All articles tagged with #tax proposals
Illinois House Democrats proposed a plan to raise over $1 billion for Chicago area transit through new taxes, but Gov. JB Pritzker rejected the plan, citing the need for further negotiations. Without a funding agreement, transit agencies warn of significant service cuts and fare hikes, risking job losses and reduced mobility for residents.
Mayor Brandon Johnson proposes a $16.6 billion budget for 2026, featuring increased taxes on corporations, social media companies, and cloud computing to address a budget shortfall and fund community safety programs, while facing opposition from business leaders and concerns about economic impact.
Michigan lawmakers are finalizing a $51.8 billion budget that includes funding for free school meals, nearly $2 billion for roads, and tax exemptions, with votes expected soon after a series of negotiations and approvals. The budget also features increased per-pupil funding, support for military and storm recovery, and transparency reforms for earmarks.
Mamdani's primary victory in NYC's mayoral race has caused uncertainty among high-end real estate buyers and wealthy residents, leading some to pause or reconsider their plans and others to accelerate relocation to states like Florida, which is experiencing a surge in new residents and real estate activity.
President Joe Biden plans to unveil tax proposals targeting wealthy Americans and large companies in his State of the Union address, including hiking corporate minimum taxes, curbing executive pay and corporate jet deductions, and imposing a 25% minimum tax on income for those with wealth over $100 million. These measures are part of a proposed fiscal 2025 budget aiming to decrease the federal deficit by $3 trillion over 10 years while cutting taxes for low-income Americans. The tax plans are expected to be a central theme in Biden's re-election campaign, setting up a contrast with the 2017 tax cuts signed by former President Donald Trump.
President Biden is set to focus on the rebounding economy during his State of the Union address, renewing his push for increased taxes on corporations and billionaires, as well as highlighting the economic recovery since he took office. He will also address efforts to crackdown on "junk fees" and "shrinkflation," while advocating for changes to the tax system, including raising the corporate minimum tax to 28% and proposing a 25% minimum tax for billionaires.