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Thousands more business owners — including Springfield council members — disclosing taxable property to keep business license
Learn about the challenges small business owners face in Springfield with the new ordinance requiring payment of business personal property taxes.
Jet-engine manufacturer plots expansion in Pontiac on site of former movie studio
Williams International is seeking a 15-year extension of its Renaissance Zone tax break to support an expansion.
Prediction markets push gambling to new level, causing concern
The state is waging a legal fight to preserve oversight and tax revenue amid competition from the increasingly popular platforms, which are regulated by the federal government.
Thunder reportedly trading Aaron Wiggins to Hawks for picks in deal that provides tax relief for OKC
The Oklahoma City have traded guard Aaron Wiggins to the Atlanta Hawks in exchange for two second-round picks, ESPN’s Shams Charania reports.
Susan Shelley: In California politics, extortion comes with a tax deduction
Is it charity? Is it lobbying? Is it bribery? Is it extortion? Is it deductible?
California is getting ready to increase a health insurance tax — will it affect your premium?
Legislators this week approved a health tax bill meant to continue critical federal funding for the state’s Medicaid program.
California is getting ready to increase a health insurance tax. Will it affect your premium?
A family of four could pay $400 more a year in premiums — but the tax still needs federal approval from the Trump administration to take effect.
Ken Griffin fires back at Mamdani, says business leaders must 'fight for their city'
Citadel founder Ken Griffin urges New York business leaders to speak up against Mayor Zohran Mamdani's tax proposals, warning the city risks losing talent.
Billionaire fires back at Mamdani, says business leaders must 'fight for their city'
Citadel founder Ken Griffin urges New York business leaders to speak up against Mayor Zohran Mamdani's tax proposals, warning the city risks losing talent.
Billionaire fires back at Mamdani, says business leaders must 'fight for their city'
Citadel founder Ken Griffin urges New York business leaders to speak up against Mayor Zohran Mamdani's tax proposals, warning the city risks losing talent.
California braces for one of the biggest tax hikes in the last decade
California lawmakers and the governor this year are preparing to implement major tax hikes in a matter of weeks, representing one of the largest tax increases in the state within the last decade.
California Politics 360 full episode | Lawmakers approve two major tax increases
This is a piece of the overall state spending plan, which the governor and legislature are expected to finalize by the end of the month.
Aiken proposal to raise hospitality tax sparks business concerns
AIKEN, S.C. (WJBF) — The City of Aiken could soon ask restaurant-goers to pay a little more at the register. City leaders are discussing raising the hospitality tax. “It adds to the price of …
Opinion
Politicians now think it is fine not to release their tax returns. But that only feeds distrust.
Tennessee Sports Betting Handle Holds Near $443M in May 2026 as Its Handle Tax Stays Flat
Tennessee took $443M in May 2026 sports bets at a 9.25% hold. As the only state taxing handle (1.85%) rather than revenue, its tax stays tied to volume. Full breakdown.
Connecticut Sports Betting Handle Hits a May High in 2026, but Revenue Falls to $15.6M
Connecticut took $187.3M in May 2026 sports bets, up 1.8% YoY, but revenue fell 13.6% to $15.6M as hold dropped to 8.31%. State tax was $2.14M at the 13.75% rate.
In California politics, extortion comes with a tax deduction
Is it charity? Is it lobbying? Is it bribery? Is it extortion? Is it deductible?
Get Real With SOMD Politics: Delegate Matt Morgan Focuses On Taxes, Housing And Protecting Southern Maryland’s Rural Character
ST. MARY’S COUNTY, Md. — Republican Delegate Matt Morgan says rising taxes, government overreach and housing affordability remain among the most pressing issues facing Maryland residents as he seeks another term representing District 29A in the Maryland House of Delegates, according to a recent appearance on The BayNet’s podcast, “Get Real With Southern Maryland Politics” […]
Calmatters: California Is Getting Ready To Increase A Health Insurance Tax. Will It Affect Your Premium?
CalMatters
Pritzker budget includes new tax on online fantasy sports
The budget awaiting his signature also imposes licensing fees on operators.
