Resources to help enroll children in KidsCare health coverage have vanished.

Size: px
Start display at page:

Download "Resources to help enroll children in KidsCare health coverage have vanished."

Transcription

1 Strengthening Families A Research Bulletin on Arizona s Fiscal Policies Produced by Children s Action Alliance with support from the Ford, Annie E. Casey and Rodel foundations. May 2003 RELIABLE REVENUES FOR RESPONSIBLE BUDGETS Arizona entered the budget crisis with a lean budget. Indeed, in 2000, before a single budget cut was made, Arizona had the 5th lowest state and local government spending per capita in the nation and our tax burden was 17% below the national average. Arizona continuously ranks near the bottom on most comparisons of conditions for kids and families. This was true in the prosperous 1990s and remains true today as the state faces a deficit of more than $1.3 billion. True Deficit is More Than $1.3 Billion However, Arizona's failure to invest in key programs during the economic good times means that the true deficit is much higher than $1.3 billion. Before a single budget cut is made for 2004: Child care subsidies, which help working parents afford child care, are 5 years out of date and the cost of care has increased between 20% - 35% (depending on the county) during that time. The state recently began refusing to help new families with the subsidy. Child protective services staff each handle an average of 36 more new cases per year than national standards and their ongoing caseload is 30% higher than recommended. Resources to help enroll children in KidsCare health coverage have vanished. Prevention programs that successfully help struggling parents never reach more than a fraction of families who need them and may disappear completely. Students First provides no space or funding for full-day kindergarten or preschool programs that help children start school ready to learn. Due to lack of funds, youth in the juvenile justice system aren't getting the behavioral health treatment they desperately need. State employees and service providers on contract with the state have gone years with no real pay increases to cover the rising cost of living. Arizona is Lean State Arizona entered the budget crisis with a lean budget. Indeed, in 2000, before a single budget cut was made, Arizona had the 5th lowest state and local government spending per capita in the nation and our tax burden was 17% below the national average. Taxes are lower now (as a percentage of personal income) than any year since the Census Bureau began collecting this data in Even the Cato Institute notes that state revenue growth in Arizona has lagged our overall economic growth. How We Got Into this Mess Many factors have contributed to the current budget crisis: the economic downturn, growing needs, underfunding of the state Rainy Day Fund, new spending priorities and tax cuts. As the economy soured, people lost jobs and the state lost income tax revenues. The stock market went south and the state lost more income tax revenue. Consumers started buying less and fewer tourists came to Arizona so the state lost sales tax revenue. Compared to 2001 levels, general fund revenues were $205 million lower in 2002 and are estimated to be $54 million lower in Continued on Page 5

2 Continued from Page 1 At the very time dollars are declining, need has been increasing. Arizona is a very fast growing state. Between 1990 and 2000, Arizona experienced a 40% surge in residents, three times the national average growth. More people need more services and infrastructure, such as roads, schools, and libraries just to keep up with population. More population on top of a bad economy means that more families need help with the basics. In the past year alone (January 2002 to January 2003), the demand for Food Stamps and medical assistance has gone up over 25%. After the last budget crisis, Arizona policy-makers created a Rainy Day Fund (or Budget Stabilization Fund as it is officially called) to help the state weather the next fiscal storm. The fund initially was supposed to hold a 15% reserve. But over time, lawmakers ratcheted that amount downward to help finance deep tax cuts. Various analyses suggest that if Arizona had funded the Rainy Day Fund at original levels, there would have been enough money in the Fund to cover the 2002, 2003 and most of the 2004 shortfall. Arizona has also taken on new spending priorities. The state general fund has picked up the responsibility to pay for school construction and repair and has paid approximately $1.4 billion since 1999 for this purpose. Voters elected to expand health care coverage to tens of thousands more poor adults and to ensure a minimal level of school classroom funding. The federal government offered to pick up 75% of the cost of covering kids in working families with health insurance, and legislators appropriated the required 25% match so that 50,000 more children can have health insurance. Finally, Arizona lawmakers cut taxes deeply and permanently. Arizona would have taken in an additional $775 million each year, if not for those tax cuts. And while a simple majority of legislators can vote to cut taxes, it takes a supermajority to increase taxes or expand the base of an existing tax. In other words, it takes 31 representatives and 16 senators to pass a special tax break, but it takes 40 representatives and 20 Senators to get rid of that same exemption. This effectively allows a minority of legislators to control fiscal policy. Government Spending Counts in the Economy Some argue that raising taxes is the worst thing you can do to a state economy, but established economic thought runs counter to this assertion. Tax dollars circulate through the economy to buy goods and services and to pay salaries. Economists as early as John Maynard Keynes have recognized the important contribution of government spending to the economy. The 2001 recipient of the Nobel Prize in Economics, Joseph Stiglitz, argues that "reductions in government spending on goods and services, or reductions in transfer payments to lower-income families, are likely to be more damaging to the economy in the short run than tax increases focused on higher income families. 1 Arizona economists, such as Marshall Vest and Tom Rex, concur. Vest, Director of the Economic and Business Research Program at the University of Arizona, points out that "the idea that states must cut taxes to stimulate the economy doesn't make sense and never has. In fact, there is a large body of research that shows that a tax increase at this point in the business cycle would be beneficial." 2 It's About Choices and Priorities There is widespread agreement that our tax system is broken and needs to be revitalized to meet the challenges of the 21st century. Farsighted leaders will recognize that Arizona needs to take action now. Our tax system is not as equitable or reliable as it should be. We rely heavily on the sales tax, which hits low-income and fixed income families the hardest (or, in the vernacular of economists, is regressive). Our sales tax rates are very high, but many goods and services are exempt. As we enter a new century with new purchasing patterns, it makes sense to broaden the base, perhaps lowering the rate. We rely least on the taxes that affect higher income families (called "progressive taxes" by economists): the personal income tax and the estate tax. We have tax credits with no accountability measures to ensure that they achieve the desired goals. We have no state property tax, an important counterbalance to sales and income taxes. In short, our tax system is ill-prepared to meet the challenges of a new century. This bulletin focuses on options that are good tax policy in the long-term. The policies discussed here are intended as a menu of options, not a package recommendation. The menu shows that the state has many choices other than cutting vital programs and services and that these choices represent sound fiscal policy. These options can help fix a broken tax system and create reliable revenues for our 21st century economy. While rhetoric may suggest that we must rely solely on cuts to vital programs in these tough times, we clearly have other options. Page 5

