With the significant potential for state revenues, and the prior political success of arguments that legalization can shift consumers to safer legal markets, it seems likely that states will continue to see legislation and ballot initiatives to legalize marijuana at the state level—even states that failed to do so this election.
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Due to the peculiar design of the proposed tax increase, it’s true: the largest tax increase Oregon has ever seen would create a substantial budget shortfall.
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Especially for a state that relies so heavily on the sales tax as a source of revenue—and where most people want to keep it that way—a broad base and a low rate is crucial.
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Georgia should focus on policies that restrict the overall growth of property taxes, not policies that functionally freeze property taxes for current owners by shifting costs onto new owners and into the sales tax.
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Under the tax created by Measure 118, Oregon businesses would be significantly disadvantaged against their larger and out-of-state rivals.
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Oregon’s Measure 118, though presented as a tax on big business, would function as an aggressive sales tax on consumers.
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Nationwide, property owners have experienced surges in valuations and are demanding tax relief. Lawmakers are right to find ways to provide it, but should do so with sound tax principles in mind.
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Taxes are on the ballot this November—not just in the sense that candidates at all levels are offering their visions for tax policy, but also in the literal sense that voters in some states will get to decide important questions about how their states raise revenue.
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Eliminating the property tax will unfortunately set North Dakota back in significant ways, making the state a national outlier and eroding regional competitiveness.
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The all-in Oregon state and local tax rate on large businesses could exceed 56 percent under a proposed ballot measure that purports to impose only a small tax increase on large businesses.
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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.
8 min read