In fiscal 2022, 28 states didn’t have enough revenue to pay all of their bills, according to the 14th annual Financial State of the States report, published by the Chicago-based nonprofit Truth in Accounting.
The report provides a comprehensive analysis of the fiscal health of all 50 states based on the latest available data from states’ fiscal year 2022 annual comprehensive financial reports.
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Texas’ controversial elections bill cleared the state House Friday afternoon, clearing its way to Gov. Greg Abbott’s desk after a months-long battle that drove Democrats to flee the state in an attempt to block its passage.
Senate Bill 1 was lauded by Republicans as a means to better secure future elections, but was chastised by Democrats as an effort to restrict voting access following former President Donald Trump’s discredited claims that the 2020 election was fraudulent. It passed on an 80-41 vote that fell largely along party lines.
The Texas House considered dozens of amendments during a marathon session Thursday, and the bill now heads to the Senate for the provisions adopted to be approved before heading to the governor’s desk. Abbott, a Republican who has championed the issue, has vowed to sign it.
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Just over three months into his presidency, Joe Biden has been nothing if not active. Fresh off proposing two bills that could end up costing taxpayers $5 trillion over the next decade, the President is now proposing yet another $1.5 trillion spending package. This plan, intended to fund expanded childcare and education initiatives, would include huge tax hikes that would act as yet another sucker punch to a still-rebounding economy.
About the only tax increases the President hasn’t supported thus far arewealth taxes and financial transaction taxes. But just because the tax hikes in this package are less exotic doesn’t mean they wouldn’t prove to be harmful.
In keeping with Biden’s ongoing efforts to undo the 2017 tax reform law, the first tax increase proposed is the restoration of the top tax bracket to 39.6 percent, the level it was at before the Tax Cuts and Jobs Act (TCJA) lowered the rate to 37 percent. The top individual rate isn’t the most influential piece of the tax code on economic growth — as the Tax Foundation estimated prior to the passage of the TCJA — but it’s also far from the only tax hike that Biden is proposing.
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House Democrats blocked a Republican attempt on Monday to require any proposed climate change legislation to also include its projected cost.
Under the Pay As You Go (PAYGO) rule, any additional government spending proposed must be accompanied by tax increases or separate cuts. After a push from several lawmakers in the Democratic Party’s progressive wing, however, the rules package for the 117th Congress states PAYGO will not apply to legislation relating to the necessary economic recovery or U.S. efforts to combat climate change.
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The Virginia House of Delegates was under Republican control for more than twenty years. This year, the Democratic party is in control of the House of Delegates, along with the Senate, and the Governor’s Mansion. This is the first time in three decades in which one party has had complete control.
The Republicans left the present Democrat controlled house with the title of being the number one rated state to do business, according to CNBC. We were also rated the third safest state in which to live and first in recidivism in the United States.
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