The May 2007 issue of Budget & Tax News highlights the negative experience of Kentucky and New Mexico with gross receipts taxes--Kentucky’s has been in place since 2005, while New Mexico’s was adopted more than 40 years ago.
On page 1:
- A record tax cut will save Utah taxpayers $220 million.
- Illinois Gov. Rod Blagojevich has proposed the largest tax increase in the state’s history.
- A Missouri judge prohibited a tax cut referendum from appearing on the April 3 ballot.
- The Alternative Minimum Tax (AMT) has morphed from a little-known “stealth tax” into a widely known and almost universally despised parallel income tax system.
Also in this issue: beer taxes, tobacco taxes, SCHIP funding, income inequality, regulatory reform, transit, sports subsidies, unions, and more.
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