WA and CA only states showing negative FY12 balance in NCSL budget update
While it’s not necessarily cause for alarm, the negative balances reported in the 2012 state budget update isn’t the happy news one hopes for in these things. As the National Conference of State Legislature’s notes: In Washington, FY 2012 marks the midpoint of the biennium; the shortfall will be eliminated over the remainder of the […]
August 13 , 2012 - Richard S. Davis
August revenue collections report shows taxes track with forecast
Today’s revenue collections report, though possibly foreshadowing a softening, shows receipts continuing to track the June forecast. The press release has the yin and yang. It’s a good news/bad news thing. Major General Fund-State (GF-S) revenue collections were $45.0 million (3.8%) lower than the June forecast, but cumulative receipts for the last two months are […]
July 18 , 2012 - Emily Makings
Govistics on Taxes in Gold Bar
Our friends at the Center for Governmental Research in New York have a very handy product that helps users find and compare public finance data for U.S. states, counties, towns, school districts, etc: Govistics. In a blog post today, they link to a story about Gold Bar's decision to ask voters to agree to a […]
June 22 , 2012 - Kriss Sjoblom
State Tax Notes: Washington State Falls Short on Transparency
Our Policy Brief Five Keys to Evaluating a Tax System highlights transparency’s importance. A recent article by Cara Griffith in State Tax Notes (“Washington State Falls Short on Transparency,” June 18, 2012) calls out the Department of Revenue for a lack of transparency. By insisting on keeping the contents of its letter rulings and most […]
June 15 , 2012 - Kriss Sjoblom
Adam Smith's four maxims regarding taxation
As a follow-up to the Policy Brief we posted yesterday (Five Key’s to Evaluating a Tax System), here is the full quotation of Adam Smith’s four maxims on taxation:
June 14 , 2012 - Kriss Sjoblom
New Policy Brief: Five Keys to Evaluating a Tax System
We have posted a Policy Brief, Five Keys to Evaluating a Tax System, that explains the principles the Research Council uses when evaluating tax policies.
May 30 , 2012 - Richard S. Davis
2/3 supermajority for tax increases headed to Supreme Court after King County judge rules it unconstitutional
King County Superior Court Judge Bruce Heller today ruled that the voter-approved supermajority requirement is unconstitutional. The ruling puts the issue back in the hands of the state Supreme Court. Andrew Garber reports the decision in the Seattle Times. Patrick Peter Callaghan provides important background and context, including this. Three previous times the top court […]
May 29 , 2012 - Kriss Sjoblom
The Way We’re Taxed: A Brief History
Here’s a link to the WRC’s new policy brief: The Way We’re Taxed: Brief History.
May 22 , 2012 - Kriss Sjoblom
Increased Federal Tax on Sales of Partnerships Will Cost Washington Jobs and Income
Recent federal proposals would apply ordinary income tax rates rather than capital gains rates to gains from sales of investment service partnership interests. According to our analysis, this change could reduce annual personal income in Washington state by almost $300 million. Our Policy Brief on the subject is available here.
April 23 , 2012 - Richard S. Davis
Rockefeller Institute reports state collections recover nationally, not yet here
The Nelson A. Rockefeller Institute of Government reports that two successive years of growth have pushed states’ revenues abover the pre-recession peak. The full study is available here. States’ tax collections grew for the eighth straight quarter at the end of 2011, for the first time topping peak revenue levels seen at the beginning of […]