Finance

New Jersey Leaders Agree On Deal to Hike Taxes on Millionaires

Governor Phil Murphy and top Democratic lawmakers announced plans on Thursday for a higher tax rate on incomes between $1 million and $5 million. The bulk of the revenue from the tax increase would cover the cost of a new middle class tax break.

Momentum for Basic Income Builds as Pandemic Drags On

Advocates see an opportunity to transform the safety net.

Governors Plead with Congress for Help as Senate Rejects Skinny Relief Bill

As Democratic governors testified before the House Committee on Financial Services, the Senate rejected a pared-back coronavirus relief proposal.

Why Public Sector Employee Worries about Finances Should Worry Us All

COMMENTARY | As Covid-19 puts increased financial strain on the state and local government workforce, employers must find innovative approaches to shore up workers' financial security. Otherwise, vital services and programs delivered to communities throughout the nation could be at risk.

Summertime Visitors Swarm State Parks and Budgets

State parks see record traffic as people seek recreation amid a pandemic.

Cuomo, Union Leaders Call on Congress to Provide New York $59 Billion in Aid

They say the state and its local governments are in an “impossible financial situation” because of the financial fallout from the coronavirus pandemic.

In New Jersey, a Proposal for $1,000 ‘Baby Bonds’

Gov. Phil Murphy, who proposed the program on Tuesday, said it would be the first statewide initiative of its kind. But the added spending would come at a time when the state’s budget is strained.

Saving in Times of Crisis: How People with Disabilities Can Increase Financial Stability

COMMENTARY | Americans with disabilities should consider depositing stimulus payments they receive from the federal government into ABLE savings accounts that maximize their impact.

State and Local Public Pension Funding Levels Steady—For Now

The outlook for the coming years is gloomier, as the coronavirus drags on the economy and strains governments’ finances.

For Cities, Path to Financial Recovery Could Be a Long One

“It takes years for cities to recover lost revenue,” said one of the authors of a new report that surveys the financial affairs of nearly 500 cities across the U.S.

Governors Raise Concerns About Trump’s Unemployment Benefits Order

Asking states to chip in to cover 25% of the enhanced unemployment benefits at a time they are facing significant budget shortfalls is “laughable,” said New York Gov. Andrew Cuomo.

One County Offers Universal Basic Income to Former Foster Youth

Santa Clara County in California launched the nation’s first UBI program specifically aimed at giving a boost to young adults who are transitioning out of foster care.

Virus’ Hit to Sales Tax Revenues is Coming Into Focus and It’s Not Good

New data shows a 10%, or $42 billion, drop in state and local sales tax receipts in the second quarter. Factors like whether groceries are taxed appear to be affecting collections in some states.

New Jersey Could Allow Local Governments to Borrow to Avoid Budget Cuts

Lawmakers this week approved legislation that would allow county and municipal governments to issue "coronavirus relief bonds" they would then pay back over 10 years.

State, Local Disagreements About Coronavirus Funding Boil Over

In Miami-Dade County, officials with the city of Miami are threatening a possible lawsuit, saying the county has shortchanged them. County officials say they need to be conservative with the limited funding.

In California, State Lawmakers Propose $100 Billion Stimulus Plan

The proposal calls for offsetting reduced federal unemployment benefits and a program to incentivize early tax payments.

As Moratoriums End and Bills Come Due, Cities Offer Utility Relief

Many residents are struggling to pay utility bills during the pandemic, dealing with escalating balances. But local relief programs aren't designed to help everybody.

States Use COVID-19 Relief Dollars to Hold Down Business Taxes

Some Democrats want the money used to help workers more directly.

America’s Cities Are Staggeringly Unequal

New data show how in every major metropolitan area, massive gaps still separate white people and people of color.