In one chart, how your taxes are spent
It’s nice to have more money in your pocket. And thanks to the 2017 tax cuts, the typical American is now paying less in taxes.
States post highest rainy-day reserves since Great Recession, study finds
The end of fiscal-year 2018 saw states socking away a record amount in rainy-day funds – nearly $60 billion – with Colorado and Michigan reporting some of the heftiest reserve accounts, according to a new Pew Charitable Trusts study.
Institute: Federal grants are turning states against their own people
States are increasingly lured by the federal government to receive so-called free money, but in the process have become branch offices of Washington — or, even worse, indistinguishable from the federal government itself.
David Coates: Vermont has a negative net worth
For perhaps the first time in history, the state’s balance sheet shows a negative net worth of $200 million. In other words, our liabilities exceed our assets. By contrast, the fiscal year ending June 30, 2017, showed our net worth was a positive $1.3 billion.
Gov. Scott calls for vaping tax, clean water funding, Act 250 exemptions, electric vehicles and more
Gov. Phil Scott on Thursday laid out numerous budget priorities for Vermont ranging from a vaping tax and clean water funding to electric vehicles and Act 250 exemptions for developers.
Congressional auditor: Dire outlook for states’ fiscal sustainability
The U.S. Government Accountability Office’s (GAO) year-end review of the fiscal health of states and local governments paints a grim picture for 2019.
Opinion: America cannot afford for Congress to abandon the budget caps
But aside from entitlements, McConnell and his colleagues have a critical opportunity to restrain spending right now by preserving the budget caps, which were put in place by the Budget Control Act of 2011.
Federal deficit increases by 20 percent due to increased spending and tax cuts
The federal deficit rose 20 percent due primarily to an increase in spending, the Congressional Budget Office reported Tuesday.
McClaughry: The great tax and spending deadlock ends
The great tax and spending deadlock of 2018 is now over. Gov. Scott, after a hectic month of thrust and counterthrust with the Democratic House and Senate, got most of what he wanted.
Sen. Randy Brock: Senate budget compromise worth being adopted
It’s too early to know if the Senate’s budget compromise will survive. But it’s a good faith effort that deserves consideration. Most important, it keeps the homestead rate flat. It’s worth being adopted by the House and signed into law by the governor. It’s time to move on.
Roper: A modest proposal for the budget impasse
The Democrats would get the needed pay-down of pensions liabilities they want and successfully avoid the use of one-time funds for ongoing education expenses. Scott and the Republicans could legitimately claim that, when you balance the tax increase with the tax rebate check, they did not raise taxes.
House Republicans uphold governor’s budget veto
House lawmakers on Tuesday voted 90-51 on the governor’s second budget veto, falling short of an override and giving state leaders a week and a half to find an agreement or face a government shutdown.