Large tax reductions proposed at a time when Mississippi already is cutting important public investments due to a lack of revenue would erode the state’s ability to create jobs and have a competitive economy. Over the past two years, major tax cut proposals have been proposed that would cut and flatten the state’s income tax and cut corporate taxes, including the state’s corporate franchise tax. The proposed cuts would reduce general fund collections and limit revenue to fund schools, support public safety, protect public health and invest in the state’s road and bridge system. These tax cut proposals have come at an especially inopportune time because Mississippi’s state finances are already under severe pressure.
Allowing Coloradans to split their state income tax refunds among several accounts would enable families to save while meeting immediate needs. Coloradans could directly deposit part of their refunds in a 529 college savings account, helping increase the opportunities for students from low- to moderate-income families to attend and graduate from college.
What does it take to get by these days? This latest edition of The Cost of Living in Iowa answers this question. The report details how much working families must earn in order to meet their basic needs and underscores the importance of public work support programs for many Iowans, who despite their work efforts, are not able to pay for the most basic living expenses.
The basic-needs budgets constructed for this report represent a very frugal living standard; using costs as of 2015 (with the exception of health insurance), the budgets are based on what is needed to “survive” rather than “thrive.” This includes allowances for rent, utilities, food prepared at home, child care, health care, transportation, clothing and other household necessities. The basic budget does not include savings, loan payments, education expenses, any entertainment or vacation, social or recreational travel, or meals outside the home.
What if Arkansas were a national leader in children’s education and health? What if we had one of the lowest rates of child poverty in the nation instead of one of the highest? What if our abused and neglected children received the attention they deserved from caseworkers who weren’t overloaded?