certain union expenses and, if it decides they can’t, that likely will mean that such unions will lose members, hurting their ability to bargain collectively with employers. That, in turn, could worsen income inequality, which has been growing across the country and in individual states...
