All articles tagged with #tax hike
Gov. Phil Scott unveiled a $9.4 billion budget aiming to blunt a projected 6% average property tax hike with $105 million in relief, but further savings depend on school districts keeping budgets in check and on ongoing education reforms from Act 73; the package also addresses housing, energy, health care, crime and transportation, and even contemplates reviving nuclear energy, drawing mixed reactions from lawmakers.
Pittsburgh City Council approved a 20% property tax increase for 2026, with the final decision pending mayoral review. The increase affects city, school, parks, and library taxes, and residents can estimate their new taxes using an online calculator that considers assessed property values, exemptions, and discounts.
Pittsburgh City Council approved a 20% property tax increase to address a $20-30 million budget shortfall, raising the millage rate from 8.06 to 9.67, amidst opposition from some council members and residents who criticized the hike and suggested alternative revenue sources like taxing nonprofits.
Oregon Democrats are reconsidering their major transportation funding bill, HB 2025, amid internal disagreements, political drama, and uncertain support, with the bill facing potential amendments and delays as lawmakers grapple with its controversial tax increases and legislative conflicts.
Chicago Mayor Brandon Johnson's proposal to increase alcohol taxes by 34-36% to address a budget deficit faces strong opposition from bar and restaurant owners, who argue it would further strain their already thin margins. Industry leaders, along with Teamsters Local No. 710, rallied against the tax hike, citing potential negative impacts on business and customer behavior. The proposal, which aims to generate $10.6 million, is also opposed by several city alders concerned about driving business to neighboring areas with lower taxes.
The Illinois House passed a $750 million tax hike package at dawn after a series of procedural maneuvers and three votes, necessary to balance a $53.1 billion budget. The budget includes tax increases on businesses and pay raises for lawmakers, facing opposition from both Republicans and some Democrats. Governor J.B. Pritzker praised the budget, emphasizing fiscal responsibility, while Republicans criticized it for potential financial instability and political maneuvering. The budget also includes funding for education, public safety, and local governments, along with new tax credits and the elimination of the statewide grocery tax by 2026.
DraftKings and FanDuel-parent Flutter Entertainment stocks dropped significantly after Illinois approved a 140% tax hike on online sports bets, raising their tax rates to 36% and 37% respectively. Analysts suggest the companies could offset the hike through cost controls, but the increased tax burden could still impact their financials. Other states may consider similar tax hikes due to budget pressures, potentially accelerating industry consolidation.
Chicago Mayor Brandon Johnson suggested that the failure of a tax hike referendum, aimed at combating homelessness, was due to the 38,000 Chicago residents who voted for former President Trump. The referendum, which would have generated $100 million in new tax revenue, was rejected by voters. Johnson emphasized the impact on the city's homeless population and criticized opponents of the referendum, calling them "cowardly."
If Democrats secure a trifecta in the upcoming elections, taxes could increase by $7 trillion over 10 years, with President Biden's proposed budget aiming to generate $5.3 trillion in revenues through fairer tax policies targeting the wealthy and large corporations. The budget prioritizes investing in essential public services for families and communities, including $33 billion for affordable housing, aiming to reduce homelessness and support first-time homebuyers. While the budget reflects a shift away from trickle-down economics, its implementation is contingent on Democratic electoral success.