July 27, 2020

Politico Morning Tax: Another View

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Meg Wiehe of the liberal Institute on Taxation and Economic Policy noted that most states, with just a couple of exceptions, have budgets lined up for fiscal 2021 — but added that she expects most or all of them will have to take another look at those budgets in the fall or winter once they get a better gauge on what more to expect out of Washington.

“Even if the final package does end up with some state and local aid beyond the education funding, it will no doubt not be enough to stave off the need for either revenue raising or spending cuts (or a combo of both) especially for those states most reliant on consumption taxes and tourism,” Wiehe wrote in an email. Read more