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Wisconsin

Gambling Out--Budget Negotiations Go On

by: Jennifer Daler

Thu Jun 18, 2009 at 09:09:32 AM EDT


Just read this report by Tom Fahey at the UL. It seems the House side of the committee of conference voted down expanded gambling. The votes aren't there, for one thing, and Finance Committee Chair Marjorie Smith (D-Durham) does not believe it is a long term solution.

"I have no problems with gambling. What I do have a problem with is that I do not believe that gambling is a reliable funding source," Smith said, adding that her preference is an income tax.

Representative Dan Eaton (D-Stoddard) confirmed the votes in the House are not there.

I cannot count to 201," he said, praising D'Allesandro's dedication.

For their part, the Senate refused to allow the estate tax and the capital gains tax to move forward.

According to Fahey, the state will tap into the "Rainy Day Fund" and then still have to close a $30 million hole in the present budget.

Plans waiting in the wings when talks resume today would close a key business tax loophole, set a new tax on mortgage refinancing, boost the Rooms and Meals tax rate and possibly create a tax on entertainment.

If you feel strongly about the refinancing tax, call the Governor and your State Senator and Reps and register your opinion. Once it's put in, it will be very difficult to change down the road.

Jennifer Daler :: Gambling Out--Budget Negotiations Go On
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Reliability (4.00 / 3)
There is no reliable source of funding in a severe recession.




"When you get to the end of your rope, tie a knot and hang on."  Franklin D. Roosevelt    


yeah, but some are a lot more reliable than others (0.00 / 0)
BET, Meals and rooms, and gas, beer and cigarette excise taxes are fairly reliable. BPT, interest and dividends, lottery, and real estate are not very reliable.

Gambling is about mid-point in  reliability.


[ Parent ]
Writhing in Agony at the State House (0.00 / 0)
Without a doubt the most reliable source of revenue is the one which is both inevitable and fair, but which no one dares even mention.  

No'm Sayn?

[ Parent ]
The tax that dare not speak its name.. (4.00 / 1)
... is not all that reliable. Better than cap gains, BPT, and real estate, worse than (most) others.

Here is a quote from a Rockefeller Inst or Gov't report that came out yesterday entitled April Is the Cruelest Month that said the "State Tax-That-Dare-Not-Speak-Tts-Name Revenues Drop Sharply in April".  

Money quote (with redactions so as not to shock the faint of heart):

The report examined January to April tax collections for 37 of the 41 states that impose broad-based personal xxxxxx taxes. It showed an overall decline of 26 percent, or $28.8 billion, when compared to the same period a year earlier. April xxxxxe-tax collections were even worse than those in the preceding quarter, with a drop-off of $18.2 billion when compared to April 2008. April is the month during which states collect the most xxxxxx tax revenue, because of the filing deadline for most tax returns.


[ Parent ]
You are breaking Burt's heart n/t (0.00 / 0)




"When you get to the end of your rope, tie a knot and hang on."  Franklin D. Roosevelt    


[ Parent ]
On predictability - (0.00 / 0)
I just saw a Globe story yesterday about the capital gains tax in Massachusetts.

They have been relying on it for the General Fund and it's coming up short right now (no surprise). They are considering making it feed directly and exclusively into a Rainy Day fund.


[ Parent ]
Its a good idea (4.00 / 1)
The cap gains tax is the most unpredictable tax there is, and if you have one it should be structured so that some, at least, goes into the rainy day fund, or some sort of averaging fund separate from the rainy day fund.

Mass politicians being Mass politicians, they never did this and now its blown an enormous hole in their budget. California has this problem too, among many others.

If and when the NH Senate agrees to the House's cap gains tax, putting an averaging mechanism in place is something we would have to do next session.  


[ Parent ]
Kathy, I Respectfully Disagree :) (4.00 / 2)
If the legislature passed my idea -- the Craig Benson 100% Confiscatory Tax -- the state would do quite well for itself. . . . And it would get justice for the job that Benson did from 2003-2005.

[ Parent ]
And it would balance the 2010-11 Budget! (4.00 / 1)
All by itself.
Once again, DD and I agree.

No'm Sayn?

[ Parent ]

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