Twin Cities Daily Planet (https://www.tcdailyplanet.net/author/scott-russell/page/4/)
With the nation still limping out of a devastating recession, the current hot-button question is whether national leaders should let the 2001 and 2003 tax cuts expire, including those benefiting people making in excess of $250,000 a year. Continue Reading
Did you realize the state actually spends money to reduce taxes for some groups of taxpayers? Or, another way of thinking about it, the deductions and exemptions in our tax system mean the state is giving up potential tax revenue. Continue Reading
As we leave Labor Day weekend, it is very appropriate to look at how the recession has not only left many people unemployed, but it also flattened wages. The income gap between rich and poor has been widening. Meanwhile, there is growing concern that the nation could be heading for a double-dip recession, which would be most harmful for lower-wage workers who have the least financial cushion. A recent series of reports highlight the need for additional federal and state action to create more and better-paying jobs. Continue Reading
Minnesota’s general fund revenues came in $41 million (or six percent) above forecast in July, the first month of FY 2011, according to Minnesota Management and Budget (MMB). Both income tax and sales tax revenues were higher than expected.
Congress has approved and President Obama has signed into law a bill that will send $430 million to Minnesota to help pay for health care and to save public school teachers’ jobs. The breakdown is $167 million for education and $263 million in additional funding for health care provided by Medicaid.
The federal and state governments have a number of ways to help working families at or near poverty stay afloat economically and get a leg up towards self-sufficiency. Yet, for a variety of reasons, families don’t always get the help for which they qualify. Continue Reading
There are plenty of mixed messages about the state of Minnesota’s economy. The most recent information from Minnesota Management and Budget offers some positive news. May revenues were $56 million above what was forecasted, or 6.3 percent. According to the state, most revenue categories – individual income tax, sales tax, corporate income tax and other revenue – were up in May. Continue Reading
Federal Medicaid simplification and expansion, one part of federal health care reform, will ensure that nearly all low-income adults in Minnesota and across the country will have access to health insurance coverage. It’s a good deal for those needing health care who can’t afford it. And it’s a good deal for our state budget.
On Thursday, May 20, Congress is expected to take up legislation that extends federal emergency unemployment insurance (UI) benefits and supplemental COBRA health insurance benefits through the end of 2010. Continue Reading
The Minnesota Legislature voted Monday to create a new tax bracket on high-income households as one small part of an overall budget fix. Continue Reading