The recent discussions in the House Ways and Means Committee suggest a potential overhaul of critical financial structures that have long underpinned the municipal bond market. At the heart of this debate is the looming threat of eliminating tax-exempt bonds. The implications of such a decision could be catastrophic for municipalities, which rely heavily on
Politics
In a bold financial maneuver, New York Mayor Eric Adams unveiled a $114.5 billion budget proposal aimed at allocating funds for social services, anticipating both growth and a renewed focus on the city’s needs amid economic recovery. This spending proposal, which requires the City Council’s approval, comes with a price tag that exceeds $2.5 billion
The opening discussions within the House Ways and Means Committee concerning the Tax Cuts and Jobs Act (TCJA) have set the stage for a pivotal debate in the 119th Congress. Central to this discourse is the contention between economic growth and the burden of national debt—a topic fraught with implications for various sectors, especially municipal
In a noteworthy legal development, the town council of Gilbert, Arizona, is facing serious allegations of constitutional violations stemming from its recent approval of tax increases aimed at funding various infrastructure projects. A lawsuit initiated by the Goldwater Institute, a prominent conservative think tank, claims that these tax hikes are in direct contravention of the
State and local tax (SALT) deductions have been a contentious issue in U.S. tax policy, particularly for residents of high-tax states. The cap on these deductions, established at $10,000 by the Tax Cuts and Jobs Act of 2017, has created a significant financial burden for many taxpayers. Recently, Republican Rep. Mike Lawler from New York
The landscape of transportation funding in the United States is on the cusp of significant transformation, coupled with a plethora of opportunities and challenges. The Department of Transportation (DOT), under the leadership of Secretary Pete Buttigieg, is making headlines with the announcement of extensive federal grants aimed at rejuvenating and modernizing the nation’s transportation infrastructure.
In a strategic move to enhance the United States’ aviation infrastructure, the Department of Transportation (DOT) has announced an infusion of over $332 million in federal funding aimed at modernizing 171 airport projects across 32 states. This initiative, propelled by the Bipartisan Infrastructure Law (BIL), signifies a vital response to the growing demands of air
California is currently navigating a precarious balance between fiscal planning and addressing the growing crisis of wildfires, particularly in the Los Angeles area. This year, the state has emerged from a significant budget deficit to present a $322.2 billion budget, primarily attributed to a surprisingly robust revenue influx. However, as devastating fires wreak havoc across
Maryland, boasting an AAA credit rating, is grappling with an alarming budget shortfall of $3 billion. This deficit is the result of a concoction of factors including sluggish economic growth, escalating Medicaid expenses, and the withdrawal of pandemic relief funds. These issues have generated a complex scenario that challenges the state’s financial backbone, raising significant
The state of Texas has taken a significant political stance in its financial dealings, particularly in relation to the fossil fuel industry. Recently, Texas Attorney General Ken Paxton praised major financial institutions, including Bank of America, Morgan Stanley, and JP Morgan, for their withdrawal from the Net-Zero Banking Alliance (NZBA). This move aligns with legal