3 RELIABLE REVEN what the tax policy option involves... Extend the sales tax base to include household services. Arizona is in a new century and a new economy. Like the rest of America, we ve moved away from an economy based on goods to an economy based on services. Nationally, the share of personal consumption of services increased from 26 percent of all consumption in 1960 to 42 percent in But Arizona taxes only goods and not even all goods. Extending the state sales tax to include more services would help broaden the sales tax base and raise more revenue. Economic theory tells us that the base needs to be as broad as possible while excluding "business to business" transactions (which can lead to distortions in purchases). It also makes sense to exempt services which are basic necessities - such as health care and child care. Taxing services (except for business to business transactions, health care, and child care services) would raise approximately $270 million additional each year. Taxed services would include most repair services - vehicles, machinery, jewelry, furniture, etc.- hair, nail and skin services, diet services, interior design, services to dwellings, architectural services, death care services, portraits, miscellaneous personal services, technical and trade schools, dry cleaning, parking and clothing alteration. Get rid of sales tax breaks on goods. Unlike services, most goods in Arizona are taxed. However, there are some exemptions. Some of these exemptions help families afford basics such as food and medicine. Other exemptions, such as wholesale trade, are designed to prevent double-taxation. Still others, such as text books, valves, rodeo animals, and health club memberships, help a relatively limited segment of the population. If Arizona applied the state sales tax to all these items except food for home consumption, medical goods (such as prescription drugs and medical oxygen, eyeglasses and contact lenses, syringes and glucose test strips) and wholesale trade, general fund revenues would be increased by over $1.45 billion per year. 4 If the tax rate were lowered, the amount collected would be less. why it s a good tax policy (or a good short-term fix)... The best taxes keep the most level playing field by taxing a broad base. Arizona s sales tax no longer reflects our economy because Arizonans are far more likely to purchase services now than they were half a century ago. Excluding services from the sales tax distorts consumer behavior and creates inequities among industries. As the tax base narrows over time, pressure mounts to increase the tax rate. Also, some economic studies suggest that including services in the sales tax base helps to reduce the year-to-year volatility of sales tax collections. Economists agree that tax rates should be as low as possible with bases as broad as possible. Exempting certain goods in favor of other goods can distort behavior, as people change their buying habits, just because of the taxes (or lack of taxes). Applying the sales tax to all items except for wholesale trade and the absolute basics of food and medicine reduces distortion in the tax system. Page 2

4 UES FOR RESPON Expand the responsibility of retailers to collect Internet sales taxes. In Arizona, vendors are supposed to report and pay sales taxes on items purchased by Arizonans over the Internet (assuming the vendor has a physical connection with Arizona). Some vendors already report and pay, but many others do not follow the rules to collect and submit this legally owed tax. Audits and enforcement policies that were well-publicized could ensure that all vendors play by the same rules. Main Street merchants say that Internet vendors get an unfair advantage by not having to collect sales taxes. They are backed up by a University of Chicago study suggesting that Internet merchants owe up to 24 percent of their sales to this comparative advantage. 5 The Morrison Institute estimates that Arizona will lose approximately $138 million in state sales taxes in 2003 from the non-collection of sales taxes on Internet purchases. 6 Arizona cannot require Internet retailers with no physical presence within its borders to collect the Internet sales taxes. But there are many bricks and clicks companies with stores in Arizona that do not charge sales tax to Arizona customers on their Internet and catalog purchases. Arizona could compel many of these companies to charge sales tax on all their Internet and catalog sales if the state publicized and enforced its law and stepped up enforcement action against non-complying companies. This is already a legally owed tax. This enforcement would not require a super majority of the Legislature for enactment. Internet sales nationally increased more than 13-fold between 1998 and 1999 (from $1.5 billion to $20 billion) 7. The sales tax is supposed to be a general tax on consumption, and it is unfair for someone to be able to avoid the tax simply because he or she has the wherewithal (a computer, credit card, etc.) to shop on the Internet or through a catalog. Main Street merchants are placed at a competitive disadvantage because they have to charge sales tax on top of their prices, while large retail chains with out-of-state Internet and catalog operations can shirk this obligation. Arizona should make its own fiscal decisions regarding estate taxes. The estate tax, or inheritance tax, is a tax that inheritors pay when someone dies. Typically only very wealthy families end up owing significant amounts. In 2001, Congress passed the federal Economic Growth and Tax Relief Reconciliation Act which assumed that states would eliminate their estate taxes to help reduce the amount of taxes owed by wealthy heirs. In 2002, the Arizona legislature provided tax relief to these inheritors by phasing out the state estate tax. Once the state estate tax is fully phased out, Arizona will collect about $80 million less per year from these revenues. 8 However, the number of people affected will be fairly small. According to the Arizona Department of Revenue, there were only 3,700 taxable estates in Instead of providing tax breaks to a few wealthy individuals, Arizona could choose to "decouple" from the federal estate tax provisions. Arizona's tax policies already differ from the federal structure in other ways. Just last year, Arizona chose to decouple from federal provisions dealing with the treatment of depreciation expenses for purchases of plant and equipment. Arizona could build on our history of making our own tax policy and choose to "decouple" from the federal tax provisions and preserve our state revenue stream worth more than $80 million per year. Arizona should make its own fiscal decisions and not let the federal government dictate them. Furthermore, the estate tax is the most progressive feature of our tax system and brings in significant revenue - enough to cover the cost of funding the entire Department of Juvenile Corrections. Re-instate the state property tax to pay for schools. Arizona eliminated the state property tax in the mid 1990s. Then, in 1998 the state took on the obligation of building and maintaining schools a half billion dollar annual commitment with no funding source to pay for this obligation. Around the country, property taxes are often used to pay for school buildings. However, many businesses are concerned that property taxes are assessed unfairly in Arizona businesses pay two and half times higher rates than residents (25 percent compared to 10 percent for assessment ratios). Arizona could re-instate the state property tax with equal assessment ratios and dedicate the funds to building and maintaining school buildings. In FY1995, the state property tax brought in $188 million. Good tax policy is based on three legs: sales tax, income tax and property tax. Reinstating the property tax provides an important counterbalance and helps improve the long-term stability of our tax structure. Additionally, both new houses and new businesses are linked to the need to provide good education for growing numbers of children. A state property tax would provide a funding source for Students FIRST. Page 3

