Citations

The tax changes proposed in Gov. Murphy’s first budget would bring more balance to New Jersey’s tax code by raising taxes on the wealthiest one percent while reducing them for the lowest-income New Jerseyans.[1] Updating the tax code would also raise nearly $2 billion in new revenue for targeted investments in early education, public transit, health care and other essential public services.

Holding off on another round of tax cuts for the richest taxpayers and profitable corporations and keeping the increased standard deduction and lower rate for the majority of taxpayers will reduce the tax cuts given to the top 5 percent of taxpayers since 2013. Read more here

A new report on corporate income taxes looks at how corporate taxes have been slashed at the state and federal levels, provides evidence that wealthy shareholders are the prime beneficiaries of corporate tax cuts, and shows that corporate tax cuts have not solved North Carolina’s most pressing economic problems. Unless leaders in Raleigh change course, corporations could be in line for yet another tax cut next year if a rate cut to the corporate income tax moves ahead as currently scheduled.

Lawmakers can address this imbalance by expanding Louisiana’s EITC. An increase of the state EITC from 3.5 percent to 7 percent of the federal EITC would offset a half-cent cent sales tax renewal for families in the bottom 40 percent of income earners. An EITC increase from 3.5 percent to 10 percent would offset a […]

Governor Mark Dayton released his FY 2018-19 supplemental budget proposal today, focused on making strategic investments to support Minnesota’s economic success, prioritizing working Minnesotans in responding to the federal tax bill, and leaving some of the state’s projected surplus unspent “to cushion against risk.”

New analysis by the Institute on Taxation and Economic Policy (ITEP) uses current year and two-year forecasts to calculate the impact that a 0.1 or 0.25 rate reduction in the Personal Income Tax (PIT) could have on taxpayers and state revenue. The data shows that any reduction in the PIT actually shifts the tax load further to low-income Michiganders.

The ITEP study found that New Jersey’s young immigrants eligible for DACA contribute $59 million in state and local taxes each year, the seventh highest level of all fifty states. These contributions would increase by $38 million per year – the sixth most of all states – if all of those eligible for DACA enrolled […]

This guide provides a brief summary of proposed tax changes put forth by the candidates. Estimates of the distributional impact on Idaho taxpayers and state revenue and provided by the Idaho Center for Fiscal Policy.