Montana Policymakers should pursue principled property tax reform that benefits all property owners without creating market distortions or unfairly shifting the tax burden.
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While changes to federal cannabis law are slow, changes at the state level are accelerating. Recreational cannabis is on the ballot in five states this November—Arkansas, Maryland, Missouri, North Dakota, and South Dakota—giving voters the ability to join 19 states that have already legalized recreational marijuana.
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From income tax changes to cannabis legalization and taxation, here’s what voters decided on Election Day.
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When Coloradans go to the polls this November, they will be given the opportunity to permanently lower their income taxes—or to increase those tax burdens.
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California is no stranger to high taxes, and the state has enough going for it that its economy can withstand higher tax burdens than would be viable in other parts of the country. But there’s always a tipping point.
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West Virginia Amendment 2 would not directly reduce tangible personal property taxes—on cars, inventory, or machinery and equipment. It would, however, empower the legislature to consider such reforms.
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Some tax ballot initiatives will be straightforward, some will be complex, and—let’s be honest—some will be a drafting nightmare.
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On May 4th, Gov. Jay Inslee (D) signed legislation creating a 7 percent capital gains tax, to take effect next year. On November 2nd, Washington lawmakers will learn what voters think about it.
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Passage of Louisiana Amendments 1 and 2, which are aimed at the sales tax and individual and corporate income taxes, respectively, would substantially simplify the Pelican State’s tax code and provide tax relief in both the short and long term.
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New Jersey’s tax design adds another element to the ongoing experiment with legal recreational marijuana in the states.
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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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Illinois voters rejected a high graduated rate income tax (“Fair Tax”) while Arizonans embraced a large income tax rate increase for high earners, among the many attention-grabbing results from Tuesday’s elections.
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Voters in four states, Arizona, Montana, New Jersey, and South Dakota, approved ballot measures legalizing recreational marijuana.
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They may not draw as much attention as elections for office, but Election Day 2020 will also feature a number of important votes on tax-related ballot initiatives in states around the country. What are the ballot measures taxpayers should be paying attention to this year and what could they mean for the future of state tax policy? Tax Foundation Vice President of State Projects Jared Walczak and Senior Policy Analyst Katherine Loughead break down measures ranging from recreational marijuana legalization in New Jersey and Montana to income tax increases in Illinois and Arizona.
Significantly raising the income tax through Proposition 208 will only serve to make Arizona less competitive, especially at a time when individuals and small businesses are already struggling. If Arizona is looking for a long-term way to increase education funding, it would do well to avoid overburdening struggling taxpayers and look toward more broad-based, stable sources of revenue.
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Oregon’s Measure 108 introduces a risk of increased tax avoidance and evasion activity as consumers of the products often procure cigarettes from lower tax jurisdictions. At $3.33 per pack, Oregon would have the highest excise tax on cigarettes in the region.
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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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