The Tax Policy Blog

December 29, 2008

The New York Daily News provides a link to a Youtube video made by New York State Health Commissioner Richard Daines who makes a five-minute video arguing for a tax on non-diet soda.

You can tell that Daines and those in Albany who designed this stupid policy have very little understanding of Pigouvian taxation in the first place because he is promoting an ad valorem tax on...

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December 29, 2008

With tax collections down, Mississippi legislators have proposed a hiring freeze in their first draft of a $5 billion budget proposal for 2010. In November, Gov. Haley Barbour (R) imposed $42 million in cuts to balance the current budget. Barbour supports a cigarette tax...

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December 29, 2008

Minnesota's $37 billion 2010-11 biennial budget is expected to have a $4.85 billion shortfall, with revenues falling and spending slightly up from the current budget. Gov. Tim Pawlenty (R) and many legislators agree that tax increases are unlikely and unable to fix the entire shortfall. Lawmakers have...

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December 29, 2008

Yesterday, Tax Foundation Tax Counsel and Director of State Projects Joseph Henchman went on C-SPAN's Washington Journal to talk about budget shortfalls that are hitting most states, discussing what different tax/spending plans governors and state legislators are proposing. 

Click here to see the video.

Stay updated through the Tax Foundation's Tax Policy Blog...

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December 29, 2008

Lawmakers have approved $134 million in cuts recommended by Gov. Jennifer Granholm (D), including closing one prison. The shortfall now stands at somewhere around $106 million (as estimated by Granholm) to $266 million (legislative estimate), out of the state's $9.7 billion budget. Granholm opposes new taxes, having...

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December 28, 2008

Officials say state revenue is running $320 million under projection so far (out of a $7.2 billion budget), and Gov. Mike Easley (D) estimates that the final shortfall will be about $1.2 billion. Easley is going ahead with capital spending projects, and has held up 5% of agency budgets....

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December 28, 2008

Gov. David Paterson (D) recently unveiled his proposals to close an estimated $15.4 billion shortfall in the $121 billion proposed budget (a 1.1% increase over the current budget). These include a lengthy series of tax and fee increases that will be covered soon in a separate Tax Foundation report, as well as increasingly taxing out-of-state transactions including sales...

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December 28, 2008

In mid-2008, New Jersey approved a slightly increased $33.5 billion spending plan that included $2 billion in property tax rebates and increased spending in a number of areas but no tax increases (the first to make that claim in six years, but following massive tax increases in 2006)....

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December 28, 2008

Legislators meeting in early January must come up with options to close a remaining $100 million shortfall in the current $10.3 billion biennial budget and then begin work on next year's budget (estimated to be about $400 million short). Gov. John Lynch (D) won approval earlier in 2008 for a higher cigarette tax, a tax on poker games, and diverting education funding to the general...

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December 28, 2008

In December, Nevada lawmakers closed a $341.7 million shortfall in the current $18.2 billion biennial budget with some spending cuts, seizing half of the sales tax reimbursement to businesses, and $160 million of borrowing. Combined with other actions since the year began, the budget now stands at $17.2 billion; the previous biennial budget was $...

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December 28, 2008

Gov. Dave Heineman (R) announces his 2010 budget on January 15, but so far state revenues for the 2009 budget have been as expected, if flat. Nebraska also has a rainy day fund of $574 million (out of a $7.6 billion biennial budget), which officials prefer to tap before considering...

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December 28, 2008

Analysts estimate that Montana's state revenue is running $50 million under projection for the current budget ($5.72 billion overall for 2009-11). Gov. Brian Schweitzer (D) has ordered $193 million in spending reductions, and the budget's surplus is now projected to be...

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December 28, 2008

In May, legislators approved and Gov. Matt Blunt (R) signed an $8.94 billion budget with a $700 million shortfall, expecting tax growth to continue and to use $833 million in surpluses. Instead, corporate income taxes are down 14%, sales taxes are down 8%, with income taxes basically flat at 1% growth. Gov.-elect Jay Nixon (D...

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December 27, 2008

Oklahoma's State Treasurer recently estimated that state revenue is already $250 million short half-way through this year's $7.1 billion budget, and could be as much as $310 million for the next...

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