The Governor has rolled out a very useful tool for understanding the moving parts in his tax package
Taxes
Governor expands the options
Last week, the Governor proposed a substantial income tax rate increase, and so focused political attention — positive and negative — on that simple and controversial proposition. In fact, however, he placed before the legislature a broad package which raises three major questions: First, should we make a substantial increase in spending on our transportation …
Governor’s Tax Plan
We’re just getting started in the budget process and we’ll all carefully study the options. Read the Governor’s revenue plan here. Read a summary of recent cost-control and fiscal responsibility measures here. This morning, I offered this comment to a journalist asking my views on the plan. Like most legislators and most careful observers, and …
Tax Expenditures Imposed on Local Governments
With regard to tax expenditures, I think it is important that the legislature review and reconsider the many tax expenditures it has imposed on local governments. Millions of local tax dollars are lost as a result of the huge local property tax breaks private golf courses and public utilities receive. For example, the Oakley Country …
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Progress on Controlling Special Interest Tax Breaks
Many citizens would welcome lower taxes, but most also question the effectiveness of special tax breaks for particular groups or industries. Special tax breaks tend to encourage crony capitalism by placing the government in the position of picking winners and losers in the economy. Fortunately, we have recently started to make some progress towards bringing special interest tax breaks under better control.
Off Topic – How’d the national debt get so huge?
Interesting study – see the original document (quick read, 8 pages, simple-to-understand, good graphics) at: http://www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Fact_Sheets/Economic_Policy/drivers_federal_debt_since_2001.pdf How’d the national debt get so huge? In 2001, the Congressional Budget Office forecast that the nation’s publicly-held debt would be eliminated by 2006, and a surplus of $2.3 trillion would have accumulated by now. Instead, the federal government is now …
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