Illinois continues to struggle with its budget. The state’s most recent stopgap budget expired on December 31, 2016. To perhaps break up the political logjam, Illinois senators of both political parties have begun...
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- Lunch Links: Under Amour Wants Baltimore to Finance Trans...
Lunch Links: Under Amour Wants Baltimore to Finance Transformation of Area to House New Headquarters; Wisconsin Governor, Fellow Republicans in Legislature Announce Tax Reform Proposals; New Tax Foundation Tool to Compare Congressional Tax Plans
Today is September 7, the date in 2012 when the national debt passed the $16 trillion mark. Today it stands at $19.5 trillion.
Here are some interesting links I came across:
Puerto Rico Defaults on Another Bond: Puerto Rico’s Government Development Bank, which the island loaded up with debt as it ran out of money, defaulted on a $9.9 million interest payment on September 1. The previous day, President Obama named seven members of a federal control board to restructure the island’s finances. (Bloomberg / The Washington Post)
Ohio Avoids Another Unemployment Tax Increase with Loan Payoff: The Ohio unemployment insurance system went bust during the recession, forcing the state to borrow $3.4 billion from the feds and triggering cascading tax increases on employers. The final $271 million repayment occurred last week, leaving just California and the Virgin Islands with outstanding loans from the feds. (Dayton Daily News / U.S. Department of Labor)
Wisconsin Governor to Propose Sales Tax Holiday: Tom Evenson, a spokesman for Gov. Scott Walker (R), says a temporary sales tax holiday for back-to-school supplies will be in his budget next year. Legislative Republicans are due to announce some tax ideas today as well. (Sheboygan Press)
New Jersey Targeted Incentives on the Rise: New Jersey struggles with high tax rates and a complicated tax system, and rather than addressing it for all taxpayers it’s focusing on new targeted incentives. Since 2013, the state has handed out $3.5 billion, some to lure firms into the state, some to keep firms from leaving. The state will add only about 20,000 jobs this year. (Asbury Park Press)
Baltimore TIF Plan Gets a Hard Look: Under Armour wants to build a new headquarters on Baltimore’s Port Covington peninsula, less than three miles from downtown. Under Armour wants the city to borrow $535 million to pay for roads and parks in the area, repaid by new property taxes on the project. Critics say the project will happen anyway without the tax-increment financing (TIF). (The Wall Street Journal)
More Coverage on Christie Pulling New Jersey Out of the Tax Compact with Pennsylvania: From Reason, quoting yours truly. (Reason)
Compare Congressional Tax Plans: We have a new online tool up to compare the specifics and the effects of proposed congressional tax reforms. Right now we have five plans up: Chairman Dave Camp’s proposed overhaul from 2014, Senator Ben Cardin’s progressive consumption tax, Congressman Devin Nunes’s American Business Competitiveness Act, Speaker Paul Ryan’s A Better Way blueprint, and Congressman Jim Renacci’s Simplifying America’s Tax System plan. (Tax Foundation)
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