Seattle’s city council are again gearing up for an effort to increase taxes on the city’s largest employers, intended to generate revenue for cash assistance to low-income households impacted by the COVID-19 crisis, among other reasons.
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Despite a balanced budget and and revenue shortfalls arising from the coronavirus crisis, the D.C. Council will consider proposals to raise income taxes to fund newly proposed spending projects.
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One idea that would help the nation’s economic recovery during the coronavirus crisis would be moving to full expensing of capital investment. The depreciation debate might seem confusing, so the question at hand is: how, when, and by what amount can businesses recognize (or recover) the cost of a capital investment, like a piece of equipment or a new warehouse, on their income tax return?
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While it is understandable that lawmakers and organizers are worried about Colorado’s financial situation, they should remember that narrow taxes are volatile and disrupt markets. Excise taxes can play a role in state revenues even as policymakers appreciate that excise taxes are not viable long-term revenue tools for general spending priorities.
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As New Jersey lawmakers grapple with reduced revenues due to the coronavirus pandemic, they have turned to an unusual solution: the issuance of bonds that would be repaid, if necessary, through temporarily higher sales and property taxes.
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The pandemic has left states in dire straits financially and lawmakers are getting creative in their pursuit of new revenue sources. However, it’s unlikely that revenue from sports betting will have any meaningful impact on budget shortfalls
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As more states consider legalization of recreational marijuana, lawmakers should take note of the experiences of the states already allowing legal sales and consumption.
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