A Tax Revolt Is Quietly Brewing In Some States

Wall Street Journal: While Americans are focusing on the presidential and congressional races, voters in Massachusetts and other states will decide the fate of dozens of state and local tax and spending issues. It's still unclear precisely how many of these issues will be on ballots on Nov. 4. Some still haven't received final approval from state officials or may face challenges in court. But Kristina Rasmussen, director of government affairs at the National Taxpayers Union, a nonprofit group based in Alexandria, Va., estimates there are more than 60 ballot measures that would have "some significant impact" on taxpayers. Oregon voters, for example, will decide whether to allow taxpayers to deduct an unlimited amount of their federal income taxes on their state returns. Nevada is expected to vote on a constitutional amendment that would restrict property-tax increases. North Dakota voters may vote on whether to chop the state's personal income tax in half. And Minnesota will vote on a proposed amendment to its state constitution to raise the state sales tax by three-eighths of a percentage point, with the money going to protect the environment and to benefit the arts. These and other battles come at a time when many states are struggling to cope with tough economic times. As the national economy's growth rate has slowed to a crawl, growth in state tax collections generally has withered, intensifying budget strains. "Many states have reduced their revenue forecasts, some many times," said a recent report by the National Conference of State Legislatures, a Denver-based group. "In a number of states, collections are even below the lowered expectations." 

To read more click here.

Comments

There are no comments for this entry.

Name:

Email:

URL:

Your comment:

Please enter the word you see in the image below:

More News

• INFORMATION FOR

• 
• 
• 
• 
•