2011 February Budget & Tax News

Issue Date: 
February, 2011

The February issue of Budget & Tax News reports on reactions to proposals (at the time the issue was written) to extend the 2001 and 2003 tax cuts. Also in this issue:

  • The Illinois Senate passed a bill that would greatly expand legalized gambling in the state.
  • A new “rain tax” that voters in Houston narrowly approved in the November general election could add thousands of dollars of fees to some properties. It applies to many properties, including schools and churches, that are tax-exempt.
  • Support is beginning to grow for a proposed National Debt Relief Amendment to the U.S. Constitution. It states: “An increase in the federal debt requires approval from a majority of the legislatures of the separate States.”
  • A test of whether the new Congress and the president are serious about reducing the $1.3 trillion federal budget deficit will be whether they’re willing to eliminate the $6 billion sacred cow of annual ethanol subsidies.
  • For the first time since states began directly subsidizing film productions through their tax codes, in 2010 fewer states offered the credits at the end of the year than at the beginning.
  • Eleven Utah cities have banded together to provide taxpayer-backed telecom services through a fiber-optic network they call UTOPIA. Unfortunately, UTOPIA has put these cities in a debt dystopia as their leaders learn commercial success is a much more elusive target than they imagined.

Newspaper Articles in this Issue

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