As 2005 legislative sessions near a close in many states, the June issue of Budget & Tax News reports a flurry of activity on TELs and TABOR, budget deficits, cost-cutting, and tax-hiking. Among the issue's top stories:
- Budget discipline collapses in Washington State, where taxes were hiked $500 million and a spending limit was raised contrary to voter initiatives passed in 1993.
- The Colorado legislature passed a TABOR override that will cost taxpayers at least $3.1 billion ... if it is approved by voters on the fall ballot.
- Efforts to balance the Illinois state budget by shifting highway funds into other government programs is creating a statewide "road crisis."
- Ohio Secretary of State J. Kenneth Blackwell is leading a movement to put a tax and expenditure limitation measure on the ballot for taxpayers to decide.
The June issue also covers news from California, Delaware, Kentucky, Minnesota, North Carolina, and Wisconsin. Sin taxes and growing interest in land value property taxation are also addressed.
On the federal front, the issue covers Social Security, the Alternative Minimum Tax, the Fair Tax, free trade, and repeal of the federal phone excise tax.
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