5 SIBLE BUDGETS Don t reduce education property tax rates. Arizona s truth in taxation law is another school funding obligation added to the state general fund without a revenue source this one for school operations rather than capital. Unless the legislature proactively chooses otherwise in any given year, the local education property taxes for existing homeowners and businesses are frozen and the general fund pays a higher share as education costs rise with enrollment and inflation. Suspending this law for one year will keep local education property tax rates at the same level as last year (rather than going down) and save the state general fund $43 million. Changing the law permanently will allow property taxes, as well as the income and sales taxes in the state general fund, to help pay for increasing education costs. Eliminate tax credits not targeted to low-income people. Tax credits, a dollar-for-dollar reduction off a household s tax bill - historically have faced little scrutiny in Arizona. Only two tax credits are designed to reduce the tax burden on low-income families. Other tax credits allow an individual to make a cost-free donation to a few favored groups: private schools, extra-curricular activities in public schools, certain charities, etc. Recent analysis from the Arizona State University Education Policy Studies Laboratory found that education tax credits do very little to improve educational options for low-income children. 10 Eliminating the tax credits for private school tuition and donations made to public schools for extra-curricular activities could net more than $45 million for the state s General Fund. Eliminating credits for agricultural water conservation, select charities, enterprise zones, neighborhood electric vehicles, and solar energy would net an additional $20 million. Increase personal income taxes for the wealthiest 8% of households. Arizona ranks 38 th lowest in state and local personal income tax collections on a personal income basis. 11 In 2001, only 8 percent of households reported a federally adjusted gross income of $100,000 or more. 12 Raising the income tax on the top two brackets (households with adjusted incomes above $100,000) from 4.72 percent to 5.2 percent and from 5.04 percent to 5.5 percent would raise more than $105 million. 13 Most taxes go up with inflation. Arizona already has a specific property tax credit to reduce property taxes for low-income, elderly people when their property values rise. There are property tax exemptions for widows, widowers and disabled persons. Shielding other business and homeowner property taxes from rising education costs simply shifts the costs and drains state income and sales taxes. Tax credits represent an expenditure of state funds as much as programs that receive a general appropriation. However, only recently have tax credits become subject to any review or evaluation. Tax credits that do not achieve desired goals should be eliminated, just as programs that do not achieve desired goals should be eliminated. Income taxes represent a major portion of Arizona s general fund revenues. They are also progressive, meaning that higher income households pay more than lower-income families as a percentage of income. In a recession, raising taxes on the wealthiest households is economically preferable to cutting public services. Page 4

6 ARIZONA S MENU OF OPTIONS FOR RELIABLE REVENUES OPTION VALUE SUPERMAJORITY REQUIREMENT Apply the sales tax to household services Eliminate sales tax exemptions for all items except food, medicine and wholesale trade Expand the responsibility of retailers to collect Internet sales taxes De-couple from federal estate tax cuts Reinstate the statewide property tax with equal assessment ratios Maintain 2003 property tax rates for counties and school districts (TNT) Eliminate individual income tax credits Raise personal income taxes on the wealthiest 10 percent of households $270 million $1.5 billion $138 million $80 million $188 million $43 million $65 million $105 million No Depends on how the tax is structured No REFERENCES 1 Peter Orzag and Joseph Stiglitz, Budget Cuts vs. Tax Increases at the State Level: Is One More Counter- Productive than the Other During a Recession?, Center on Budget and Policy Priorities, November 6, Marshall Vest, Thinking About Government and Taxes Needed, December 20,2002, Economic and Business Research Program at the University of Arizona. 3 Financing State Government in the 1990s, National Conference of State Legislatures and the National Governors Association, edited by Ronald Snell, December Arizona Department of Revenue, The Revenue Impact of Arizona s Tax Expenditures, November 15, 2002 (Preliminary). 5 Austan Goolsbee, University of Chicago, In A World Without Borders: The Impact of Taxes on Internet Commerce, November Morrison Institute for Public Policy, Arizona State University, Five Shoes Waiting to Drop on Arizona s Future, October Mackey, Scott. Can the Sales Tax Survive Cyberspace?, State Legislatures Magazine, NCSL, December Joint Legislative Budget Committee Staff, State of Arizona Appropriations Report for Fiscal Years Ending June 30, 2002 and June 30, 2003, page Conforming to Federal Estate Tax Law Changes, Senate Democratic Staff, 2/02/ Glen Y. Wilson, The Equity Impact of Arizona s Education Tax Credit Program: A Review of the First Three Years ( ), Education Policy Studies Laboratory, Arizona State University, March U.S. Census data for 1999/2000 analyzed by the Center on Budget and Policy Priorities, December Arizona Department of Revenue, Office of Economic Research and Analysis, Estimated Individual Income Tax 1996 Data Grown to 2001, February According to DOR analysis, households with income of $100,000 or more per year paid $1.4 billion in state income taxes in The Fiscal Project at Children s Action Alliance conducts research and public education on the connection between fiscal policies and the wellbeing of children and families. It is supported by the Ford, Annie E. Casey and Rodel foundations North Third Street Suite 160 Phoenix, AZ Voice: Fax: caa@azchildren.org Web: Page 6

budget brief On Tuesday, August 3, legislative leaders proposed a new budget plan, including a tax swap that would increase some

budget brief On Tuesday, August 3, legislative leaders proposed a new budget plan, including a tax swap that would increase some UNDERSTANDING THE TAX SWAP budget brief AUGUST JUNE 2010 2005 On Tuesday, August 3, legislative leaders proposed a new budget plan, including a tax swap that would increase some of the state s personal

More information

Revenue-Raising Options to Help Close Minnesota s Budget Deficits in FY 2011-13

Revenue-Raising Options to Help Close Minnesota s Budget Deficits in FY 2011-13 Revenue-Raising Options to Help Close Minnesota s Budget Deficits in FY 2011-13 Minnesota faces billion-dollar deficits in this biennium and the next Minnesota Needs a Balanced Approach to Solving Deficits

More information

Chapter 4: Key Conclusions from the Evaluation of the Current Washington Tax Structure

Chapter 4: Key Conclusions from the Evaluation of the Current Washington Tax Structure Chapter 4: Key Conclusions from the Evaluation of the Current Washington Tax Structure Introduction This chapter presents the key conclusions and the Committee s view based on the evaluation of the current

More information

CREATING. REVENUE SYSTEM that WORKS for NORTH CAROLINA. Presented by the NC Budget & Tax Center and the NC Justice Center

CREATING. REVENUE SYSTEM that WORKS for NORTH CAROLINA. Presented by the NC Budget & Tax Center and the NC Justice Center CREATING REVENUE SYSTEM that WORKS for NORTH CAROLINA A Presented by the NC Budget & Tax Center and the NC Justice Center The Fuel that Makes North Carolina Go North Carolina has a history of investing

More information

B u d g e t B r i e f

B u d g e t B r i e f BUDGET PROJECT B u d g e t B r i e f April 1996 IS CALIFORNIA A HIGH TAX STATE? Are California s tax rates uncompetively high? Is the tax burden on households and businesses in California out-of-line with

More information

The Causes of the Shortfall: Declining Revenue

The Causes of the Shortfall: Declining Revenue February 24, 2008 Moving From Surplus to Shortfall: The Critical State of Missouri s Revenue and Policy Options Tom Kruckemeyer, Chief Economist Amy Blouin, Executive Director With the 2008 Missouri Legislative

More information

SOME STATES SCALING BACK TAX CREDITS FOR LOW- INCOME FAMILIES Measures Would Increase Poverty, Slow Job Growth By Nicholas Johnson and Erica Williams

SOME STATES SCALING BACK TAX CREDITS FOR LOW- INCOME FAMILIES Measures Would Increase Poverty, Slow Job Growth By Nicholas Johnson and Erica Williams 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised May 3, 2010 SOME STATES SCALING BACK TAX CREDITS FOR LOW- INCOME FAMILIES Measures

More information

Economic Development Planning, Summary 7

Economic Development Planning, Summary 7 Economic Development Planning, Summary 7 Unless otherwise noted, summaries represent findings and analyses by the listed source, not by Morrison Institute for Public Policy or Arizona State University.

