States ranging from Democratic-led Massachusetts to Republican-led Texas are sitting on large surpluses that are swelling even further thanks to favorable interest rates on investments.
A view of the U.S. and Texas flags flown on the south side of the Texas Capitol from the Capitol Dome in Austin on Aug. 12, 2021.– State governments emerging from the coronavirus pandemic built historic cash surpluses as inflation in prices and wages drove up sales and income tax collections.
California could be a harbinger of economic trends. After projecting an unprecedented $97 billion surplus just seven months ago, state officials are nowin the next budget. California imposes higher taxes on the wealthy than most states, leading to pendulum-type swings in tax revenues as the stock market rises and falls.
rate seven times this past year, making many loans more expensive in an attempt to slow spending and fight inflation. Democrats who were victorious in the fall elections will hold full control of Minnesota government in 2023. Gov. Tim Walz said the surplus could be used to provide tax rebates, increase investments in education, modernize infrastructure and add charging stations for electric vehicles.Virginia finance officials expect the nation to fall into a recession in 2023, depressing the state’s tax revenues.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
States banking big bucks as Fed attempts to fight inflationJEFFERSON CITY, Mo. (AP) — State governments emerging from the coronavirus pandemic built historic cash surpluses as inflation in prices and wages drove up sales and income tax collections. Now many states are reaping another reward: banking millions of dollars off those surpluses as the Federal Reserve fights inflation with higher interest rates.
Read more »
Massachusetts man, son of famous American painter, convicted on four charges in Jan. 6 protestsVincent Gillespie, 61, was found guilty on four charges related to his storming of the U.S. Capitol last January. Gillespie is the son of famous postwar painter Gregory Gillespie.
Read more »
This Epic $23 Million Massachusetts Mansion Comes With a Vegas-Style Water ParkThe Leverett estate includes four tennis courts, a two-story arcade and a bowling alley.
Read more »
23 states where the minimum wage is rising on New Year's DayThe minimum wage is increasing in 23 states on January 1st, 2023, including Arizona, California, New York, and South Dakota.
Read more »
January 6 Committee says Lee worked to have states send alternate electors for TrumpTwo Utahns are discussed in the latest documents from the January 6 Committee: Sen. Mike Lee, who they say worked to overturn the 2020 election, and another who pleaded guilty to a crime.
Read more »