State Budget and Taxes

A Call for an Education Funding Formula in PA

Sharon Ward of the Pennsylvania Budget and Policy Center joined state policy and budget experts this week for a symposium on school funding in Pennsylvania.

State General Fund Collections on Target Through First Quarter of 2013-14

General Fund collections in September exceeded revenue targets by $15 million, creating a very modest fiscal-year-to-date surplus of $13 million, 0.2% over estimate.

Collections in September are important to monitor as it is the first month of the fiscal year in which significant collections of quarterly personal income and corporate net income taxes are made. So far, so good, as corporate taxes came in $8 million below estimate for the month, while personal income tax collections exceeded estimate by $8 million.

PA House Votes on Property Tax Bills with Important Implications for School Funding

The Pennsylvania House voted on legislation this week that has important implications for public school funding.

PA Budget and Policy Center Launches Redesigned Web Site

In case you missed it last week, the Pennsylvania Budget and Policy Center (PBPC) launched a redesigned web site, making it easier to access the center's analysis, commentaries, blog posts, webinars, and much more. The site has a new look, but more importantly it puts everything you need right at your fingertips:

Early Revenue Collections on Track for 2013-14

August 2013 Revenue TrackerWhile August tends to be one of the fiscal year’s smaller months for revenue collections, General Fund receipts last month show Pennsylvania’s budget is essentially on track two months into 2013-14.

It's 'Invest in Education, Stupid'

"It's the economy, stupid," Clinton campaign manager James Carville famously said during the 1992 U.S. presidential election campaign.

Third and State This Week: Health Law Saves Consumers, Upward Social Mobility, & More on State Revenue Outlook

This week at Third and State, we blogged about a key provision of the Affordable Care Act that ensures health insurance companies spend most premium dollars on direct medical care, shared an op-ed on what works when it come to upward social mobility, and provided more analysis on the state's revenue outlook for 2013-14.

IN CASE YOU MISSED IT:

  • On health care, Chris Lilienthal wrote about a key reform in the Affordable Care Act that requires health insurance companies to spend 80% to 85% of premium dollars on direct medical care or issue rebates to consumers.
  • On jobs and wages, Stephen Herzenberg shared his PennLive.com op-ed on a new report providing the most detailed information yet on what works — and what doesn’t — when it comes to keeping the American Dream alive.
  • On state budget and taxes, Michael Wood filed two blog posts about the official state revenue estimates for 2013-14 --  the first looking at why corporate tax collections are projected to decline, and the second examining what's expected with personal income and sales tax collections.

IN OTHER NEWS:

In recent weeks, the Keystone Research Center and Pennsylvania Budget and Policy Center have released the following publications:

  • The Pennsylvania Budget and Policy Center published an analysis of the 2013-14 General Fund official revenue estimates, a briefing paper on how Pennsylvania's Marcellus Shale impact fee comes up well short of natural gas severance taxes in Texas and West Virginia, and a press release on the pending cut to federal nutrition assistance.
  • The Keystone Research Center published a briefing paper and press release about a new landmark study showing that Pennsylvania enjoys substantially more upward mobility than many other parts of the United States.

IN THE MEDIA:

The staff and research of the Keystone Research Center and Pennsylvania Budget and Policy Center were featured in the following news reports and radio interviews in recent weeks:

State Predicts Increase in Sales, Income Tax Collections

As I previously blogged here and here, Pennsylvania General Fund revenue collections are projected to grow very little in the 2013-14 fiscal year. Tax revenue is on track for the smallest rate of growth since 2009-10. Corporate tax collections will actually decline due largely to tax cuts, including another reduction in the capital stock and franchise tax rate.

To round out my trio of posts on the revenue outlook in the new budget, here is a look at personal income and sales tax collections over the next year — plus a few other notables in the official estimates from the Pennsylvania Department of Revenue. You can get my full analysis of the 2013-14 revenue projections here.

Sales, Income Taxes to Rise; Corporate Taxes Not So Much

As I blogged last week, state budget forecasters are not predicting much growth in revenue collections over the 2013-14 fiscal year. In fact, tax revenue is projected to have the smallest rate of growth since the 2009-10 fiscal year, according to official estimates from the Pennsylvania Department of Revenue.

Third and State This Week: Nutrition Assistance Cuts, Fast Food Worker Strikes, Modest State Revenue Growth & More

This week at Third and State, we blogged about a pending cut and other threats to federal nutrition assistance, what the one-day strikes by fast food workers tell us about the future of the middle class, a post-recession pay cut for the nation's low-wage workers, state revenue growth in the year ahead, and the role of public safety net programs in keeping people out of poverty.

IN CASE YOU MISSED IT:

  • On food insecurity, Chris Lilienthal blogged about a report on the significant impact that a pending cut in nutrition assistance will have on low-income families across Pennsylvania and the nation. He also shared a New York Times report on a new study finding that additional cuts proposed by the U.S. House would cost more than 5 million Americans needed food assistance.
  • On unions and the economy, Stephen Herzenberg wrote that the fast food workers engaging in one-day strikes across the country may be on the verge of cracking the code to the next U.S. middle class.
  • On income inequality, intern Ellis Wazeter blogged about a recent study showing that low-wage American workers have taken a post-recession hit to their paychecks.
  • On state taxes, Michael Wood shared a chart showing that General Fund revenue collections are projected to grow very little in the 2013-14 fiscal year.
  • And on poverty, Chris Lilienthal passed on a blog post by Arloc Sherman of the Center on Budget and Policy Priorities highlighting just how much public safety net programs have helped keep people out of poverty in the United States.

IN OTHER NEWS:

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