Posts Tagged ‘structural balance’

Tax Cut Driven Budget Problems Escalate in Future

The fiscal year (FY) 2018-19 state general fund budget surplus—projected to be $1.65 billion last February—could easily turn into a $104 million deficit after taking into account the tax cuts and other measures enacted earlier this year, as noted in the first part of this series. Because the revenue loss from many of these tax…

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Big Tax Cuts Jeopardize Fiscal Solvency

Going into 2017, Minnesota was looking at a large budget surplus for the upcoming biennium. By the time the dust had settled at the end of the 2017 special session, the surplus had been reduced by nearly ninety percent. After including the impact of lower than expected revenue collections and other factors, the surplus projected…

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“Giving Back” What You Don’t Have

The tax cut plan released by Senate conservatives last week is still short on details, but here is some of what we do know: it will cut taxes by $900 million, presumably over the course of the upcoming FY 2018-19 biennium. The key elements of the proposal include a phase-out of taxes on Social Security…

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