The June issue of Budget & Tax News highlights on Page 1 efforts by Michigan Gov. Rick Snyder to close the state’s $1.8 billion FY 2010 budget deficit without a net tax hike.
Also in this issue:
- Washington State lawmakers are about to prove the adage that there is no such thing as a temporary tax, as they are on the verge of reauthorizing several taxes scheduled to expire next year.
- The Obama administration has proposed raising the airport Passenger Facility Charge from a maximum $4.50 per flight to $7 per flight. Higher air travel fares are likely to result.
- Democratic Gov. Bev Perdue is butting heads with Republican leaders in the North Carolina General Assembly over her proposal to renew a temporary 1 cent sales tax hike enacted by lawmakers two years ago.
- Maryland lawmakers have imposed a 50 percent increase in the tax on alcoholic beverages. The state tax on liquor, beer, and wine would jump from 6 percent to 9 percent, effective July 1, taking an estimated $85 million more away from consumers.
- Japan lowered its corporate income tax in April, leaving the United States with the highest corporate tax rate in the Organization for Economic Cooperation and Development (OECD), the group of 34 advanced countries with economies most comparable to ours.
- New research indicates 2011 will be the first year that federal aid becomes the largest component of state revenues. Already 27 states rely on federal aid as their primary source of funding, and the report’s author describes this year’s level as a critical breaking point.
Newspaper Articles in this Issue
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