New legislation to open Allentown NIZ’s tax records adds small-business program
Unlike previous bills, this one will have a component to enhance small businesses in the NIZ with an assistance program.
Waymo recalls 3,871 robotaxis over software issue
This is Waymo's second recall this year, following a May recall tied to one of its robotaxis entering a flooded roadway.
Hollywood Warns California Against Sabotaging Film Incentives
The entertainment industry is seeking an exemption from a new limit on corporate tax credits, saying it will undercut production incentives.
Comedian Carlos Mencia arrested on 12 tax-related felony charges in Los Angeles
'Mind of Mencia' star Carlos Mencia is accused of being 'one of California's biggest tax scofflaws,' after allegedly failing to report over $8 million in income.
Comic Carlos Mencia arrested on suspicion of felony tax evasion
Comedian Carlos Mencia, who broke out in the early 2000s with his Comedy Central series 'Mind of Mencia,' was arrested Thursday morning in Los Angeles on suspicion of a dozen felony tax evasion counts.
L.A. Just Launched a Business Tax Fraud Unit. Its First Arrest? A Famous TV Comedian
The case gives Los Angeles County prosecutors a high-profile opening act for a new unit focused on business tax fraud.
Waymo recalls nearly 4,000 robotaxis after cars enter freeway work zones
Waymo has paused freeway robotaxi operations and recalled nearly 4,000 vehicles after more than a dozen incidents involving autonomous cars entering closed construction zones.
California Man Gets 27 Months For Tax Evasion, Illegal Gambling Business
A California man who admitted operating an illegal offshore gambling business, laundering cash proceeds and evading federal tax has been sentenced to 27 months in prison.
Türkiye’s Democratic Breakdown: Authoritarian Consolidation and the Sources of Resilience
Lessons from Global Democratic Resistance is a public panel series that brings together frontline activists, civic leaders, institutional actors, and field‑informed scholars to examine how democratic actors have resisted, responded to, and learned from democratic backsliding across countries. The series aims to identify practical lessons and comparative insights for those defending democracy today and is organized by the Carnegie Endowment for International Peace in collaboration with the Ash Center for Democratic Governance at the Harvard Kennedy School; the Cornell Center on Global Democracy; Perry World House at the University of Pennsylvania; the Kellogg Institute for International Studies at the University of Notre Dame; the Democratic Futures Project at the University of Virginia; Stanford’s Center on Democracy, Development and the Rule of Law.
California is getting ready to increase a health insurance tax. Will it affect your premium?
Private plans say they'll pass the cost to consumers — meaning families could pay $400 more a year to help keep Medi-Cal afloat.
The Tricky Politics of Revenue
Our nation’s fiscal trajectory is unsustainable, in part due to the decline in revenue collection stemming from a series of tax cuts. Often enacted with bipartisan support, these tax cuts have severely damaged the linkage between economic growth and revenue flows to the U.S. Treasury. The result: Ev
Wallenstein: The small business tax hike that almost flew under the radar
Governor Kathy Hochul blocked a proposed cut to the pass-through entity tax credit affecting thousands of small businesses in New York.
California wealth tax sparks debate among billionaires, voters
A wealth tax proposal in California is running into left-leaning resistance, with critics arguing it's not a stable revenue source.
Prediction markets are skeptical of California's billionaire tax
Kalshi and Polymarket bettors are unsure if California Gov. Gavin Newsom can prevent a proposed billionaire tax from reaching voters.
‘Different worlds’: Americans see a huge divide between haves and have-nots, new poll shows
A national NBC News poll finds 81% of Americans say there is more that divides than unites the wealthy and those who aren’t wealthy.
California's billionaire tax qualifies for the November election but faces stiff political pressure
Katie Couric (@katiecouric)
3,068 likes, 268 comments - katiecouric on June 17, 2026: "Rahm Emanuel has been a major force in Democratic politics for decades—from congressman and White House chief of staff to mayor of Chicago and U.S. ambassador to Japan. As the 2026 midterms approach, he joined me on Next Question to discuss President Trump's second term, why Democrats "lost the plot," why he believes the U.S. should end taxpayer-funded military aid to Israel, and what it will take for the party to reconnect with voters and regain lost ground. 🎧 Watch the full interview on YouTube or listen wherever you get your podcasts.".
