(Washington Examiner) — Maryland and Virginia saw third-quarter losses in state tax revenue in 2010 compared with the same quarter last year, bucking a national trend showing positive gains. Nationally, states collected $7.6 billion more in taxes during the third quarter this year than in 2009, representing a 4.8 percent increase in state tax dollars, […]
(Washington Examiner) — If the D.C. Council and incoming Mayor Vince Gray don’t act soon on a corporate tax shelter-busting initiative the city’s budget gap could grow by an additional $22 million, said the District’s Chief Financial Officer Natwar Gandhi. Gandhi’s budget numbers for the next fiscal year already rely on the dollars that would […]
(Huffington Post) — A lot has been said about the proposed tax giveaway to the wealthiest Americans and the austerity measures recommended by President Obama’s deficit commission. However, an analysis of the impact that both proposals would have on black and brown Americans has been missing from the conversation. U.S. Census Bureau projections show that […]
(LA Times) — The tax-cut deal President Obama struck with congressional Republicans reflects an enduring political reality: Forced to choose, Washington’s leaders kick long-term problems down the road. The agreement would add a staggering $700 billion to the federal budget deficit in the next two years alone, and the prospects for tax cuts and their negative consequences […]
(Washington Post) — The D.C. Council approved a city spending plan Tuesday that avoids higher taxes but includes far-reaching efforts to control spending on welfare programs, including a controversial move to start cutting off direct assistance after five years. On a day that saw public protests at the John A. Wilson Building and sparring among […]
(Chicago Tribune) — Illinois got a holiday boost when its tax amnesty program brought in more money than anticipated, one of the few bright lights in a grim financial year for state government. The amnesty program brought in $547 million, with the state’s cut amounting to about $331.9 million. That’s about $82 million higher than […]
(AJC) — Fulton County is levying a new tax on the gross revenues of banks in incorporated areas, part of an effort to compensate for its own revenues dwindling amid the housing market decline. The change is expected to generate an extra $2.3 million in 2011, according to Finance Director Patrick O’Connor. The county already […]
(Bloomberg) — New York state faces a $315 million budget deficit because tax revenue hasn’t increased as much as projected three months ago, when lawmakers approved the spending plan, the Division of Budget said. Tax collections for this fiscal year are now forecast at $61.4 billion, down $343 million from August estimates, the division said […]
(AP) — A tax on medical marijuana could generate some $400,000 for the city over the next five years, according to an estimate from the city’s top financial official released Tuesday. Washington’s Office of the Chief Financial Officer provided the estimate to the D.C. Council, which has proposed taxing marijuana as part of budget negotiations. Read […]