More information

IBO. Albany Budget Relief: How Much in City Gap-Closing Help? More Details on PIT Increase. Also available from IBO... ...at www.ibo.nyc.ny.

IBO. Albany Budget Relief: How Much in City Gap-Closing Help? More Details on PIT Increase. Also available from IBO... ...at www.ibo.nyc.ny. IBO A New York City Independent Budget Office Fiscal Brief June 23 Albany Budget Relief: How Much in City Gap-Closing Help? + Also available from IBO... More Details on PIT Increase...at www.ibo.nyc.ny.us

More information

Expanding Health Coverage in Kentucky: Why It Matters. September 2009

Expanding Health Coverage in Kentucky: Why It Matters. September 2009 Expanding Health Coverage in Kentucky: Why It Matters September 2009 As the details of federal health reform proposals consume the public debate, reflecting strong and diverse opinions about various options,

More information

Amendment 66 will improve Colorado s income tax

Amendment 66 will improve Colorado s income tax Amendment 66: Economic analysis Amendment 66 will improve Colorado s income tax Amendment 66 will restore Colorado s ability to raise enough revenue to meet our schools growing needs and make the income

More information

FY 10/11 ARIZONA BUDGET PROPOSALS: HOW VULNERABLE CHILDREN AND FAMILIES FARE March 10, 2010

FY 10/11 ARIZONA BUDGET PROPOSALS: HOW VULNERABLE CHILDREN AND FAMILIES FARE March 10, 2010 FY 10/11 ARIZONA BUDGET PROPOSALS: HOW VULNERABLE CHILDREN AND FAMILIES FARE March 10, 2010 As the Arizona Legislature begins a special session this week on the budget, Children s Action Alliance prepared

More information

HB 1776, The Property Tax Independence Act A solution that makes sense for Pennsylvania

HB 1776, The Property Tax Independence Act A solution that makes sense for Pennsylvania HB 1776, The Property Tax Independence Act A solution that makes sense for Pennsylvania INTRODUCTION There is no Holy Grail of property tax reform. Any property tax reform measure will involve shifting

More information

Recommendations of the State and Local Fiscal Modernization Study Commission to the General Assembly:

Recommendations of the State and Local Fiscal Modernization Study Commission to the General Assembly: Recommendations of the State and Local Fiscal Modernization Study Commission to the General Assembly: The following recommendations have been identified as high priority items by the State and Local Fiscal

More information

The State Role in Providing Property Tax Relief

The State Role in Providing Property Tax Relief The State Role in Providing Property Tax Relief Andrew Reschovsky Robert M. La Follette School of Public Affairs University of Wisconsin-Madison reschovsky@lafollette.wisc.edu Selected Property Tax Facts

More information

MOST FREQUENTLY ASKED INTERVIEW QUESTIONS. 1. Why don t you tell me about yourself? 2. Why should I hire you?

MOST FREQUENTLY ASKED INTERVIEW QUESTIONS. 1. Why don t you tell me about yourself? 2. Why should I hire you? MOST FREQUENTLY ASKED INTERVIEW QUESTIONS 1. Why don t you tell me about yourself? The interviewer does not want to know your life history! He or she wants you to tell how your background relates to doing

More information

Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.)

Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.) Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter introduces you to a formal analysis of fiscal policy, and puts it in context with real-world data and

More information

I. Introduction to Taxation

I. Introduction to Taxation University of Pacific-Economics 53 Lecture Notes #17 I. Introduction to Taxation Government plays an important role in most modern economies. In the United States, the role of the government extends from

More information

150-303-405 (Rev. 6-09)

150-303-405 (Rev. 6-09) A Brief History of Oregon Property Taxation 150-303-405-1 (Rev. 6-09) 150-303-405 (Rev. 6-09) To understand the current structure of Oregon s property tax system, it is helpful to view the system in a

More information

Chapter 10 Keynes and the Multiplier

Chapter 10 Keynes and the Multiplier Page 42 Chapter 10 Keynes and the Multiplier Economists, supposedly, are able to make accurate forecasts, and give valuable advice on dealing with economic problems. When Presidents have problems with

More information

The tax package adopted by Gov. Rick Snyder and

The tax package adopted by Gov. Rick Snyder and Michigan League FOR Human Services February 2012 Tax Changes Hit Low-Income Families the Hardest New tax changes cut business income tax revenues by 83 percent and increase individual taxes Figure by 1:

More information

Hawaii Individual Income Tax Statistics

Hawaii Individual Income Tax Statistics Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii November 2014 Prepared

More information

Property Tax Relief: The $7 Billion Reality

Property Tax Relief: The $7 Billion Reality August 2008 Property Tax Relief: The $7 Billion Reality In the spring of 2006, Texas lawmakers passed a massive package of school finance reforms. School tax rates for maintenance and operations were to

More information

Vital Questions and Answers on Preserving the Quality of Our Schools and Protecting Our Quality of Life. Visit our website @ www.sarasotacbs.

Vital Questions and Answers on Preserving the Quality of Our Schools and Protecting Our Quality of Life. Visit our website @ www.sarasotacbs. Vital Questions and Answers on Preserving the Quality of Our Schools and Protecting Our Quality of Life. Visit our website @ www.sarasotacbs.com 1. Does the school district still need the 1 mill? The 1

More information

Race Matters. Household Asset Poverty by Race in North Carolina. Child Poverty by County

Race Matters. Household Asset Poverty by Race in North Carolina. Child Poverty by County Race Matters Children of color are more likely to grow up in both income poverty and asset poverty. This double burden creates a difficult barrier for children to overcome. As adults, children of color

More information

State of the State Update January 21, 2016

State of the State Update January 21, 2016 State of the State Update January 21, 2016 We ve all heard the old phrase, May you live in interesting times. We are definitely living in interesting times, but must these times be so challenging must

More information

Economics 152 Solution to Sample Midterm 2

Economics 152 Solution to Sample Midterm 2 Economics 152 Solution to Sample Midterm 2 N. Das PART 1 (84 POINTS): Answer the following 28 multiple choice questions on the scan sheet. Each question is worth 3 points. 1. If Congress passes legislation