It’s official: California voters will weigh a one-time billionaire tax
The measure’s spot on the ballot ensures a brutal and expensive campaign that will coincide with voters’ deciding control of Congress and the governorship.
California lawmakers to vote on tax increases affecting health insurance and digital software
California lawmakers are set to vote tomorrow on two tax increases, including higher taxes on health plans and a new sales tax on digital software, which are expected to raise billions annually for state programs.
Fox News Poll: Most rate the economy negatively, including half of Republicans
Fox News poll finds only 12% of voters say they are getting ahead financially, with 59% feeling pessimistic about the economy ahead of midterms.
Michigan Lawmakers Take Up Bill To Cap Marijuana Business Licenses As Industry Reels From Tax Increase
“We are doing our best to create the right regulatory scheme to be able to adequately enforce the market.” By Ben Solis, Michigan Advance The Michigan Senate is refocusing its marijuana industry license cap legislation to include new barriers to obtaining a license for growers, processors or dispensary operators with outstanding industry-related tax debt—a move […]
Newark drops bid to give outgoing councilman health benefits for life
The Newark City Council today pulled a resolution that would give outgoing Councilman Carlos Gonzalez lifetime taxpayer-funded health benefits and
SanDisk announces $3000 PS5 SSD as component pricing surge continues
$2960 plus tax, to be exact.
Report: Invoices show ballroom cost rose to $600 million, more than half from tax dollars
Latvia pilots citizen engagement in research grant evaluations
Latvia has introduced an element of citizen engagement to the evaluation of nationally funded research grants. The aim is to both create more connections between science and society, and to improve the quality of its evaluations. The move comes as research funders across Europe are experimenting with ways to improve evaluation processes in the face of a sharpened focus on science’s impact on society. Evaluators of grant applications submitted to Latvia’s Fundamental and Applied Research Programme (FLPP), the country’s main research funder, will this year have the option of consulting citizen feedback on challenges the public thinks science should focus on to inform their decisions. “In recent years, both public discussions and policy-level debates in Latvia have highlighted the importance of demonstrating how publicly funded research contributes to society, the economy and the resolution of real-world challenges,” said a source at the Latvian Council of Science (LCS), which manages the FLPP. “At the same time, research institutions themselves expressed interest in improving the project evaluation framework while continuing to ensure that funding is awarded to the highest-quality projects,” the source added. The citizen input comes from a survey that was conducted between 25 February and 16 March 2025, to which 1,737 people responded. It gathered information on what the public views as problem areas for Latvia, and the role of science and technology in providing solutions to these problems. A summary of these responses has been included as an annex to the FLPP 2026 call for proposals that evaluators can refer to, purely in an advisory manner, when judging proposals. Results from the survey show that the main problem areas identified by the public were in healthcare and public health, followed by the development of new treatment methods and medicines, and then digital technology, data security and cyber security. At the bottom of the list was research aimed at acquiring new knowledge about the universe, matter and the laws of nature. Further analysis looked at the public view of the possible role of science in solving these problems. The survey charted 4,167 individual responses based on open-ended questions that were derived from the participants’ answers. The analysis again found that medical and health sciences topped the scoring, with 788 responses referring to the field. Humanities and the arts were bottom of the list, with 625. Digging further into the details, the survey suggests citizens are aware of and concerned about a number of research areas. This includes technologies and innovation to improve the environment or reduce pollution, the development of modern military technologies and cybersecurity tools, and the development and application of artificial intelligence, among others. “We hope this initiative will help strengthen public trust in science and create a more meaningful dialogue between researchers and society,” the LCS source said, adding that it offers benefits to researchers, evaluators and to the general public. More space for citizen engagement in evaluationsThere is a gradual but increasing use of citizen engagement in research evaluation processes around Europe, especially in healthcare, but it remains relatively rare, said Henry Sauermann, a professor at the European School of Management and Technology in Berlin and an expert in citizen science.