Connecting today’s news with the research and opinion you need from TPPF experts.

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Connecting today’s news with the research & opinion you need

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What to Know: Nearly half of New York City’s top earners say they have considered leaving the state ([link removed] ) . The vast majority of those cite the high cost of living.

The TPPF Take: It’s all about opportunity (and skyrocketing taxes in places like New York).

“While most taxpayers in New York—and every other state—saw their overall taxes decline as a result of the 2017 tax cut, some wealthy taxpayers in high tax states like New York and California saw a far smaller tax cut or, in a few cases, a tax increase,” says TPPF’s Chuck DeVore. “That’s because the federal tax code no longer provides a generous subsidy—through an unlimited state and local tax deductions.”

For more on state and local tax deductions, click here.
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Seeing Red

What to Know: The city of Amarillo approved a new $392.7 million budget ([link removed] ) that raises property taxes, hikes water rates, and increases solid waste rates. One upset resident unleashed on councilmembers: “You’re raising trash prices. It’s going to cost more for the water bill. You’re going to raise property taxes…You’re blind to the difficulties you’re causing people who don’t have a large salary.”

The TPPF Take: This is no time for business as usual. Texans are hurting. Cities cannot continue raising taxes and fees as if these are ordinary times.

“People are without jobs and income. This is not the time to add to their misery by raising taxes and fees,” says TPPF’s James Quintero. “Cities must do better. We need local officials to turn over every stone to cut the size and cost of government. Struggling taxpayers are counting on it.”

For more on local spending, click here.
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College Costs

What to Know: The New York Times is lamenting “the college money crisis,” claiming that higher education is suffering (and costs are rising) because states are defunding public colleges and universities ([link removed] ) .

The TPPF Take: State “disinvestment” in higher education is a myth.

“Changes in state funding do not explain changes in tuition,” says TPPF’s Andrew Gillen. “State funding has generally increased over time. And even during temporary declines in state funding, the numbers do not match. For example, from 2008 to 2019, state funding fell by $259 per student, yet tuition increased by $2,233.”

For more facts on funding higher education, click here.
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Texas Public Policy Foundation, 901 Congress Avenue, Austin, Texas 78701, United States, 5124722700

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