Harvard University may soon lose its federal tax-exempt status, as the Internal Revenue Service (IRS) advances action at the request of the Trump administration.
For the first time in its history, Spokane Valley will put a sales tax increase to a public vote this August. The city council voted 5-1 to approve the ballot measure, which proposes a one-tenth of 1% sales tax hike to fund the hiring of additional police officers.
California’s once-booming economic engine is now flashing warning signs, according to the American Legislative Exchange Council’s latest “Rich States, Poor States” report. While the Golden State still ranks high in historical economic performance, its future outlook continues to darken under the weight of taxes, regulatory overreach, and declining private-sector employment.
For the 12th consecutive year, New York has landed at the very bottom of the American Legislative Exchange Council’s (ALEC) “Rich States, Poor States” economic outlook rankings. The report, released Tuesday, ranks all 50 states based on 15 factors related to taxation, regulation, labor costs, and economic policy.
Illinois House Republicans are calling out Democrat-led state leadership for failing to act on legislation aimed at reducing what is now considered the highest overall tax burden in the United States. Despite a package of GOP-sponsored tax relief bills introduced this session, none have gained traction in the General Assembly.
Dozens of major corporations have warned Washington State’s Democrat-led legislature and Governor Bob Ferguson that proposed tax increases threaten the state’s economic future. The letter—signed by executives from Amazon, Microsoft, Costco, Alaska Airlines, Nordstrom, Zillow, and even the Seattle Mariners—blasts the state's unprecedented spending and tax agenda.
Seattle’s payroll expense tax on large businesses generated $47 million less than projected last year, with Mayor Bruce Harrell suggesting major corporations are not contributing their fair share. The Office of Economic and Revenue Forecasts released its year-end revenue report on Tuesday, showing actual revenues of $360 million, falling short of the October projection of $406.8 million.
As Tax Day approaches, fiscally conservative leaders in multiple states are intensifying efforts to eliminate property taxes, with one Pennsylvania lawmaker arguing that homeowners should not have to "pay rent" to the government.
President Donald Trump is working to eliminate federal income taxes for individuals earning less than $150,000 per year, Commerce Secretary Howard Lutnick said Wednesday. Trump’s tax strategy also includes abolishing taxes on tips, overtime, and Social Security while implementing significant reductions in both individual and corporate tax rates.
A new study reveals that Illinois’ high gasoline taxes are not resulting in better roads and bridges. The Reason Foundation’s Annual Highway Report ranks Illinois 36th in overall highway performance, a drop of seven spots from the previous year.
