What is Nikki Haley’s tax and budget platform? TPC’s Howard Gleckman explores the question, noting that the former governor of South Carolina is running on a pretty standard Republican fiscal platform—but with important twists. “She backs big tax cuts for individuals and small businesses, but opposes what she calls ‘corporate welfare.’ She says she wants to balance the federal budget and lays out some general ideas for reducing Social Security benefits, but has described few other specific spending cuts. And her unspecified tax cuts would make balancing the budget much more difficult.”
Tennessee no longer levies a sales tax on purchases of gun safes or lockboxes. As of Nov. 1 (under a law enacted in August), gun safes and lockboxes are now exempt from the state’s retail sales tax. One gun safe store owner told local press he’s seen an increase in the number of people seeking to buy gun safes since the tax exemption went into effect.
Colorado voters will decide today on what to do with excess tobacco and nicotine tax revenue. Vaping sales have been stronger than expected when the tax was approved by Colorado voters in 2020. The result is $23.65 million more in tax revenue than predicted. Voters will decide whether Colorado can keep the extra revenue—which has funded universal preschool—or provide a refund to tobacco wholesalers and distributors.
Connecticut task force to consider elimination of state car tax. The state collects $1 billion a year on 3 million cars and trucks through its car tax. While Connecticut taxpayers may not be fond of the tax, cities and towns rely on the revenue to balance municipal budgets. The task force has until Feb. 1 to submit recommendations for consideration during the 2024 regular session of the General Assembly.
Santa Fe, New Mexico, may start taxing mansions. Voters will decide today whether the city should impose an extra tax on homes sold for more than $1 million to help fund local services. As the Associated Press notes, Los Angeles recently adopted a similar measure, and several other places—including Chicago—are looking into the idea of a mansion tax.
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