“Given that we are at a point where citizen involvement is extremely limited, there is presumably space for more, but it's not that we should do it just because we want to do it,” he told Science|Business. He said some research lends itself better to having citizen input, and this usually tends to be on the applied end of the science spectrum where the public can offer useful feedback based on their experiences. He added that advising scientists on certain topics to study is also a useful approach, in the way that Latvia is doing. “The public does fund a lot of science, there's a lot of tax money going into this. We of course do want to preserve academic freedom, but it's also not unreasonable to incorporate more feedback or input from citizens where possible,” he said. Related articlesCitizen science: where, when, and how to let the public contribute to researchHow can Europe cope with a flood of AI-assisted research grant proposals?Data Corner: Horizon Europe’s AI, digital and data call success rate is 5.2%There are several ways of involving citizens in science funding. The most minimal way is having a few representatives on a panel, such as members of a patient group or union. The most direct way is crowdsourcing funding for specific projects. There is an increasing number of online platforms that allow the public to chip in to support scientific proposals.Sauermann studied this in a recent paper and found that it can have its uses, but it still is not clear if there are benefits to it. There are various assumptions linked to citizen engagement, for example that it increases public trust in science, or that it provides a representative view of what the public thinks about science. These are not necessarily true, Sauermann found. People who participate in engagement activities tend to already be very trusting of science, and, on the whole, it is generally the well-off and well educated who contribute, giving a narrow view of public opinion. On whether citizen input can help manage the increasing number of proposals that are being submitted due to assistance from AI, Sauermann is more sceptical. “The obvious answer to the flood of AI-written proposals is AI-driven evaluation,” he said, adding that it doesn’t mean citizen engagement shouldn’t be a part of evaluations in a well thought-out manner. Southern Denmark’s successful approachOne successful example of citizen engagement in science evaluations was implemented in southern Denmark. Between 2019 and 2025, citizens in the region were invited to vote to fund one of five pre-selected projects in the field of healthcare. The project, called A Healthier Southern Denmark, was a collaboration between regional authorities, the University of Southern Denmark, and two media partners. Over the seven years, there were 75,000 votes and significant public engagement online and on social media. “It was a bit of a wild project, we’d never done something like that before and we were a bit nervous about what would be said in the media about it. But actually, people were very positive,” said Anne Kathrine Overgaard, one of the main organisers of the project from the University of Southern Denmark. The university and its researchers have learned a lot from the experience, particularly about engaging with society and shaping their research to match real-world needs. This is important with Europe’s increasing focus on competitiveness and bringing innovations to market faster, Overgaard said. She hopes to see more citizen engagement in evaluation processes and in science more broadly. “For many years, citizen engagement has been a bit of an add-on to proposals, just to check a box. But I think things are changing,” she said. It’s less about citizens just gathering data and more “about the dialogue between the public and the scientists,” she said. The initiative ended last year as the team wanted to regroup to find fresh momentum. The development of AI and AI-written proposals has made Overgaard reflect on how the project could be reworked to help evaluators. She hopes to bring it back in the future. “It could be a good idea to try this initiative again in a slightly re-worked format,” she said.
Seattle business group says JumpStart tax is pushing jobs, investment toward Bellevue
Seattle’s payroll tax was created nearly six years ago with a promise to tax the city’s highest-paid workers and use the money to help with economic recovery
California Business Groups Oppose Reckless Billionaires’ Tax
or Immediate Release Contact: John Myers john.myers@calchamber.com | press@calchamber.com (June 16, 2026) Sacramento, CA – The California Chamber of
She Was Trusted to File a Business Owner’s Taxes. The Case Ended With $47,484 in Restitution
A Wisconsin business owner thought a friend was handling personal and business taxes. The case ended in Manitowoc County court with theft and forgery convictions, ... Read More
Skill game ruling leaves Pennsylvania businesses facing possible taxes, new regulations
A Pennsylvania Supreme Court ruling that classifies skill games as gambling devices is raising concerns among small businesses that rely on the machines for extra revenue.
A graduated tax plan could undercut Colorado’s business competitiveness, analysis warns
A proposal to move Colorado to a graduated income tax — taxing individuals and businesses at different rates based on their earnings — could generate more than $2 billion in its first year, but it may also weaken the state’s business climate, according to a new analysis from the Common Sense Institute. Initiative No. 195, […]
Pritzker signs nearly $56B budget with new business taxes as he seeks 3rd term
Budget contains minimal spending increase despite being largest in state history.
