This year, Indiana will once again lower its corporate income tax rate from 5.5 percent to 5.25 percent. Since 2012, Indiana has been gradually lowering the corporate tax rate from 8.5 percent, and the rate will continue to be lowered until it reaches 4.9 percent in 2022. Corporate tax rates vary greatly across the United States, from the highest tax […]
The coronavirus (COVID-19) is having an impact on economic growth in Iowa. The Bureau of Economic Analysis (BEA) released Gross Domestic Product (GDP) by state from the fourth quarter of 2019 to the first quarter of 2020, which demonstrates some of the economic impact of COVID-19. During this time Iowa’s economy declined by -3.5 percent. Other than Nebraska and South […]
JONATHAN WILLIAMS, SKIP ESTES Most states close their books for fiscal year 2020 this week and continue to look at the uncertainty ahead. Every state but Vermont has some variety of a balanced budget requirement. Some are far more meaningful than others, but at least some thought goes into presenting a plan to balance revenue and expenditures. Moreover, states lack […]
At the heart of high property taxes is local government spending. County assessors are often blamed because people receive their property tax valuation bills in the mail and they immediately think that a valuation increase translates into a property tax increase. This is misplaced blame because it is the local government taxing authority that decides on how much taxes are […]