The ongoing debate over the cap on state and local tax (SALT) deductions is a telling reflection of the broader economic struggles that many states are facing. As reported by Lucy Dadayan of the Tax Policy Center, states are grappling with stagnant revenue growth, making the fiscal outlook grim. This situation highlights the tension between
Politics
In the midst of an escalating financial struggle for infrastructure funding, the future of public transit hangs precariously in the balance. One of the most contentious debates revolves around the upcoming reauthorization of the surface transportation bill, a bureaucratic process that’s often fraught with compromises and vagaries. According to Rep. Rick Larsen, the ongoing discussions
The ongoing bankruptcy case of the Puerto Rico Electric Power Authority (PREPA) reveals a significant clash between the Puerto Rico Oversight Board and PREPA’s bondholders, with a staggering $3.7 billion in administrative expense claims at the forefront. This isn’t merely a financial disagreement; it’s a critical inquiry into Puerto Rico’s fiscal health and political future.
As the dust settles on the tumultuous political landscape of the past decade, one thing remains glaringly clear: American infrastructure is in jeopardy. With the system on the verge of collapse, we find ourselves at a critical juncture where public financial limitations meet the pressing need for innovation. The ongoing debate surrounding the reliance on
In an era where the global economy is both intertwined and fragile, the imposition of new tariffs poses a dire threat to small businesses across America. Federal Reserve Governor Michael Barr recently emphasized the potentially colossal impact that these tariffs could have, especially on small enterprises that are cornered by their limited options. Barr’s assertions
In a significant move that sent shockwaves through both the financial community and the political landscape, Moody’s Ratings downgraded Maryland’s general obligation ratings from an esteemed triple-A to a mere Aa1. This marks an end to a nearly 45-year streak of perfect ratings, a feather in the cap that many had thought would remain unscathed.
Newark Liberty International Airport epitomizes the maladies afflicting America’s critical infrastructure. Once a front-runner in global aviation, the airport now stands as a testament to decades of governmental neglect and infrastructural decay. Secretary of Transportation Sean Duffy’s alarming remarks underline a troubling reality: our air traffic control systems, like the airline industry itself, are experiencing
In an era of economic uncertainty, the recently proposed tax plan by the House Ways and Means Committee is ringing alarm bells, especially for middle-class Americans. The draft, which was leaked late last week, aims to extend the provisions of the 2017 Tax Cuts and Jobs Act but paints a troubling picture. With a staggering
The recent advancements in the budget reconciliation process have illuminated an intriguing transformation in the public power sector, particularly through the Elective Pay system born out of the Inflation Reduction Act (IRA). This innovative approach allows public power companies to convert tax credits into cash payments, which is slated to redefine the financial landscape for
In the ongoing discussions surrounding the state and local tax (SALT) deduction cap, Rep. Nick LaLota from New York has emerged as a vocal advocate for raising this limit, a stance that resonates not just with fairness but also with a calculated understanding of the political landscape. The SALT deduction, capped at $10,000 since the