| Tax Cuts And Economic Growth
The results of the experiment that began when Congress passed a series of tax-rate cuts in 2001 and 2003 are in. Supporters of those cuts said they would stimulate the economy. Opponents predicted ever-increasing budget deficits and national bankruptcy unless tax rates were increased, especially on the wealthy. In fact, Treasury statistics show that tax revenues have soared and the budget deficit has been shrinking faster than even the optimists projected. Since the first tax cuts were passed, when I was in the Senate, the budget deficit has been cut in half. Remarkably, this has happened despite the financial trauma of 9/11 and the cost of the War on Terror. The deficit, compared to the entire economy, is well below the average for the last 35 years and, at this rate, the budget will be in surplus by 2010.
Case Closed: Tax Cuts Mean Growth
It's that time again, and I was thinking of the old joke about paying your taxes with a smile. The punch line is that the IRS doesn't accept smiles. They want your money. So it's not that funny, but there is reason to smile this tax season. The results of the experiment that began when Congress passed a series of tax-rate cuts in 2001 and 2003 are in. Supporters of those cuts said they would stimulate the economy. Opponents predicted ever-increasing budget deficits and national bankruptcy unless tax rates were increased, especially on the wealthy. In fact, Treasury statistics show ... .
Governor's plan is a good deal for Pueblo
Cary Kennedy, Colorado's state treasurer, was a leader in the 2000 campaign to pass Amendment 23, which guarantees annual funding increases for public schools. She can be reached at treasurer.kennedy@state.co.us . For more than a decade, the burden of financing public education has been shifting away from local school districts, which raise funds primarily through property taxes, to the state, which funds education primarily with income and sales taxes. But the shift from local to state funding for education has not been uniform across the state. In fact, it's been just the opposite: Some communities have benefited from huge property tax rate reductions, while others have seen none. This is because each school district has adjusted its property tax rates to comply with limits in Colorado's Taxpayers Bill of Rights, adopted by voters in 1992.
New Mexico's Gross Receipts Tax Offers a Cautionary Tale
Gross receipts taxes are beginning to spread nationwide, to the dismay of economists, businesspeople, and consumers, a new report observes. While these taxes are new to most states that have them, New Mexico has extensive experience with this form of taxation, having adopted a gross receipts tax more than 40 years ago. The experience has not been good, according to Harry Messenheimer, co-author of "New Mexico's Gross Receipts Tax: A Warning to Other States," a report released in February by the Rio Grande Foundation in Albuquerque, New Mexico. "The gross receipts tax is the defining feature of New Mexico tax policy. Other states should take a close look at our tax system and the political and economic problems associated with gross receipts taxes before adopting them," said Messenheimer in an interview for this article.
Fitch Rates Dallas Co. Utility & Reclamation Dist., Texas' $40.4MM ...
AUSTIN, Texas--(BUSINESS WIRE)--Fitch assigns its 'BBB' rating to the $40.41 million unlimited tax refunding bonds, series 2007 of Dallas County Utility and Reclamation District (DCURD or 'the district'), Texas. The series 2007 bonds will be insured by AMBAC and will be rated 'AAA' at closing. Also, Fitch upgrades to 'BBB' from 'BBB-' the underlying rating on the DCURD's outstanding $292.4 million unlimited tax bonds. The series 2007 bonds are expected to price the week of April 23 via UBS Financial Services, Inc. and RBC Capital Markets. The Rating Outlook is Stable. Security for bond repayment is an annual ad valorem tax, with no legal limit as to rate or amount, levied against taxable property within the district. The refunding transaction will lower the interest cost on certain of the district's debt outstanding.
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