Tax revenues across the state are plummeting in the wake of the COVID-19 pandemic, and municipalities are struggling to plug holes in their budgets. For its part, Santa Fe expects a $46 million shortfall for fiscal year 2020, much of it stemming from an immense drop in revenue from the Gross Receipts Tax (GRT).
Fiscal year 2021, which begins on July 1, looks even more dire; city officials are expecting a $100 million shortfall.
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Santa Fe uses only 41.1 percent of its available property tax authority, according to numbers from DFA. Based on projected property tax revenue in Santa Fe's 2020 budget, the city could generate $18.1 million in additional revenue by utilizing its full authority, although that number is only a rough estimate and would likely be lower because of potential deferments as a result of the crisis.
Not to change the topic here:
4 Things You Need to Know About Taxes in a COVID-19 World | Smart Change: Personal Finance |
If you think you're due a refund and are eager to get your money as quickly as possible, get moving on your tax return, even though you're technically not required to submit it until mid-July. And also, if you have kept filing your taxes on paper, consider switching to an electronic tax return this year.
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Regular savings in a diversified portfolio (and patience) may sound boring, but it should pay off in the long run.
Opinion/Commentary: Eliminating antiquated sales tax exemptions | Opinion | dailyprogress.com
Ethan Peck as Spock (from left), Rebecca Romijn as Number One, and Anson Mount as Captain Pike of the CBS All Access series "Star Trek: Strange New Worlds." All Access streams a variety of new and classic television shows.
The latest monthly revenue report from Secretary of Finance Aubrey Layne shows that state revenues are coming in more slowly as a result of the COVID-19 pandemic.
Once the revenue situation becomes clearer, the governor is expected to call a special session later this summer or fall for state lawmakers to take further action on Virginia's next two-year budget, which begins on July 1. At that point, the governor likely will have shared a revised revenue forecast.
Tax data shows pandemic effect, and how people spent the lockdown - al.com
One category of taxes collected in Alabama in April shows a lot of people spent the lockdown smoking. The Plain Dealer
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That's one conclusion to draw from April's revenue abstract from the Alabama Department of Revenue, a statement of gross tax receipts that is another window into the economic effect of the coronavirus pandemic measures and their crushing effect on the state's economy.
This may worth something:
Letter: Federal taxes | Letters | wcfcourier.com
One of these days, foreigners will stop buying our debt. Then what will we do? Will courage return to the political class in time?
Union Freeholders' 2020 Budget Won't Increase County Taxes, Impact Varies by Town | TAPinto
UNION COUNTY, NJ — The freeholder board approved a budget that will not increase county taxes — the first time in nearly 20 years — to ease financial pain for residents and business owners caused by the coronavirus pandemic.
The 2020 budget, which was unanimously passed Thursday night, promised to avoid layoffs and maintain essential county services, while having an average tax decrease of $18 for county homeowners. To do so, $53.29 million will be taken from the county’s surplus to fulfill the overall $614.918 million budget, a total budget increase of $124.001 million from 2019.
Joe Biden says he won't raise taxes on anyone making under $400,000 - The Washington Post
Former vice president Joe Biden, the presumptive Democratic nominee for president, said Friday that he would not raise taxes on anyone making less than $400,000.
"Nobody making under $400,000 bucks would have their taxes raised. Period. Bingo," Biden said in an interview on CNBC, the business news channel.
The announcement from Biden is a firm line on where he defines middle class versus rich in the United States, and it is notably higher than former president Barack Obama's promise on the 2008 campaign trail not to raise taxes on households earning less than $250,000. Biden has opted to hike taxes only on the top 2 percent of earners. Obama's income threshold was roughly at the top 5 percent mark, according to U.S. Census data.
$65.7M Pottstown school budget won't raise taxes | News | pottsmerc.com
Evan Brandt has been a staff reporter for The Mercury for more than 20 years. He covers municipal, school district, political, state government, federal government and environmental news.
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