Sunday, December 22

Tag: Subnational Government Budget/Taxation

The Great Blue to Red State Migration Continues
23Dec By adminNo Comments
Business

The Great Blue to Red State Migration Continues

The migrant border mess is benefiting progressive states like New York, California and Illinois in one respect: It’s offsetting some of their population loss from droves of taxpayers fleeing to lower-cost and low-tax states. That’s one lesson from new Census Bureau state population data released this week.The U.S. population increased by 1.6 million between July 2022 and July 2023, with states in the South accounting for about 1.4 million of the growth. Leading the boom were Texas (473,453), Florida (365,205), Georgia (116,077), South Carolina (90,600) and Tennessee (77,512). Driving their growth was migration from other states.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Union to Eric Adams: Drop Dead
16Dec By adminNo Comments
Health

Union to Eric Adams: Drop Dead

Public unions are big cities’ toughest customers, even for an ally like New York’s Eric Adams. The mayor is patching the city’s budget amid a growing migrant crisis, but government workers are dragging him to court to block cost savings.One of New York’s largest public unions sued Wednesday to prevent City Hall from curtailing a costly jobs program. The parks and sanitation departments currently pay welfare recipients to do custodial work, but the city’s Office of Management and Budget wants to save money by shifting about 2,300 of those positions to outside firms. These savings are low-hanging fruit for a city with a $7 billion budget gap, but the union won’t budge.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The California Budget Bust Arrives
9Dec By adminNo Comments
Business

The California Budget Bust Arrives

Much like California’s climate cycle of storms and drought, the state’s progressive tax code yields revenue booms and busts. Now the bust is coming. After a $100 billion budget surplus two years ago, the Golden State is now staring at a $68 billion shortfall because the gusher of tax revenue from soaking the rich has dried up.The state Legislative Analyst’s Office projected on Thursday a $68 billion budget gap through the next fiscal year and $155 billion in cumulative deficits over the next four years. For comparison, Florida’s entire general fund budget was $46.1 billion this year.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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California Faces Record $68 Billion Budget Deficit
7Dec By adminNo Comments
World

California Faces Record $68 Billion Budget Deficit

California is facing a $68 billion budget deficit next fiscal year—its largest ever—because of plunging revenues including a steep drop in personal income tax collections.According to estimates released by the nonpartisan Legislative Analyst’s Office Thursday, projected state revenues through the 2024-2025 fiscal year are $58 billion lower than assumed in the $310 billion state budget passed by the Democratic-controlled legislature and signed by Gov. Gavin Newsom, also a Democrat, in June. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Newsom’s California Tax Whopper – WSJ
2Dec By adminNo Comments
Health

Newsom’s California Tax Whopper – WSJ

Thursday night’s debate on Fox News between Gavin Newsom and Ron DeSantis was instructive on many levels. While the Florida Governor stressed his superior record on crime, schools and the economy, Mr. Newsom focused on progressive cultural themes. But one of Mr. Newsom’s economic howlers shouldn’t pass without contradiction.The Governor proudly defended his state’s progressive income tax that imposes a top rate of 13.3% on taxpayers making more than $1 million—the second highest in the country after New York City. But he also asserted that Florida “taxes low-income workers more than we tax millionaires and billionaires in the state of California.”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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UBS Spared $2 Billion in Penalties After French Supreme Court Calls for New Trial in Tax Case
16Nov By adminNo Comments
Money

UBS Spared $2 Billion in Penalties After French Supreme Court Calls for New Trial in Tax Case

Updated Nov. 15, 2023 11:13 am ETUBS Group won’t have to pay around $2 billion after the French Supreme Court partly overturned a decision from a lower court that had fined the bank in a long-running tax-fraud case, but confirmed a ruling that the bank had helped wealthy clients in France evade taxes.The latest ruling, announced Wednesday by the Supreme Court, effectively rescinds the financial penalties imposed on UBS in December 2021.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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State Tax Masochism by the Sea
29Oct By adminNo Comments
Business

State Tax Masochism by the Sea

One great benefit of America’s federalist Constitution is policy competition among the states. Voters in Florida don’t have to live under New York’s laws, and Americans and businesses can vote with their feet by moving across state lines. That truth came into focus again last week when the Tax Foundation released its annual ranking of state business tax climates, and there’s a yawning gap between the winners and losers. The best performers ease commerce by forgoing major taxes. The worst stack up punishing rates, making new business much more difficult and costly.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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A Starter’s Guide to Investing in Municipal Bonds
19Oct By adminNo Comments
Money

A Starter’s Guide to Investing in Municipal Bonds

Want to get a tax-free return on your money? Put sewers and subway systems in your portfolio.The municipal bonds that state and local governments sell to pay for unsexy-sounding infrastructure projects are offering their highest yields in more than a decade. New bond investors snapped up Treasurys after interest rates surged this year, but the special tax advantages of muni bonds make them also worth a look, financial advisers say.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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