More information

The primary focus of state and local government is to provide basic services,

The primary focus of state and local government is to provide basic services, Tax Relief and Local Government The primary focus of state and local government is to provide basic services, such as public safety, education, a safety net of health care and human services, transportation,

More information

Policy Brief: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority

Policy Brief: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority Policy Brief: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority May 27, 2015 Of the two competing property tax relief plans the Legislature is expected to consider

More information

Review of Arkansas Unemployment Insurance By Kenny Hall, Executive Vice President Arkansas State Chamber of Commerce/Associated Industries of Arkansas

Review of Arkansas Unemployment Insurance By Kenny Hall, Executive Vice President Arkansas State Chamber of Commerce/Associated Industries of Arkansas Review of Arkansas Unemployment Insurance By Kenny Hall, Executive Vice President Arkansas State Chamber of Commerce/Associated Industries of Arkansas Part 1 A major topic of discussion this session will

More information

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College

Crunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Pomona College, Office of Trusts & Estates, 550 N. College Ave., Claremont, CA 91711 www.pomona.planyourlegacy.org

More information

Governor Walker's Tax Reform Initiative. Wisconsin Department of Revenue February 2013

Governor Walker's Tax Reform Initiative. Wisconsin Department of Revenue February 2013 Governor Walker's Tax Reform Initiative Wisconsin Department of Revenue February 2013 1 Tax Reform Goals Reduce Wisconsin's high tax burden Put more money in people's pockets Make Wisconsin more competitive

More information

Methods of financing health care

Methods of financing health care International Social Security Association Fifteenth International Conference of Social Security Actuaries and Statisticians Helsinki, Finland, 23-25 May 2007 Methods of financing health care Finnish national

More information

Adecade of disinvestment has left California s spending for public schools lagging the nation by a number of

Adecade of disinvestment has left California s spending for public schools lagging the nation by a number of SCHOOL FINANCE FACTS OCTOBER 2011 A Decade of Disinvestment: Education Spending Nears the Bottom Adecade of disinvestment has left s spending for public schools lagging the nation by a number of measures.

More information

INDEPENDENT FISCAL OFFICE Matthew Knittel, Director Testimony Before the Senate Finance Committee June 10, 2015

INDEPENDENT FISCAL OFFICE Matthew Knittel, Director Testimony Before the Senate Finance Committee June 10, 2015 INDEPENDENT FISCAL OFFICE Matthew Knittel, Director Testimony Before the Senate Finance Committee June 10, 2015 Chairmen Eichelberger and Blake, members of the committee, thank you for the opportunity

More information

What You Need to Know about the Tax Levy Cap

What You Need to Know about the Tax Levy Cap 1. What is the tax levy cap? The tax levy cap is a law that places strong restrictions on how school districts can raise revenues. At its basic level, the tax levy cap legislation makes it very difficult

More information

Chapter 1 Lecture Notes: Economics for MBAs and Masters of Finance

Chapter 1 Lecture Notes: Economics for MBAs and Masters of Finance Chapter 1 Lecture Notes: Economics for MBAs and Masters of Finance Morris A. Davis Cambridge University Press stands for Gross Domestic Product. Nominal is the dollar value of all goods and services that

More information

A Tax Increase Will Help the California Economy. Stephen Levy and Manuel Pastor

A Tax Increase Will Help the California Economy. Stephen Levy and Manuel Pastor CENTER FOR CONTINUING STUDY OF THE CALIFORNIA ECONOMY 132 HAMILTON AVENUE PALO ALTO CALIFORNIA 94301 A Tax Increase Will Help the California Economy Stephen Levy and Manuel Pastor August 2008 Stephen Levy

More information

Create Your Own $1 Million Message Elevator Pitch Template Workbook

Create Your Own $1 Million Message Elevator Pitch Template Workbook Create Your Own $1 Million Message Elevator Pitch Template Workbook E-Learning Marketing System The volume of content in this program can be overwhelming You have no idea where to go what to do or how

More information

The Ariel Mutual Funds/Charles Schwab & Co., Inc. Black Investor Survey. Saving and Investing Among High Income African-American and White Americans

The Ariel Mutual Funds/Charles Schwab & Co., Inc. Black Investor Survey. Saving and Investing Among High Income African-American and White Americans The Ariel Mutual Funds/Charles Schwab & Co., Inc. Black Investor Survey: Saving and Investing Among High Income African-American and Americans April, 2000 0 Prepared for Ariel Mutual Funds and Charles

More information

School District Funding - How to Get the Most Money You Want

School District Funding - How to Get the Most Money You Want Funding Pennsylvania Public Schools TM 1 Introduction A recent study by the Pennsylvania School Boards Association determined that many citizens do not understand how Pennsylvania s public schools are

More information

PROFILE OF CHANGES IN COLORADO PUBLIC SCHOOL FUNDING

PROFILE OF CHANGES IN COLORADO PUBLIC SCHOOL FUNDING PROFILE OF CHANGES IN COLORADO PUBLIC SCHOOL FUNDING 988-89 TO 998-99 Prepared for THE COLORADO SCHOOL FINANCE PROJECT Colorado Association of School Boards Colorado Association of School Executives Colorado

More information

A Report from the Office of the University Economist. March 2010

A Report from the Office of the University Economist. March 2010 ROADMAP TO ARIZONA S ECONOMIC RECOVERY: A PACKAGE TO CREATE JOBS, IMPROVE THE STATE S ECONOMIC COMPETITIVENESS, AND BALANCE THE BUDGET ADDENDUM: REVENUE FORECAST DETAILS A Report from the Office of the

More information

General Assistance Medical Care: Unique Program Serves a Unique Population

General Assistance Medical Care: Unique Program Serves a Unique Population General Assistance Medical Care: Unique Program Serves a Unique Population GAMC serves Minnesota adults living in extreme poverty General Assistance Medical Care Targets a Challenging Population General

More information

TAX REDUCTIONS, THE ECONOMY AND THE DEFICIT IN THE ARIZONA STATE GOVERNMENT GENERAL FUND

TAX REDUCTIONS, THE ECONOMY AND THE DEFICIT IN THE ARIZONA STATE GOVERNMENT GENERAL FUND TAX REDUCTIONS, THE ECONOMY AND THE DEFICIT IN THE ARIZONA STATE GOVERNMENT GENERAL FUND 0BA Report from the Office of the University Economist November 2008 Dennis Hoffman, Ph.D. Professor of Economics,

More information

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Machine-graded assessment question pools are provided for your reference and are organized by learning outcome. It is your responsibility

More information

ITEP. Tax Reform in Kentucky. Serious Problems, Stark Choices. Institute on Taxation and Economic Policy. Institute on Taxation and Economic Policy

ITEP. Tax Reform in Kentucky. Serious Problems, Stark Choices. Institute on Taxation and Economic Policy. Institute on Taxation and Economic Policy Tax Reform in Kentucky Serious Problems, Stark Choices Institute on Taxation and Economic Policy June 2009 ITEP Institute on Taxation and Economic Policy 1616 P Street NW Washington, DC 20036 (202) 299-1066