Pritzker signs nearly $56B budget with new business taxes as he seeks 3rd term
Article Summary Gov. JB Pritzker signed the fiscal year 2027 budget, which totals $55.9 billion, making it the largest in
New York begins mailing STAR property tax credit checks to 3 million residents
Homeowners who are eligible and registered for the program will receive their check before the deadline for their school taxes.
KERRIGAN IN THE WASHINGTON TIMES: Virginia Should Not Tax Away its Data Center Advantage - Small Business & Entrepreneurship Council
“However it is framed, the practical effect would reach far beyond one industry. A tax on digital infrastructure is a tax on everyone, including working families, local governments and small businesses in every corner of Virginia.” In a June 15 Washington Times Op-ed, SBE Council President & CEO Karen Kerrigan documents the state of Virginia’s tech […]
Toward a uniform business tax system: Examining proposals to tax large pass-through entities as corporations
Miles Johnson, Thalia T. Spinrad, Kathleen Bryant, and Chye-Ching Huang analyze a proposal to tax large pass-through businesses as C corporations.
Taking on tax: Toward progressive revenue-raising business tax reform
Hamilton Project director Aviva Aron-Dine discusses three new Hamilton Project proposals that offer ideas to raise revenue from business tax reform.
Toward a uniform business tax system: Examining proposals to tax large pass-through entities as corporations
In a new paper for the Hamilton Project, we examine an approach that many policymakers have offered to reform pass-through taxation: requiring large or complex pass-through entities to pay federal income tax at the entity level, as corporations do.
Taking on tax: Toward progressive revenue-raising business tax reform
Hamilton Project director Aviva Aron-Dine discusses three new Hamilton Project proposals that offer ideas to raise revenue from business tax reform.
Toward a uniform business tax system: Examining proposals to tax large pass-through entities as corporations
Miles Johnson, Thalia T. Spinrad, Kathleen Bryant, and Chye-Ching Huang analyze a proposal to tax large pass-through businesses as C corporations.
Mobileye To Establish Vertically Integrated Robotaxi Business
New initiative extends Mobileye beyond self-driving-system supply and is additive to existing automaker and mobility-partner programs
Ohio bill would ban use of politicians’ names, images on publicly funded signage
COLUMBUS, Ohio (WCMH) – Two Ohio lawmakers are attempting to ban the use of taxpayer dollars for political branding on public signage, such as road signs. Reps. Mark Hiner (R-Howard) and Tex …
Lee, Niou face off ahead of Senate District 27 Democratic primary
Both Grace Lee and Yuh-Line Niou are progressives who favor taxing the rich, but oppose the city's plan for the district’s planned jail site as a replacement for Rikers Island.
Lee, Niou face off ahead of Senate District 27 Democratic primary
Both Grace Lee and Yuh-Line Niou are progressives who favor taxing the rich, but oppose the city's plan for the district’s planned jail site as a replacement for Rikers Island.
Golf entertainment center coming to Huntley, thanks to park district tax referendum
A voter-backed bond sale is helping to pay for
Metro finance director touts Nashville's financial health
Tax collections were mostly flat, but Metro's finance chief says the city is in good financial health.
Laguna Beach Looking at Business and Hotel Tax Increases
City officials are looking at avenues for increased taxes in Laguna Beach, specifically geared toward day trippers’ pockets.
Smart Clerk Celebrates Milestone as More Than 6,000 Small Business Owners Adopt Its AI Bookkeeping Platform
Dover, DE, June 15, 2026 (GLOBE NEWSWIRE) -- Smart Clerk, an AI-powered bookkeeping platform for small business owners, today announced a milest...
Trump threatens 100% tariff on French wines over digital services tax before G7 summit
President Donald Trump warns France of 100% tariffs on wine and champagne if Macron does not drop the 3% digital services tax on American technology companies.
