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"A comprehensive, collaborative elections resource."
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What Tax Cut?
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| Contributor | RP |
| Last Edited | RP Jan 29, 2004 07:01pm |
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| Category | Analysis |
| Media | Magazine - US News and World Report |
| News Date | Thursday, January 29, 2004 06:00:00 AM UTC0:0 |
| Description | You might want to relish that tax cut George Bush gave you last year--the one he argued in the State of the Union address last week should be made permanent.
That's because for all the dollars the feds are letting you keep, the states are scrambling to grab some of them right back with tax increases and a plethora of user fees and other levies designed to fill their bare coffers.
Facing yawning budget gaps--totaling about $200 billion over the past three years--state legislatures are trying to ease the revenue squeeze by disconnecting their tax rules from the federal system. That can mean denying on state individual and business returns the federal favors that Washington is bestowing on stock dividends, inherited estates, capital gains, and deductions. |
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