2012 March Budget & Tax News

Issue Date: 
March, 2012
Newspaper PDF: 

The March issue of Budget & Tax News reports the findings of an independent panel named to evaluate California’s plans for high-speed rail. The group concluded the state’s proposed high-speed rail system “represents immense financial risk.”

Also in this issue:

  • Aircraft maker Boeing last year won a $35 billion military contract the company said would support 7,500 jobs in Wichita, Kansas, where the company has been building planes since the late 1920s. Instead, despite the contract and hundreds of millions of dollars of industrial revenue bonds and various tax breaks Kansas state and local officials have issued to Boeing, the company announced it will pull out of Wichita by the end of 2013.
  • Illinois Gov. Pat Quinn (D) is mulling (and has since signed) a bill that would authorize speed-enforcement cameras in Chicago. Supporters say pedestrian safety would improve. Critics say the measure appears designed to boost city fine revenues, not safety.
  • A pervasive lack of truthful accounting and transparency in government budget processes has made it so most citizens have been given little warning of possible fiscal collapse, says a new report from the Institute for Truth in Accounting. It designates 45 states “financial sinkholes.”
  • San Francisco officials have imposed a minimum wage of $10.24 an hour. Business consultants Doug and Polly White say the result likely will be more unemployment among young and low-skilled workers and job losses as some businesses leave the city.
  • Washington voters may be asked to raise taxes in 2012 to fill the state’s nearly $2 billion budget deficit. Special-interest groups have been rumored to be targeting the 2012 ballot with citizen initiatives to raise taxes, and Gov. Chris Gregoire wants a referendum to “temporarily” raise the state’s sales tax.

Newspaper Articles in this Issue