Rahm Emanuel wants to take the sting out of property tax hike
Debt and Tax Cuts: What鈥檚 not to love?聽Several GOP candidates trumpet tax plans that would聽.聽 As聽The Hill聽reports, while they might not promise that tax cuts will pay for themselves, they do claim overhauling the tax code would spur economic growth. True or not, it鈥檚 rather difficult to forecast the effect of tax policy on聽聽There鈥檚 a聽: Will candidates make it look easy?
Chicago Mayor Rahm Emanuel wants to take the sting out of a city property tax hike.聽He鈥檚 about to propose a $450 million to $550 million increase in the city levy in order to meet a state-required increase in funding for police and firefighter pensions. He wants to聽, those with houses worth $250,000 or less. Emanuel needs state legislative approval of his plan, but GOP Governor Bruce Rauner wants to freeze statewide property taxes for two years. Rauner鈥檚 not keen on giving Emanuel political cover for a tax increase by approving an exemption. Will Rauner risk Chicago homeowners鈥� wrath?
States鈥� revenues from taxing gambling have been flat since the Great Recession鈥擶hy?Research from The Rockefeller Institute shows that after adjusting for inflation,聽聽in 16 states increased just 0.1 percent in fiscal 2015 compared to the year before. What gives? 鈥淢ost of the casino gamblers are the elderly population,鈥� said Lucy Dadayan of the Rockefeller Institute. 鈥淭he gaming industry is trying hard to attract a younger population.鈥� Traditional gambling, like playing slots, isn鈥檛 seen as a particularly fun social experience鈥攁t least not by Millennials.
North Carolina may soon have a budget deal, a couple months late.聽The compromise $21.7 billion聽聽for 2015-16 would boost state spending by 3.1 percent overall and cut the state tax burden by $400 million. Under the compromise, the personal income tax rate would fall from 5.75 to 5.499 percent in 2017. The 鈥渮ero bracket鈥� would expand, too: In 2016, married filers would owe no income tax on their first $15,500 of earnings, up from $15,000 this year. The deal would also restore a deduction for medical expenses and extend a tax credit for preserving old warehouses and other historic properties. But certain sales taxes would go up on product installation and warranties.
In Minnesota, you can drive but you can鈥檛 hide.聽Some residents have been trying to avoid paying their 6.5 percent聽聽by registering their cars in sales-tax-free Montana. But the Minnesota Department of Revenue is working with law enforcement to track down those residents and collect what鈥檚 owed. Since 2010, those car owners have paid more than $1.1 million in taxes, penalties, and interest. Some may even face criminal charges.
On the Hill鈥�聽The Senate Finance Committee will聽聽to prevent identity theft and tax refund fraud, a bill that would also give the IRS more power.聽Tax Analystsreports that the House Ways & Means Committee plans to mark up several tax and healthcare bills tomorrow, including separate ones that would make bonus depreciation and the subpart F active financing exemption permanent.
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