Katherine Loughead is a Senior Policy Analyst & Research Manager with the Center for State Tax Policy at the Tax Foundation, where she serves as a resource to policymakers in their efforts to modernize and improve the structure of their state tax codes.
Ms. Loughead was one of the lead authors of Wisconsin Tax Options: A Guide to Fair, Simple, Pro-Growth Reform and Kansas Tax Modernization: A Framework for Stable, Fair, Pro-Growth Reform. Her work has been cited in The New York Times, USA TODAY, Forbes, the Associated Press, and numerous state media outlets across the country.
Prior to joining the Tax Foundation in April 2018, Ms. Loughead worked for a U.S. senator and a member of the U.S. House of Representatives, where she advised on tax policy during the consideration and enactment of the historic Tax Cuts and Jobs Act. A graduate of the John Wesley Honors College at Indiana Wesleyan University, Ms. Loughead holds a degree in English and Business Administration, as well as a paralegal certificate from Georgetown University.
Originally from Belvidere, Illinois, Katherine now lives in Washington, D.C., where in her spare time she can be found taking flying trapeze classes or reliving her gymnastics days at the local YMCA.
Individual income taxes are a major source of state government revenue, accounting for 37 percent of state tax collections in fiscal year (FY) 2017. Several states had notable individual income tax changes in 2020: Arizona, Arkansas, Massachusetts, Michigan, Minnesota, North Carolina, Ohio, Tennessee, Virginia, and Wisconsin.
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We identify 13 of the highest tax reform priorities Nebraska policymakers should consider in their effort to create a more growth-friendly tax code. We also offer a sample comprehensive tax reform plan to show one way policymakers could begin tackling these objectives over the next couple legislative sessions, with further progress to be made in the years ahead.
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Unless the legislature acts, businesses that have received PPP loans and related federal assistance will face $457 million in state taxes through 2024—with more than half of those taxes coming due this spring—despite Wisconsin being on track to see continued general fund revenue growth even amid the pandemic.
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Twenty-six states and the District of Columbia had notable tax changes take effect on January 1, 2021. Because most states’ legislative sessions were cut short in 2020 due to the COVID-19 pandemic, fewer tax changes were adopted in 2020 than in a typical year.
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Mississippi Governor Tate Reeves (R), in his budget proposal for fiscal year (FY) 2022, has announced his goal of phasing out the state’s income tax by 2030.
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In Tuesday’s election, voters in two states—California and Colorado—were tasked with deciding whether to amend their states’ constitution to change how the property tax burden is distributed. In many ways, the ballot measures were mirror images of each other, but the outcomes were similar.
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A competitive tax code has never been more important, and these tax policy improvements can both strengthen the short-term economic recovery and promote long-term economic growth in Nebraska.
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Heading into Election Day, the Illinois legislature and Governor J.B. Pritzker (D) are trying to convince voters to scrap a key constitutional feature of Illinois’ tax system: a provision in the state constitution that prohibits a graduated-rate income tax.
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Here are the state tax ballot measures to watch on Election Day 2020. Explore the most notable 2020 state tax ballot measures in 15 states.
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This Election Day, Colorado voters will weigh in on Proposition 116, which would permanently reduce the state’s flat income tax rate from 4.63 to 4.55 percent.
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One of the many policy questions Colorado voters will be tasked with deciding this November is whether to amend the state constitution to repeal the Gallagher Amendment, a provision within the Colorado constitution that, since 1982, has limited residential property to 45 percent of the statewide property tax base. Repealing the Gallagher Amendment would cause residential property taxes to rise over time but would also enhance the neutrality and overall competitiveness of the tax code.
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Tax credits like the ones approved in the Nebraska bill may help legislators buy some time to work toward a more permanent solution, but they are not, in and of themselves, an effective means of providing lasting relief or generating long-term economic growth.
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From a revenue standpoint, Wisconsin was better off than many states going into this crisis, but the policy decisions—including tax policy decisions—state policymakers make in the months ahead will have far-reaching implications for how quickly jobs and wages are restored in Wisconsin.
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Nineteen states had notable tax changes take effect on July 1, 2020. Pandemic-shortened sessions contributed to less—and different—activity on the tax front than is seen in most years, and will likely yield an unusually active summer and autumn, with many legislatures considering new measures during special sessions.
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Nebraska lawmakers may ultimately opt for a package that includes both property tax relief and the renewal of business incentives, but they should avoid doing so at the expense of decoupling from the CARES Act’s liquidity-enhancing provisions.
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As policymakers continue evaluating their evolving revenue and spending options, the importance of enacting policies that enhance business liquidity must remain at the forefront.
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To prevent confusion and to ensure taxpayers receive the full benefit of the extended federal deadline, states should consider extending first- and second-quarter estimated tax payment due dates to July 15 or later.
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Lawmakers can help expedite their state’s economic recovery by protecting employers from facing higher unemployment insurance tax rates at a time when they can least afford to pay them.
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Virginia enacted a biennial budget, which includes a new excise tax on “skill games.” Meanwhile, Arizona and Connecticut announced plans to convene in special sessions later this year while Oklahoma gets the green light to use rainy day fund money to close budget gaps.
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