More information

The Oregon Senior Tax Deferral Program: Effects on Low-Income, Long-term Homeowners

The Oregon Senior Tax Deferral Program: Effects on Low-Income, Long-term Homeowners April 2013 Policy Brief No. 003 Oregon State University School of Public Policy The Oregon Senior Tax Deferral Program: Effects on Low-Income, Long-term Homeowners Conor Wall Introduction The Oregon Property

More information

Hard Choices: Revenue-Raising Options for Alaska. Citizens for Tax Justice Alaska Common Ground April 2004

Hard Choices: Revenue-Raising Options for Alaska. Citizens for Tax Justice Alaska Common Ground April 2004 Hard Choices: Revenue-Raising Options for Alaska Citizens for Tax Justice Alaska Common Ground April 2004 1311 L Street, NW, Washington, DC 20005 202-626-3780 www.ctj.org Hard Choices: Revenue-Raising

More information

THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics

THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics The current financial crisis in the capital markets combined with recession

More information

STAFF REPORT The American Recovery and Reinvestment Act: Helping Middle-Class Families

STAFF REPORT The American Recovery and Reinvestment Act: Helping Middle-Class Families STAFF REPORT The American Recovery and Reinvestment Act: Helping Middle-Class Families Introduction One of the central goals of the Middle Class Taskforce is to identify public policies that will help

More information

Facts and Figures on the Middle-Class Squeeze in Idaho

Facts and Figures on the Middle-Class Squeeze in Idaho Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President

More information

The primary purpose of a tax system is to support public goods and services. State and local taxes

The primary purpose of a tax system is to support public goods and services. State and local taxes Issue Brief UPDATED APRIL 2015 BY WILLIAM CHEN Who Pays Taxes in California? The primary purpose of a tax system is to support public goods and services. State and local taxes are the way that Californians

More information

Executive Summary. 204 N. First St., Suite C PO Box 7 Silverton, OR 97381 www.ocpp.org 503-873-1201 fax 503-873-1947

Executive Summary. 204 N. First St., Suite C PO Box 7 Silverton, OR 97381 www.ocpp.org 503-873-1201 fax 503-873-1947 Executive Summary 204 N. First St., Suite C PO Box 7 Silverton, OR 97381 www.ocpp.org 503-873-1201 fax 503-873-1947 On Whose Backs? Tax Distribution, Income Inequality, and Plans for Raising Revenue By

More information

Proposition 98 How Does It Work? Background

Proposition 98 How Does It Work? Background Proposition 98 How Does It Work? Background Proposition 98 changed the California constitution in 1988 and was modified by Proposition 111 in 1990. It establishes a minimum annual funding guarantee for

More information

School District Snapshot

School District Snapshot School District Snapshot Understanding Funding, Spending, and Saving Lots of numbers get tossed around when people talk about money and schools. So do lots of opinions. This article is intended to address

More information

POLICY PAPER #5 October 3, 1986 OPTIONS FOR THE STATE. by Robert Kleine, Editor of FISCAL AWARENESS SERVICE and Senior Economist

POLICY PAPER #5 October 3, 1986 OPTIONS FOR THE STATE. by Robert Kleine, Editor of FISCAL AWARENESS SERVICE and Senior Economist policy Paper Series POLICY PAPER #5 October 3, 1986 FEDERAL TAX REFORM: OPTIONS FOR THE STATE by Robert Kleine, Editor of FISCAL AWARENESS SERVICE and Senior Economist One result of federal tax reform

More information

MEASURING A NATION S INCOME

MEASURING A NATION S INCOME 10 MEASURING A NATION S INCOME WHAT S NEW IN THE FIFTH EDITION: There is more clarification on the GDP deflator. The Case Study on Who Wins at the Olympics? is now an FYI box. LEARNING OBJECTIVES: By the

More information

Testimony By Joseph Kriesberg, President & CEO Massachusetts Association of CDCs. Before the House Committee on Bonding June 3, 2013

Testimony By Joseph Kriesberg, President & CEO Massachusetts Association of CDCs. Before the House Committee on Bonding June 3, 2013 Testimony By Joseph Kriesberg, President & CEO Massachusetts Association of CDCs Before the House Committee on Bonding June 3, 2013 In support of An Act Financing the Production and Preservation of Housing

More information

Governor LePage s Tax Reform and Relief Plan

Governor LePage s Tax Reform and Relief Plan Governor LePage s Tax Reform and Relief Plan Governor LePage s proposal is both comprehensive and well thought out, reducing tax burdens and holding out the potential to trigger a substantial improvement

More information

FISCAL POLICY* Chapter. Key Concepts

FISCAL POLICY* Chapter. Key Concepts Chapter 15 FISCAL POLICY* Key Concepts The Federal Budget The federal budget is an annual statement of the government s expenditures and tax revenues. Using the federal budget to achieve macroeconomic

More information

Frequently Asked Questions about Question 3, the Margin Tax Initiative

Frequently Asked Questions about Question 3, the Margin Tax Initiative Frequently Asked Questions about Question 3, the Margin Tax Initiative BASIC ASPECTS OF QUESTION 3, THE MARGIN TAX INITIATIVE Q: What is the Margin Tax Initiative? Question 3 is a deeply flawed tax measure

More information

NORTH CAROLINA GENERAL ASSEMBLY LEGISLATIVE FISCAL NOTE

NORTH CAROLINA GENERAL ASSEMBLY LEGISLATIVE FISCAL NOTE NORTH CAROLINA GENERAL ASSEMBLY LEGISLATIVE FISCAL NOTE BILL NUMBER: SHORT TITLE: SPONSOR(S): House Bill 1429 (House Finance Committee Substitute, as amended) Financial Responsibility Act Representatives

More information

Promoting home ownership: How the FairTax s benefits for homeowners exceed the mortgage interest deduction

Promoting home ownership: How the FairTax s benefits for homeowners exceed the mortgage interest deduction A FairTax Whitepaper Promoting home ownership: How the FairTax s benefits for homeowners exceed the mortgage interest deduction Under the FairTax home purchases are more tax advantaged than they are today.

