Tag: income taxes
Tag: income taxes
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Lessons from Connecticut’s Income Tax: A Cautionary Tale
In 1991, Connecticut implemented a flat income tax of 4.5 percent. The income tax promised to stabilize tax revenues by replacing the volatile state capital gains tax and was to…
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State of the State: Georgia
Though much improved over five years ago, the current economic situation in Georgia is anything but peachy. In the annual State of the State Address, Governor Nathan Deal discussed his…
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State of the Commonwealth: Virginia
While not facing problems of the same magnitude as states like New York or Connecticut, the Old Dominion certainly faces some challenges. In four short years, Virginia has slipped from…
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Red States v. Blue States, Rich States v. Poor States
Sean Hannity spoke to former Speaker of the House Newt Gingrich about a recent Gallup poll indicating that for the first time in the group’s tracking history, a majority of American states lean Republican. The group found that in 2008, 35 states favored the Democrat party, as opposed to merely 5 that leaned Republican.
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State of the State: Alaska
Alaska leaders can no longer ignore the fiscal elephant in the room: Heavy spending and sliding oil prices have both contributed to a massive $3.5 billion deficit. In…
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The Worst Tax Policy Idea of 2015
Our nomination for the worst tax policy idea of 2015 goes to Alaska Governor Bill Walker for his proposal to reestablish the state’s personal income tax. This proposal would turn back the clock 35 years on economic development in the state and would cause significant harm to Alaska’s economic outlook. Alaska faces a $3.5 billion budget gap due to declining oil prices and years of overspending. While there may be tough choices ahead to put Alaska on the path back to balanced budgets and a healthy economy, a personal income tax will only add to the fiscal challenges for Alaska’s hardworking taxpayers.
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What’s So Right About Kansas?
Kansas native Bob Weeks hosted Jonathan Williams, Vice President of the Center for State Fiscal Reform at the American Legislative Exchange Council (ALEC), on Voice for Liberty in Wichita to talk about…
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California Budget Fails to Address Long-Term Fiscal Stability
California’s newly enacted budget for 2015-2016 falls short of properly addressing the institutional budget troubles the state has faced for years. The California budget shows some steps in the…
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New Study: Low Tax Rates Attract Valuable Talent
A new study from the National Bureau of Economic Research (NBER) about state taxes found an interesting correlation that supports states using tax policy to compete with rivals for…
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Connecticut Set to Raise Taxes, Businesses Consider Relocation
By: Ben Wilterdink and Harry Riegel Connecticut is quickly becoming the poster child for uncompetitive economic policy. As Connecticut lawmakers rushed the latest budget proposal to the governor’s desk, businesses…
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Texas Legislature Passes Significant New Tax Relief and Continues to Lead on Pro-Growth Reforms
As the Texas Legislature finished its 2015 session, lawmakers from the Lone Star State have once again approved a tax relief measure that will only add to the Texas reputation…
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7 Things Every American Needs To Know About Taxes
Today is tax day in America. As always, it features a lot of confusion with tax forms, some rushed trips to the post office and a whole lot of heartburn…
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On Saint Patrick’s Day, U.S. Has Much to Learn From Ireland
While Saint Patrick’s Day gives people all over the world a reason to be Irish for a day, it might be better for the United States to move permanently ‘Irish’…
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State of the Union Tax Proposal Would Hurt Middle Class
Update: President Obama dropped his proposal to tax 529 college saving accounts. This appeared on RedState.com on January 23, 2015.
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Revenue Shortfalls and Debt Downgrades in Kansas
Kansas policymakers were recently hit with two pieces of bad news: a state bond downgrade by Moody’s investors and lower than expected income tax revenues. Opponents of Kansas tax reform…
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Tennessee Considers Eliminating Hall Tax
Tennessee policymakers are considering the repeal or “localization” of the Hall Tax, a tax on investment income (interest, dividends, and capital gains). The legislature is correct to consider this a…
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Reforming the Federal Corporate Tax and Individual Income Tax: A Step in the Right Direction
Earlier today U.S. Representative Dave Camp, Chairman of the House Ways and Means Committee, released a bill designed to fundamentally reform both the federal corporate and individual income tax (press…
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The Laffer Curve Takes its Toll in Maryland
The idea that lowering tax rates can lead to higher revenue collections from increased economic activity is not a new one. Nor is this observation unique to tax policy. A…
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Oklahoma Considers Pro-Growth Tax Reform
Last year, Oklahoma legislators voted on a tax reduction package to the state’s personal income tax. The measure passed the legislature and was signed by Governor Fallin. Ultimately, however,…
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Oklahoma Tax Cuts Back on Track
Oklahoma is back on track to reduce its personal income tax and make sure it remains economically competitive. Last year, Oklahoma legislators voted to reduce the state’s personal income…