2014 January Budget & Tax News

Issue Date: 
January, 2014
Newspaper PDF: 

The January issue of Budget & Tax News reports on a special two-day session of the Washington State legislature during which lawmakers approved approximately $8.7 billion in incentives for The Boeing Company to build the 777X jetliner in the state. Boeing’s 31,000 members of the International Association of Machinists and Aerospace Workers followed that vote a few days later by rejecting, by a 2-to-1 margin, an eight-year contract offer, putting the future of the 777X in Washington in doubt.

Also in this issue:

  • Colorado voters crushed Amendment 66, a ballot initiative that sought to raise the state’s income tax $1 billion a year to pour more money into grade schools and high schools.
  • Do you think your household budget is balanced if you spend more than you earn by using credit card debt? If you do, then you think like the City of Chicago’s government leaders. Chicago and other financially troubled municipalities have accumulated massive debts outside of the official financial statements, enabled by government accounting standards that leave retirement benefit promises out of the equation.
  • Food trucks are a growing part of the cuisine scene in Michigan and nationwide, but should the government be picking winners and losers among truck owners? A program from the Michigan Economic Development Corp. does just that. Meanwhile, some local governments are trying to block the very food trucks that are receiving taxpayer subsidies.
  • Yet another government threat to the financial industry is on its way: the proposed financial transactions tax. The financial crisis and subsequent bailout of banks and brokerage and trading firms created a backlash against those companies and calls to have them “pay for the crisis they caused and the bailouts they received.” Bills to impose a tax on financial transactions have been introduced in committee in both the U.S. Senate and the House.
  • As millions of families face cancellation of their health insurance plans due to Obamacare, many will be subject to higher-than-anticipated out-of-pocket medical costs. The Obamacare law includes 20 new or higher taxes. Even before news of the widespread insurance plan cancellations, IRS data indicated 10 million middle-income families with high medical expenses would find themselves paying higher taxes because of the so-called Obamacare High Medical Bills Tax.

Newspaper Articles in this Issue