States Propose Billions in Tax Relief Despite Economic Uncertainty

Contributing sentiments towards policy:

47% : States raise funds from a different mix of sales, income and severance taxes.
43% : The state, where Democratic Gov. Kathy Hochul isn't proposing cutting income taxes, projects it will end its current fiscal year with an $8.7 billion surplus but anticipates slower growth will lead to deficits totaling $22 billion over three years starting in the 2024-25 fiscal year.
29% : Carl Davis, research director for the Institute on Taxation and Economic Policy, a progressive think tank, said states should be cautious about cutting taxes now.
25% : California, whose budget is particularly reliant on income taxes levied on some of its wealthiest residents, experienced budget whiplash after a record $97 billion budget surplus last year dissolved into an estimated $22.5 billion deficit in Democratic Gov. Gavin Newsom 's January spending proposal.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.