July 18, 2024 July 18, 2024 State lawmakers across the country navigated budget challenges and slowing revenue growth in 2024. This challenge was made worse by the winding down of temporary federal pandemic aid, coinciding with deep, permanent tax cuts. The impact of those tax cuts becomes clearer as they weigh on the ability of … Read more
LINCOLN — Nebraska’s tax receipts for the 2023-24 fiscal year released Monday came in 0.1% below the most recent projections. In the past year, the State of Nebraska collected $7.156 billion for the state’s general pocketbook, about $10.6 million below a Feb. 29 forecasting projection. The reported general fund tax receipts include net sales and use … Read more
Arkansas Enacts Fourth Tax Cut in Less than Two Years Skip to content Home • Blog • Arkansas Enacts Fourth Tax Cut in Less than Two Years Arkansas Governor Sarah Huckabee Sanders (R) recently called a brief special legislative session to enact the fourth round of reductions to the Natural State’s individual and corporate income … Read more
The Arkansas House and Senate on Tuesday each passed its version of two identical bills that seek to cut income taxes, setting up the conclusion of a special legislative session on Wednesday. The legislation would lower the top corporate income tax rate from 4.8% to 4.3% and the top individual income tax rate from 4.4% … Read more
The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year.
Donald Trump has pledged to double down on tax cuts if he wins a second term as president, promising a big tax cut for middle class, upper class, lower class, and business class. Biden, on the other hand, has called for tax hikes on businesses and the richest Americans.
The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year. Biden’s White House is highlighting the issue and emphasizing differences with Republicans over taxes. Biden wants to raise taxes on corporations and the ultra-wealthy to support the middle class. Trump argues that tax increases would harm the economy. The 2017 tax cuts failed to deliver the promised growth. Biden wants to extend middle-class tax cuts while raising taxes on profitable companies and the richest Americans. Trump believes growth comes from choices made by companies and wealthy investors, while Biden believes it comes from spending and saving by middle-class households. Extending all of Trump’s tax cuts would add .6 trillion to budget deficits through 2034. Biden’s plan does not include the cost of extending tax cuts for those making under 0,000. Republicans may need to consider spending cuts to address the higher debt load from extending tax cuts.
The cost of extending the 2017 tax cuts for households, small businesses, and wealthy individuals enacted under President Donald Trump has expanded to .6 trillion, according to new estimates from Congress’ fiscal scorekeeper.
Georgia residents have reason to celebrate as Gov. Brian Kemp approved 0 million worth of tax relief measures for individuals and businesses. It is estimated that Georgia taxpayers could save about .1 billion by 2024 and billion over the next ten years.
Portugal’s new centre-right Prime Minister Luis Montenegro announced income and corporate tax cuts in his first speech to parliament. Montenegro’s Democratic Alliance party, which has no majority, refused to make an accord with the far-right Chega party. Income tax will be cut by 1.5 billion euros, with middle-income earners benefiting most. Company taxes will be reduced from 21 percent to 15 percent over three years. The government’s programme will only pass in parliament with the abstention of the Socialists, who have 78 seats compared to the Democratic Alliance’s 80. Chega made significant gains in the March elections, and the Socialists have said they will oppose many government measures. Socialist leader Pedro Nuno Santos has warned that it will be “practically impossible” for his party to support the government’s 2025 budget.