Today is May 13, the birthday of John Kasich, the only 2016 presidential candidate who never released a detailed tax plan. Here are some interesting links I came across: States Could Raise Over $5 Billion a Year from Marijuana Taxes: Our new report released yesterday breaks down state-by-state totals (Table 2) and explains lessons learned by Colorado and Washington for future states to know. We also put out a report estimating the feds could raise over $12 billion a year from legal marijuana. (Tax Foundation) Colorado to Vote on Large Tax Increase for Universal Health Care: Amendment 69 on the November 8 ballot would raise the income tax by 10 percentage points, raising $25 billion. That would be more than tripling the current 4.63 percent income tax, and doubling the state budget. Supporters say it would be a savings since people wouldn’t have to pay insurance premiums anymore. (Ballotpedia / Colorado Health Institute) Most and Least Popular Governors: Morning Consult compiles the approval ratings. Most popular are Gov. Charlie Baker (R-MA) with 72% approval and Gov. Larry Hogan (R-MD) with 71% approval; least popular are Gov. Sam Brownback (R-KS) with 26% approval and Gov. Dan Malloy (D-CT) with 29% approval. (Morning Consult) Kansas-Missouri Cease-Fire Less Likely: Kansas City straddles the border, and the two states have used tax incentives to shift jobs a few miles across it. In 2014, Missouri proposed a cease-fire ending all incentives, with their offer expiring this coming August 28. Kansas last month countered to cancel incentives where moving costs were less than $10 million, which Missouri says isn’t enough. (Governing) Perils and Promises of Tax Increment Financing (TIFs): “Intended to eliminate blight in the poorest neighborhoods, TIF projects are often criticized for funneling money away from core services and to neighborhoods that are neither blighted nor poor.” (Governing) Kentucky Reviews Farm Preservation Tax Break Abuse: Lower property tax rates were approved for farmland beginning in 1969, but a Lexington Herald-Leader investigation discovered that quite a few of the “farms” were lawns, under development, or unrelated to crops or livestock. Legislators are studying this issue and weighing limits to it. (Lexington Herald-Leader) Dangers of Using Volatile Taxes to Fund Education: My colleague Jared Walczak has an op-ed today in the Tri-City Herald on the Washington state proposal to impose a capital gains tax to fund education. (Tri-City Herald) No Vote on San Francisco Soda Tax: Initiative supporters missed the signature deadline by one day. Across the Bay, Oakland will vote on a soda tax and decide whether it joins neighboring Berkeley with a 1-cent-per-ounce tax. (Tax Foundation) Senate Budget Committee Lists Process Reform Ideas: The ideas include automatic continuing resolutions, biennial budgets, better accounting for long-term budget impacts, and many more. (Senate Committee on the Budget)
