State and local tax news — from state income tax quirks to property tax fights, because not all tax battles happen in Washington.
When NJ announced its tax amnesty program, it had high hopes. With sinking revenues and a gaping hole in the budget, Governor Corzine hoped that the amnesty program would give the state some much-needed relief. His lofty goal? $200 million in just six weeks. Barely two weeks into the amnesty program, the state met its…
Initially, reports out of my home state of Pennsylvania were that Governor Rendell planned to raise income taxes by about 10% to 3.37%. This week, Governor Rendell outlined his plan to raise income taxes by 16% to 3.57%. Under Rendell, the tax rate has increased once before, in 2004, an increase that was made permanent….
It’s not just NJ facing higher taxes these days. Nearly 20 other states are considering raising or adding more taxes and fees to close gaping holes in state budgets. There are a number of reasons for increased deficits at the state level. Among them are flat revenues as the economy overall takes a dive; reduced…
NJ is not exactly known for affordable living – especially when it comes to taxes. It appears that will only get worse in 2009 as lawmakers scramble to close holes in the budget. The state budget currently sits at $28.6 billion, about $4 billion less than last year. Faced with flat revenues, the legislature has…
When it comes to football, Pennsylvanians are pretty hardcore. From the Steelers to the Eagles, NFL football makes headline after headline in the fall. Also in the state, we have a little college football team called Penn State that seems to do pretty well from time to time. I think it’s fair to say that…
In a tough economy – when a state can’t yet pay its bills – you’d think the fiscal plan for the future would be conservative. Not so, North Carolina. Despite massive budget woes, the state legislature has agreed to special tax breaks designed to bring Apple to the Tarheel State. Apple, the company that makes…
As states scramble to find revenue, two states had the same thought: why not try to woo those taxpayers that already owe money rather than just raise taxes? With that, Connecticut and Maryland have announced state tax amnesty programs. Maryland’s tax amnesty program runs from September 1, 2009, through October 31, 2009. Under the current…
The beginning of summer often means cookouts, trips to the shore, and camping. For many (including my parents), it also means the beginning of hurricane season. Hurricane season begins June 1 and lasts through the end of October. Thankfully, NOAA (National Oceanic and Atmospheric Administration) forecasters predict a nearly normal Atlantic hurricane season for 2009….
I’m guessing that Gov. Schwarzenegger thinks something very different when he sees this slogan these days: The thing that won’t die, in the nightmare that won’t end. It’s not the Terminator but rather, the budget. The state of California is facing a $21.3 billion shortfall. Billion. And the measures that Schwarzenegger hoped would be a…
Taxpayer asks: Does the President have to pay income tax? — I get that question a lot. And this week, I also received this question: — Taxpayer asks: Does the President pay income taxes to every state he visits on official business? This question occurred to me because of the pending Mobile Workforce legislation. Also,…