Countries around the world have implemented and continue to implement emergency tax measures to support their economies during the coronavirus (COVID-19) crisis.
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In line with the nationwide trend of taxing vapor products, the Michigan Senate has passed a new 18 percent tax on vapor products. These taxes are often intended to achieve a two-fold goal: deterring youth use and raising revenue. The Michigan bill is no exception.
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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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Based on the CBO’s assessment of the economic and budgetary effects of federal investment, lawmakers should look to spur private sector investment rather than try to enact a massive federal infrastructure bill.
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The lockdowns imposed in response to the COVID-19 pandemic induced an increase in demand for broadband internet, as work from home and other social distancing measures pushed people to spend more time online. As broadband becomes a more important piece of America’s infrastructure, it makes sense to look at tax policy that will help drive more investment and better service.
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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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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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Many states may be looking toward vapor and other excise taxes to fill budget holes caused by the coronavirus crisis. While those areas may represent untapped revenue sources for many states, taxing those activities is unlikely to raise much revenue in the short term.
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What are the best tax policies to encourage a smooth transition and strong economic recovery? How should goals of economic recovery and growth be balanced with revenue needs?
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The European Commission announced new budget plans including loans, grants, and some revenue offsets. The proposals follow other support mechanisms for workers and businesses that were designed in response to the Covid-19 pandemic and economic shutdown.
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