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Rhode Island Budget Bets on Tax Fairness with Millionaires’ Tax and New Child Tax Credit
• By Miles Trinidad
The spending plan, signed into law by Gov. Dan McKee today, features a new millionaires’ tax, the state’s first permanent child tax credit, expanded eligibility for its Social Security exemption , and strategic decoupling from federal business tax provisions.
State Rundown 6/11: Taxing the Rich Heats Up
• By ITEP Staff
As we head into summer, many state legislatures are in the final stretches of their sessions. Rhode Island moved another step closer to joining the ranks of Washington, Maine, and Hawai’i in enacting a new high-income surcharge this year.
A Growing Number of States Are Taxing the Sale of Advertising
• By Nick Johnson
ITEP’s report on taxing advertising identifies some reasons why states are curtailing longstanding sales tax exemptions for the ad sector.
States Are Standing Up to the Monster Known as QSBS
• By Nick Johnson
We estimate that by 2032, QSBS will be costing states $1.1 billion a year, and since states must balance their budgets, that’s money they can’t use for public services.
States Can Raise Billions by Ending a Tax Giveaway to Big Tech
• By Nick Johnson
An advertising tax offers a way to raise significant money from a sector of the economy that has been getting a free ride for decades.
State Rundown 6/4: Fiscal Flowers and Weeds Bloom in June
• By ITEP Staff
A veritable superbloom of tax and budget policies occurred over these last few weeks, including both flowers worth admiring and weeds worth fighting back.
Repealing North Carolina’s Corporate Tax is an Even Worse Idea Than You Think
• By Carl Davis
North Carolina’s corporate tax cuts aren’t an incentive for economic growth. They’re a windfall for multinational companies that happen to sell into our state, regardless of whether they’ve made any meaningful investments here or not.
NYC and Montana Lead the Way on Second-Home Taxes
• By Rita Jefferson
Second home taxes make a lot of sense for communities struggling with housing costs for full-time residents. They can raise real revenues too, which can be used to support further affordable housing development.
As Inequality Grows, More States Look to Tax the Rich
• By Alex Welch
From surcharges on the income of high-earners to higher taxes on second homes, here are recent steps states have taken to tax the rich.
State Rundown 5/21: A Flurry of Tax Decisions as Legislatures Wrap
• By ITEP Staff
As more legislative sessions come to an end, states are making final decisions on tax and budget policies.
State Rundown 5/14: Fund Priorities or Increase Shortfalls?
• By ITEP Staff
As many legislative sessions end, lawmakers are revealing their priorities.
The Bears Bill Is Bad by Design. Here’s How.
• By Rita Jefferson, Amanda Kass, Kristan Wong Karinen
State lawmakers are debating whether to subsidize a new Chicago Bears stadium in Arlington Heights, but this bill creates a new statewide property tax cut program for large development projects.
State Rundown 5/7: Federal Showers Make States Dour
• By ITEP Staff
The effects of last year’s federal tax and spending cuts continue to ripple through the states. With gas prices soaring due to the Iran war, some states are attempting to provide a bit of relief in the form of gas tax reductions and suspensions.
State Rundown 4/30: Aloha to Tax Cuts, Hawaiʻi Lawmakers Address Revenue Gap with High-End Tax Changes
• By ITEP Staff
This week Hawaiʻi lawmakers reached a compromise to balance the state budget and maintain tax cuts for most residents by, in part, raising rates on the richest Hawaiians. Other states are working to generate revenue from their wealthiest residents, too.
State Rundown 4/23: While Some States Stop Digging, Others Move Full Steam Ahead with Anti-Affordability Agendas
• By ITEP Staff
Missouri lawmakers passed legislation that will have residents vote on a proposal at the ballot box. The ask: for them to pay more in sales taxes to offset cuts – and the possible elimination – of the state's individual income tax, which makes up nearly two-thirds of Missouri’s general fund.
State Rundown 4/16: Tax Day, a New Millionaires’ Tax and Late Blooming State Tax Action
• By ITEP Staff
Yesterday was Tax Day, and with many state legislative sessions wrapping, some tax changes are gearing up or crossing over the finish line.
Tax Break for Ultra-wealthy Investors Takes a Hit in Maine and Oregon
• By Nick Johnson
Policymakers in Maine and Oregon wisely said “no” last week to an income tax break for deep-pocketed tech investors and venture capitalists that was expanded in last year’s federal tax bill.
Maine Passes Millionaires’ Tax and Pushes Back on Federal Changes
• By Marco Guzman
Maine Gov. Janet Mills on Friday put her seal of approval on a supplemental budget bill that includes a “millionaires’ tax.”
North Carolina, Pushing Tax Cuts on Three Fronts, Risks a Repeat of Kansas Debacle
• By Carl Davis
Tax cuts are looming large on the horizon in North Carolina. So large, in fact, that even some traditionally anti-tax voices are starting to get nervous.
State Rundown 4/8: Budget and Tax Packages Take Shape as Sine Die Approaches in Many States
• By ITEP Staff
State legislative sessions are wrapping up, and final tax and budget packages are making their way to governors’ desks.
State Rundown 4/1: No Fooling Around Anymore in Washington, But Cruel Pranks in South Carolina
• By ITEP Staff
In Washington, Gov. Bob Ferguson and lawmakers decided to stop fooling around with one of the nation’s most upside-down tax codes and finally brought to life a new millionaires’ tax, the first new income tax created in a state since 1991.
Low Tax for Whom? California vs Texas
• By Cassidy Sheppard
California Gov. Gavin Newsom went to Texas recently and claimed: “Texas taxes poor folks more than we tax our richest." He’s right.
State Rundown 3/26: Sobering Revenue Projections Keep States on Their Toes
• By ITEP Staff
This week, troubling revenue projections are making headlines, with many lawmakers scrambling to determine how the tax changes at the federal level, plus price hikes driven by national policy decisions, will impact their states.
States Like Missouri Are Seeking to Raise Taxes on the Working Class to Cut Taxes for the Rich
• By Eli Byerly-Duke
A proposal to replace the Missouri personal income tax with a higher sales tax would increase costs for low- and middle-income households while giving the richest Missourians an average annual tax cut of almost $40,000.
State Rundown 3/18: New Mexico Enacts Most Significant Corporate Tax Reform of the Year
• By ITEP Staff
As states lawmakers continue to weigh their linkages to the federal tax code in light of the recent federal tax law, New Mexico provides a blueprint for limiting multinational corporate tax avoidance.
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