States Planning Big Tax Cuts

“State lawmakers preparing to convene legislative sessions in the new year are confronted with a scenario unlike any they, or most of their predecessors, have ever experienced: budgets that are flush with cash after a year of record-setting surpluses,” The Hill reports.

“The influx of new money, fueled by a quick economic recovery from the coronavirus pandemic and billions in emergency federal funding for state and local governments, has spurred new talk of significant tax cuts. Across both blue states and red states, and just in time for midterm elections, legislators and governors are making plans to lower rates and cut bills.”