September 2011 - Budget & Tax News

Issue Date: 
September, 2011
Newspaper PDF: 

The September issue of Budget & Tax News reports on the government “shutdown” that lasted nearly three weeks in Minnesota, ending in July when lawmakers and the governor agreed on a two-year budget.

Also in this issue:

  • Tax-cut crusaders achieved a monumental victory in Ohio when Gov. John Kasich signed into law a biennial state budget that includes a total repeal of the estate tax.
  • California Gov. Jerry Brown has signed legislation requiring out-of-state online retailers to collect and remit sales taxes, even if the business has no physical presence within the state. The world’s largest online responded by filing a petition to allow voters in the state to decide the matter.
  • In a blistering letter to U.S. Chamber of Commerce President Thomas Donohue, Rep. John Mica, chairman of the House Transportation and Infrastructure Committee, scolded critics of the proposed House transportation bill as being “unable to recognize the reality that bankrupting the Highway Trust Fund and ignoring long-overdue policy reforms are no longer options.”
  • Using tax increment financing, TIF, urban renewal agencies take away more than $10 billion a year that voters thought they had allocated to schools, fire, police, and other urban services. Yet the work these agencies do has little value and may hinder economic growth.
  • Members of Congress from both major political parties are calling for a “tax holiday” on repatriated earnings similar to one that took place in 2004. During the tax holiday, multinational corporations may bring profits held overseas back to the United States and pay tax at a rate that could be as low as 5.25 percent rather than the usual 35 percent.

Newspaper Articles in this Issue

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