The ongoing debate about the cap on state and local tax (SALT) deductions has revealed a troubling reality for states across the U.S. In the face of increasing personal income tax revenues, many states are still struggling with dwindling corporate and sales tax inflows. This inconsistency highlights the pressures that state budgets are under, exacerbated
Politics
As America grapples with the pressing issues of infrastructure funding, our transit systems stand at a critical junction. The commitment to public transport is often overshadowed by the flashier allure of highways and road expansions. The recent deliberations around the Highway Trust Fund and potential surges in funding come with high stakes for the future
The unfolding drama surrounding the Puerto Rico Oversight Board and the Puerto Rico Electric Power Authority (PREPA) is an emblem of the complexities and dilemmas that characterize public financial management. The current struggle over a staggering $3.7 billion in administrative expenses has highlighted some fundamental issues in how Puerto Rico, a U.S. territory, addresses its
In an era where America’s infrastructure is teetering on the brink of inadequacy, the Trump administration’s Department of Transportation has crafted a distinctive approach to infrastructure funding that could dramatically reshape our public works landscape. While the Biden administration injected a substantial $1.2 trillion through the Bipartisan Infrastructure Law, ongoing hesitancies linger among policymakers, finance
The recent concerns raised by Federal Reserve Governor Michael Barr regarding the detrimental impact of high import costs on small businesses serve as a wake-up call for economic stakeholders. With the tariffs established during the Trump administration bearing down heavily on Main Street, the repercussions could be disastrous for a sector that is often overlooked
In a significant turn of events that can only be described as an alarming wake-up call, Moody’s Ratings has downgraded Maryland’s general obligation ratings from a pristine triple-A to a Aa1, a move met with shockwaves of criticism and concern. This decision highlights the need for a candid reflection on both state and federal governance,
The aging infrastructure of Newark Liberty International Airport is not merely a minor inconvenience for travelers; it’s a harbinger of larger systemic failures in America’s air transport network. As reported recently, U.S. Department of Transportation Secretary Sean Duffy has announced the reduction of flights in and out of Newark, alongside a long-overdue proposal to rebuild
The recent developments in the House Ways and Means Committee regarding the proposed tax bill brings us to a crossroads in fiscal policy, where significant implications for middle-class families lurk behind lofty promises. The draft unveiled is an undeniable telling sign of the direction we might be heading: a $5 trillion venture into irrevocable debt
Amid the tumult of budget reconciliation in Congress, a significant shift is occurring within the power industry, particularly for publicly owned utilities. With the passing of the Inflation Reduction Act, the introduction of the elective pay program—essentially a mechanism transforming tax credits into immediate cash—has opened up an avenue for greater investment in nuclear energy.
In a pivotal moment for American tax policy, a recent discussion featuring Rep. Nick LaLota (R-N.Y.) has illuminated the complex dynamics surrounding the state and local tax (SALT) deduction cap instituted by the Tax Cuts and Jobs Act (TCJA) in 2017. This seemingly dry issue has garnered vitality due to its implications for both fairness