More information

Average Federal Income Tax Rates for Median-Income Four-Person Families

Average Federal Income Tax Rates for Median-Income Four-Person Families 820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org http://www.cbpp.org April 10, 2002 OVERALL FEDERAL TAX BURDEN ON MOST FAMILIES INCLUDING MIDDLE-

More information

Governor Jindal s Executive Budget: Doing Less with Less AGAIN

Governor Jindal s Executive Budget: Doing Less with Less AGAIN Governor Jindal s Executive Budget: Doing Less with Less AGAIN By: Tim Mathis Governor Bobby Jindal recently released his proposed Fiscal Year 2012 Executive Budget, and it already is generating heated

More information

PROVISIONS ENACTED BY THE AMERICAN TAXPAYER RELIEF ACT OF 2012 THAT CREATE CONFORMITY ISSUES WITH A SIGNIFICANT IMPACT ON MAINE INCOME TAXES

PROVISIONS ENACTED BY THE AMERICAN TAXPAYER RELIEF ACT OF 2012 THAT CREATE CONFORMITY ISSUES WITH A SIGNIFICANT IMPACT ON MAINE INCOME TAXES PROVISIONS ENACTED BY THE AMERICAN TAXPAYER RELIEF ACT OF 2012 THAT CREATE CONFORMITY ISSUES WITH A SIGNIFICANT IMPACT ON MAINE INCOME TAXES INTRODUCTION Maine income and estate taxes are substantially

More information

PROPERTY TAX CAPS AND SCHOOL COSTS

PROPERTY TAX CAPS AND SCHOOL COSTS N O R T H S H O R E S C H O O L S B O A R D O F E D U C A T I O N 1 1 2 F R A N K L I N A V E N U E S E A C L I F F, N E W Y O R K POSITION PAPER PROPERTY TAX CAPS AND SCHOOL COSTS O C T O B E R, 2 0 0

More information

Why rent when you can buy?

Why rent when you can buy? Why rent when you can buy? Are you unsure about becoming a HOMEOWNER? Thinking that you can t afford to BUY a home? Are you worried about whether homebuying is a good INVESTMENT? Buying a first home can

More information

A HAND UP How State Earned Income Tax Credits Help Working Families Escape Poverty in 2004. Summary. By Joseph Llobrera and Bob Zahradnik

A HAND UP How State Earned Income Tax Credits Help Working Families Escape Poverty in 2004. Summary. By Joseph Llobrera and Bob Zahradnik 820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org May 14, 2004 A HAND UP How State Earned Income Tax Credits Help Working Families Escape

More information

Issue Paper PAPERS EXAMINING CRITICAL ISSUES FACING THE MICHIGAN LEGISLATURE BUSINESS TAXES IN MICHIGAN YESTERDAY, TODAY, AND TOMORROW

Issue Paper PAPERS EXAMINING CRITICAL ISSUES FACING THE MICHIGAN LEGISLATURE BUSINESS TAXES IN MICHIGAN YESTERDAY, TODAY, AND TOMORROW Issue Paper PAPERS EXAMINING CRITICAL ISSUES FACING THE MICHIGAN LEGISLATURE Senate Fiscal Agency BUSINESS TAXES IN MICHIGAN YESTERDAY, TODAY, AND TOMORROW by Jay Wortley, Senior Economist David Zin, Economist

More information

THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission

THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission February 2016 Tel/Tél: 416.497.4110 Toll-free/Sans frais: 1.800.268.5763 Fax/Téléc: 416.496.6552 Who is Unifor Unifor is a new Canadian

More information

Distribution of Spending

Distribution of Spending Massachusetts State Budget Distribution of Spending Where Does the Money Go? Local Aid to Cities & Towns 5.6% Debt Service 6.3% ER INC 1871 REVERE Interest Due $ Other 13.6% Examples: Environmental programs

More information

Four Steps to Moving State Sales Taxes Into the 21st Century By Michael Leachman and Michael Mazerov

Four Steps to Moving State Sales Taxes Into the 21st Century By Michael Leachman and Michael Mazerov 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fa: 202-408-1056 center@cbpp.org www.cbpp.org July 9, 2013 Four Steps to Moving State Sales Taes Into the 21st Century By Michael Leachman

More information

An overview of Colorado s state and local tax structures. Daphne Greenwood and Tom Brown

An overview of Colorado s state and local tax structures. Daphne Greenwood and Tom Brown An overview of Colorado s state and local tax structures Daphne Greenwood and Tom Brown Colorado has a highly decentralized revenue-raising structure compared to many other states. Although combined state

More information

BIG MISCONCEPTIONS ABOUT SMALL BUSINESS AND TAXES

BIG MISCONCEPTIONS ABOUT SMALL BUSINESS AND TAXES 820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org August 29, 2008 BIG MISCONCEPTIONS ABOUT SMALL BUSINESS AND TAXES By Chye-Ching Huang

More information

TAX TO FUND EDUCATION AND EARLY CHILDHOOD PROGRAMS. INITIATIVE STATUTE.

TAX TO FUND EDUCATION AND EARLY CHILDHOOD PROGRAMS. INITIATIVE STATUTE. PROPOSITION 30 TAX TO FUND EDUCATION AND EARLY CHILDHOOD PROGRAMS. OFFICIAL TITLE AND SUMMARY PREPARED BY THE ATTORNEY GENERAL TAX TO FUND EDUCATION AND EARLY CHILDHOOD PROGRAMS..Increases personal income

More information

Are We Investing In Our Children? A State-of-the-State Report on Children in New York

Are We Investing In Our Children? A State-of-the-State Report on Children in New York Are We Investing In Our Children? A State-of-the-State Report on Children in New York Emergency Campaign for America's Priorities October 2006 Are We Investing in our Children? A State of the State Report

More information

COMMENTS OF THE TRADE REMEDY REFORM ACTION COALITION

COMMENTS OF THE TRADE REMEDY REFORM ACTION COALITION COMMENTS OF THE TRADE REMEDY REFORM ACTION COALITION ON COMMERCE S REPORT TO CONGRESS ON PROSPECTIVE v. RETROSPECTIVE ANTIDUMPING & COUNTERVAILING DUTY SYSTEMS (75 Fed. Reg. 16079, March 31, 2010) "I am

More information

Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics.

Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. 1 Module C: Fiscal Policy and Budget Deficits Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. Fiscal and monetary policies are the two major tools

More information

PREVIEW. California Tax Facts. An Overview of the Golden State s Tax Structure

PREVIEW. California Tax Facts. An Overview of the Golden State s Tax Structure PREVIEW California Tax Facts An Overview of the Golden State s Tax Structure 1 PREVIEW California Tax Facts An Overview of the Golden State s Tax Structure 3 ABOUT THE CALIFORNIA TAX FOUNDATION The California

More information

Connecticut Tax Study Panel Briefing Note The Estate and Gift Tax

Connecticut Tax Study Panel Briefing Note The Estate and Gift Tax Connecticut Tax Study Panel Briefing Note The Estate and Gift Tax For Connecticut Tax Panel Discussion December 8, 2015 draft/rde Summary Connecticut Estate and Gift Taxation 1. A Brief History. The passage

More information

Your helpful life insurance guide: Empty nesting

Your helpful life insurance guide: Empty nesting Your helpful life insurance guide: Empty nesting As your kids grow up and leave the house, life insurance should still be a part of your plan going forward. Amica Life can help you determine if you have

