(The Center Square) â The Washington, D.C.-based Tax Foundation has calculated that about $2 billion worth of taxpayer money from the Democratic-passed American Rescue Plan Act is allocated to local governments that donât exist or arenât in financial distress.
The act is a $1.9 trillion spending plan that President Joe Biden and Democrats hailed as another COVID-19 stimulus package. It includes extended unemployment benefits, direct funding to states and municipalities, and $1,400 checks for most Americans.
But in an
analysis, Jared Walczak, vice president of State Projects with the Center for State Tax Policy at the foundation, identified localities by state that have been allocated money that donât qualify to receive funds. The bill has been widely criticized for funding pork barrel initiatives, independent watchdog groups like Open the Books and Truth in Accounting have reported.
Study: American Rescue Plan allocates $2 billion to counties that don t exist or don t have fiscal problems | National News
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Study: American Rescue Plan allocates $2 billion to counties that don t exist or don t have fiscal problems | National
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Whitmer, union announce new protocols aimed to stop payroll fraud on state contracts
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Mass Exodus Of New York Millionaires Likely As Gov. Cuomo Proposes 51% Top Tax Rate
WASHINGTON (dpa-AFX) - New York, host to 90 billionaires and 30 thousand millionaires, might see their population bump down after the city proposed a tax-rate increase as a part of their recently published $212 billion budget deal. The revised top tax rate of 13.5% to 14.8% suggests that New York will lead the tax-chart for millionaires in the nation. Adding the federal taxes, which have also increased to 28% under the Biden administration, the millionaires would have to pay upto 51.8% to stay in New York. Under the new proposal, the top tax rate would temporarily increase to 9.65% from 8.82% for single filers earning more than $1.1 million. Tax rate for income between $5 million and $25 million would rise to 10.3%, while for more than $25 million it would be 10.9%. The new rates would expire in 2027.