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Posts on State Budget And Tax
July 11, 2019

Alaska’s legislature is convening this week to debate whether to override Governor Mike Dunleavy’s vetoes of more than $400 million (about 10 percent of state spending) from the budget — 85 percent...

State Legislative Chamber
July 9, 2019

Six of the 29 states (plus the District of Columbia and Puerto Rico) with Earned Income Tax Credits (EITCs) are expanding them this year, which will help low-paid workers and their families meet basic needs. (See map.) These expansions will supplement the federal EITC’s...

Six States Expanded Their Earned Income Tax Credits in 2019
July 9, 2019

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...

Luxurious home with pool, at night
July 1, 2019

Alaska Governor Mike Dunleavy is proposing two constitutional amendments that would severely restrict the state’s ability to invest in its future — much like the “Taxpayer Bill of Rights” (TABOR) in Colorado that has driven state funding crises ever since its enactment more than two decades ago, and that also has limited investments in education, infrastructure, and other key building blocks...

Stack of Bills
June 27, 2019

With a new fiscal year set to begin in most states on July 1, state policymakers have raised revenue for public investments in schools and other areas that will lay a strong foundation for stronger long-term economic growth, and they’ve proposed additional revenue increases that need voter approval.

Many of the revenue increases, like New York’s millionaires’ tax extension or New Mexico...

Piggy Bank
June 20, 2019

Delaware policymakers have another chance this year to enable thousands more working households to get the full value of the state’s Earned Income Tax Credit (EITC), even if it exceeds their income taxes. This change, to make the credit “refundable,” would help working families earning very low wages better meet their basic needs.

Many low-wage jobs...

Delaware, With Non-Refundable EITC, Has Higher Taxes on Lowest-Income Families
June 18, 2019

New Jersey Governor Phil Murphy has proposed shoring up his state’s finances with a new millionaires’ tax — a proven tool to raise revenues for vital investments, such as good public schools, while basing state tax codes more on the ability to pay. But legislative leaders...

Wealthiest N.J. Households Still Get Annual Tax Break Under Millionaires' Tax
May 29, 2019

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...

Incomes of Wealthiest 1% in Connecticut Far Outpace Remaining 99%
May 29, 2019

Some states still provide much less K-12 funding per student than in the 2008 school year, when the Great Recession hit, according to new Census Bureau data and state budget documents....

K-12 Funding Still Lagging in Many States
May 22, 2019

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...

Capital Gains Go Overwhelmingly to Wealthy Families

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