More information

PUBLIC FINANCE IN ARIZONA VOLUME II: CONCEPTS AND ISSUES

PUBLIC FINANCE IN ARIZONA VOLUME II: CONCEPTS AND ISSUES PUBLIC FINANCE IN ARIZONA VOLUME II: CONCEPTS AND ISSUES A Report from the Office of the University Economist December 2008 Dennis Hoffman, Ph.D. Professor, Department of Economics; Director, L. William

More information

Table of Contents. Chapter 1: Introduction... 1

Table of Contents. Chapter 1: Introduction... 1 2004 Tuition, Fees and Financial Aid Report Table of Contents EXECUTIVE SUMMARY... i Chapter 1: Introduction... 1 Chapter 2: The State s S Investment in Higher Education... 5 Introduction... 5 Comparisons

More information

ESTIMATED IMPACT ON STATE REVENUES OF CONFORMITY TO THE REVISIONS MADE TO THE INTERNAL REVENUE CODE DURING CALENDAR YEAR 2015

ESTIMATED IMPACT ON STATE REVENUES OF CONFORMITY TO THE REVISIONS MADE TO THE INTERNAL REVENUE CODE DURING CALENDAR YEAR 2015 ESTIMATED IMPACT ON STATE REVENUES OF CONFORMITY TO THE REVISIONS MADE TO THE INTERNAL REVENUE CODE DURING CALENDAR YEAR 2015 Prepared by the Arizona Department of Revenue Office of Economic Research and

More information

THE MORTGAGE INTEREST DEDUCTION Frequently Asked Questions

THE MORTGAGE INTEREST DEDUCTION Frequently Asked Questions THE MORTGAGE INTEREST DEDUCTION Frequently Asked Questions Prepared by the National Low Income Housing Coalition Updated April 2013 Owning one s home is a strong American value. Most Americans consider

More information

West Virginia Children and Families Funding Study

West Virginia Children and Families Funding Study West Virginia Children and Families Funding Study Update and Report on Nine Year Trends in Public Expenditures FY 1999 through FY 2007 June, 2009 Supported By: Division of Criminal Justice Services / Department

More information

LIMITING GOVERNMENT: THE FAILURE OF STARVE THE BEAST William A. Niskanen

LIMITING GOVERNMENT: THE FAILURE OF STARVE THE BEAST William A. Niskanen LIMITING GOVERNMENT: THE FAILURE OF STARVE THE BEAST William A. Niskanen For nearly 30 years, many Republicans have argued that the most effective way to control federal government spending is to starve

More information

Maximum Sustainable Yield: Wealth Management for the Owner State by Scott Goldsmith Web Note No. 13 August 2012

Maximum Sustainable Yield: Wealth Management for the Owner State by Scott Goldsmith Web Note No. 13 August 2012 Maximum Sustainable Yield: Wealth Management for the Owner State by Scott Goldsmith Web Note No. 13 August 2012 Alaska s state government is sitting pretty today, with oil revenues at record levels, $60

More information

LEGISLATIVE REVENUE OFFICE H-197 State Capitol Building Salem, Oregon 97310-1347 http://www.leg.state.or.us/comm/lrohome.htm

LEGISLATIVE REVENUE OFFICE H-197 State Capitol Building Salem, Oregon 97310-1347 http://www.leg.state.or.us/comm/lrohome.htm STATE OF OREGON LEGISLATIVE REVENUE OFFICE H-197 State Capitol Building Salem, Oregon 97310-1347 http://www.leg.state.or.us/comm/lrohome.htm Research Report (503) 986-1266 Research Report #6-99 The New

More information

Request for Expanded Alternative Route for Teachers Funding PA

Request for Expanded Alternative Route for Teachers Funding PA Agency: 350 Office of Superintendent of Public Instruction/Professional Educator Standards Board Budget Period: 2015-17 Recommendation Summary Text: PESB is requesting increases in the Alternative Route

More information

Thank you for giving me the opportunity today to talk a little bit about my plan for the state of Minnesota.

Thank you for giving me the opportunity today to talk a little bit about my plan for the state of Minnesota. 1 Thank you for giving me the opportunity today to talk a little bit about my plan for the state of Minnesota. Yesterday I delivered my budget address to the Legislature and the media in St. Paul. I had

More information

Education Funding in South Carolina

Education Funding in South Carolina Education Funding in South Carolina OVERVIEW South Carolina has one of the nation s most complicated public school funding systems. Funding for K-12 schools has rapidly increased year after year, far outpacing

More information

State Ballot Question Issue Brief # 4 SQ 713: Tobacco Tax Increase + Tax Relief + Health Care Initiative

State Ballot Question Issue Brief # 4 SQ 713: Tobacco Tax Increase + Tax Relief + Health Care Initiative Community Action Project Phone 918.382.3200 717 S. Houston, Suite 200 Fax 918.382.3213 Tulsa, OK 74127 publicpolicy@captc.org http://www.okpolicy.org State Ballot Question Issue Brief # 4 SQ 713: Tobacco

More information

Questions and Answers

Questions and Answers UPDATE July 2015 Questions and Answers About Arizona s State Budget and Taxes What Every Legislator and Taxpayer Wants to Know CHILDREN S ACTION ALLIANCE Children s Action Alliance is an independent voice

More information

2009 SCHOOL FINANCE LEGISLATION Funding and Distribution

2009 SCHOOL FINANCE LEGISLATION Funding and Distribution 2009 SCHOOL FINANCE LEGISLATION Funding and Distribution RESEARCH REPORT #8-09 Legislative Revenue Office State Capitol Building 900 Court Street NE, #143 Salem, Oregon 97301 (503) 986-1266 http://www.leg.state.or.us/comm/lro/home.htm

More information

Life Insurance Buyer's Guide

Life Insurance Buyer's Guide Life Insurance Buyer's Guide This guide can help you when you shop for life insurance. It discusses how to: Find a Policy That Meets Your Needs and Fits Your Budget Decide How Much Insurance You Need Make

More information

THE ECONOMIC CONTRIBUTIONS OF THE UNIVERSITY SYSTEM

THE ECONOMIC CONTRIBUTIONS OF THE UNIVERSITY SYSTEM THE ECONOMIC CONTRIBUTIONS OF THE UNIVERSITY SYSTEM 0BA Report from the Office of the University Economist 1BOctober 2008 Kent Hill, Ph.D. Research Professor, Department of Economics and Center for Competitiveness

More information

September 24, 2007. To The Honorable, the City Council:

September 24, 2007. To The Honorable, the City Council: September 24, 2007 To The Honorable, the City Council: The establishment of the FY08 property tax rate by the Board of Assessors, subject to the approval of the Massachusetts Department of Revenue, is

More information