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The Illinois legislature passed a budget with revenue holes and no spending cuts.听Democratic Governor Pat Quinn tried to make temporary tax increases鈥攕et to听partially expire on January 1鈥攑ermanent, but he couldn鈥檛 get the votes. And Illinois House Democrats wouldn鈥檛 cut spending and instead kept it flat. The second half of 2015 will see a听revenue, when the personal income tax rate drops from 5 percent to 3.75 percent, and the corporate rate falls from 7 percent to 5.25 percent. This will add $2 billion to Illinois $4.17 billion deficit.

And Republican Governor Chris Christie won鈥檛 raise taxes, either.听New Jersey has a two-year revenue hole estimated at $2.7 billion, but听Christiethe notion听of a 鈥渕illionaire鈥檚 tax,鈥� proposed by the state鈥檚 Democrats: 鈥淭he top 10 income taxpayers pay more than the bottom two million filers鈥� if those 10 people get up and walk out鈥μ� and go hang with [Governor] Rick Scott in Florida, I鈥檓 losing the equivalent in revenue to what the bottom two million filers pay.鈥� It鈥檚听that the loss would be so abrupt.

On Florida holidays and hurricanes鈥�听Hurricane season began yesterday, and millionaires or not,听Floridians听听hurricane supplies sales-tax free until June 8.听Eligible items include听ice packs, flashlights, portable radios, portable generators, Tiki torches, and certain batteries (AAs are tax-free, AAAs are not).听Sales tax holidays听grew more popular as states carried budget surpluses: They were seen as a way to provide tax relief. But do听sales tax holidays听help the average consumer or boost a state鈥檚 economy? The听Institute on Taxation and Economic Policy听weighs in: The short answer is 鈥渘o.鈥�

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听And assuming hurricanes don鈥檛 hit Miami鈥μ�Property values in Florida鈥檚 Miami-Dade County are recovering, especially in the urban center and on the waterfront. The听property tax base听6.5 percent from last year, the biggest gain in three years after four years of steep declines, according to new estimates from the county鈥檚 property appraiser. More than a million properties in the county have taxable value totaling nearly $210 billion. As for county revenue gain,听The Miami Herald听reports that 鈥渁 quick stab at the fresh numbers suggests a gain of around $20 million.鈥�

Selling a basketball team could mean getting hit with a huge tax bill.听When you sell an NBA team for $2 billion, you could end up paying federal and state income taxes to the tune of $662 million. Then there鈥檚 the federal estate tax that will eventually be due: about $531 million. The wealthy certainly听pay a significant amount in taxes鈥攖hough if there鈥檚 any felt sympathy, it might wane when the wealthy person is Donald Sterling.

Interested in subscribing to听, the Tax Policy Center summary of the day鈥檚 tax news? Sign-up听听for free access. If you鈥檇 like to tell us about a new research paper or have any comments about our new feature, write us at听dailydeduction@taxpolicycenter.org.

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