Federal Budget and Taxes

One Year and Still Going Strong

Third and State celebrated its one-year anniversary this week. We launched on February 1, 2011, and 350 posts later we're still going strong.

We couldn't do it without our readers, so we thought it would be fun to take a look back at what posts you liked the most over the past year. And so we bring you a countdown of the top 10 most viewed blog posts at Third and State.

Morning Must Reads: Asset Tests, Layoffs and The Race To Give Away Tax Dollars To Big Oil

On Wednesday, the Pennsylvania Department of Public Welfare submitted its final proposal to the federal Food and Nutrition Service for an asset test on SNAP benefits (formerly known as food stamps).

Morning Must Reads: The Payroll Tax Cut, Cuts in Block Grants for Local Gov and the State Use Tax

The economic news in the past couple of weeks has been relatively positive so that must mean it is time for another down to the wire battle in Washington to help restore pessimism! At the end of the month, temporary extensions to the payroll tax credit and extended unemployment benefits will expire. With unemployment high, both measures should be extended through the end of the year.

Morning Must Reads: You Get What You Pay For: Human and Physical Capital

In the State of the Union address last week, President Obama called for more investment in programs that link training in higher education to employers. This morning the Harrisburg Patriot-News has an excellent article detailing one such program here in Central Pennsylvania.

Third and State This Week: State of the Union, Loopholes and Price of Service Cuts

This week, we blogged about the President's State of the Union address, new legislation to address corporate tax loopholes and a new series examining the price of cuts to state services in Pennsylvania.

IN CASE YOU MISSED IT

  • On the State of the Union, Mark Price offered a preview before the President's speech and a recap of his favorite parts the next day.
  • On state budget and tax policy, Chris Lilienthal wrote that legislation proposed by Representatives Dave Reed and Eugene DePasquale would take a first step towards closing corporate tax loopholes in Pennsylvania, but more needed to be done. Chris also highlighted the first and second installments of a new series from the Pennsylvania Budget and Policy Center featuring stories of Pennsylvanians impacted by five years of state service cuts.
  • And in other Morning Must Reads this week, Mark Price compared and contrasted executives and teachers, and highlighted a proposal to strengthen both the minimum wage and the earned income tax credit.

More blog posts next week. Keep us bookmarked and join the conversation!

Morning Must Reads: EITC Awareness, New Economic Geography and Stigmatizing The Hungry

Today is Earned Income Tax Credit (EITC) awareness day! 

EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

Since we are on the topic of the EITC, today is a good day to highlight a proposal to strengthen both the minimum wage and the earned income tax credit so that they are more effective tools for reducing poverty.

Morning Must Reads: SOTU 2012: Community Colleges, Workforce Development, Taxes & Infrastructure

The Pittsburgh Post-Gazette has a pretty good summary of the State of the Union.

Here is the full text of the President's speech, and Wonkblog has a version of the speech with only what they define as specific policy proposals.

What follows are our favorites from the speech.

Morning Must Reads: Jobs, Budgets and Local Taxes

If you haven't heard by now, a temporary two-month extension of the federal payroll tax cut and emergency unemployment benefits passed by the U.S. Senate was scuttled by the U.S. House on Tuesday. With the failure to extend both measures expected to slow the already tepid pace of economic growth, it is hard to imagine the House will not reconsider its position in the 11 days remaining before the current extensions expire.

Third and State This Week: Corporate Tax Avoidance, Insurance Rate Review and Prevailing Wage

This week, we blogged about a new report on state tax avoidance by some of the largest U.S. corporations, how to really save money on public construction projects, and legislation that undermines the state’s ability to review most health insurance rate hikes.

IN CASE YOU MISSED IT

More blog posts next week. Keep us bookmarked and join the conversation!

Morning Must Reads: Tax Benefits For Corporations, Health Care and Prevailing Wage

Toll Bros., the Pennsylvania-based homebuilder that benefited mightily from the housing bubble, also managed to benefit handsomely from you the taxpayer. This morning, The Philadelphia Inquirer reports that company profits are down from the previous period in part because the company claimed an eye-popping $59.9 million tax benefit in the 4th quarter of last year.

You can't open the opinion pages without coming across an article from the business lobby claiming businesses need more tax breaks. The fact is these companies got huge breaks that helped boost CEO pay but haven't translated into robust job growth.

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