Mayor’s Office Still Working on Criteria for Nashville Legacy Business Grants
Mayor Freddie O'Connell's office continues to develop a legacy business fund to offset rising property tax payments for small businesses in Nashville.
Formation structure in venture-backed companies: Why getting it right early matters
Choosing the right entity early can ease fundraising, reduce tax risks and help startups avoid costly restructuring later.
Why Squeezing Big Business Harder Won’t Close the UK Tax Gap
The UK’s tax authority should use artificial intelligence to monitor small and medium-sized businesses the way it does large corporations to help close the nation’s tax gap, Ryan’s Jenny Batchelor says.
Running a small business has become almost impossible
Letter: Rosie Wolfenden says that under the current tax system, and with rising costs, traditional business models are no longer viable
Trump litigation has helped lift AG Campbell's political star
Attorney General Andrea Campbell has sued the federal government more than 50 times since President Trump took office, using millions of dollars in extra taxpayer funding to help form the state-level bulwark that, more often than not, has won in court.
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
The Obama Foundation has yet to build a $470 million reserve fund meant to protect taxpayers, raising concerns as contractor payment disputes mount.
Pipeline tax debacle threatening to Ohio's pro-business reputation
Ohio has worked hard to build a reputation as a pro-growth state. That progress is being jeopardized.
Why The Beatles' Final Performance Was Shut Down by Police
And so the lore of the Fab Four's last-ever show lives on.
Flying taxis are racing to carry passengers: I've seen all 3 rivals.
US aerospace startups Joby, Archer, and Beta are in a high-stakes race to bring the "Jetsons'" dream of flying cars to life. Here's how they compare.
Private health insurance rates may rise in California as lawmakers move forward with tax proposal
Private health insurance rates in California may rise next year as state lawmakers and the governor move forward with a plan to increase what's known as the state's managed care organization tax.
Activists want vote to lock taxes for housing
Ballot measure would counter mayor, supervisor's plan.
Could a business court help Wyoming be the new Delaware?
Companies have long registered in Delaware because of its favorable business environment. But Wyoming’s low tax rates, cryptocurrency industry and chancery court could be making them change course.
Massachusetts Ties Business Tax Breaks to Ballot Initiative
Massachusetts Gov. Maura Healey (D) signed a budget bill Friday that ties five business deductions to maintaining the state’s 5% personal income tax rate, putting fresh pressure on a proposed ballot measure that could lower the rate to 4%.
Moody leaders pass 10-percent lodging, entertainment taxes
The Moody City Council on Monday (June 8) passed a tax hike for lodging and entertainment.
Does Jeff Bezos benefit from a NH Business Enterprise Tax cut? - THE JOSIAH BARTLETT CENTER FOR PUBLIC POLICY
New Hampshire’s unique state tax structure is hard to understand, especially for people who don’t own a business. More than a third (36%) of the state General Fund and Education Trust Fund revenue comes from business taxes. The vast majority of that comes from the Business Profits Tax (BPT), but the lesser-known Business Enterprise Tax […]
New Jersey ranks last in regional business climate report for 8th straight year, while Pennsylvania scores best
The analysis looked at six factors, including a range of taxes and the minimum wage in seven northeastern and mid-Atlantic states.
Opinion | Newsom’s California Health Tax Gambit
His scheme could raise insurance premiums by $400 a year.
The Politics Hour: The final countdown to the D.C. primary and Virginia lawmakers stall over the budget
WAMU's Alex Koma and Washington Informer's Sam P.K. Collins get us ready for the D.C. primaries. Plus, Virginia Delegate Vivian Watts weighs in the data center tax breaks stalling budget negotiations.
From funding to government contracts: Hilton Head free business seminar series launches June 16
Money Talks is a free six-part business seminar series for entrepreneurs, June 16–Aug. 25 on Hilton Head Island. Sessions cover financing, legal, taxes, fraud.
American taxpayers have spent $33 billion on sports stadiums. They got fewer seats—and higher prices
"No one has ever built a new stadium and made tickets cheaper. No one’s trying to.”
Chicago gets one more shot at fixing the parking-meter mess
Chicago aldermen are weighing whether a proposed parking-meter lease transfer offers a rare chance to improve the city's infamous deal — or exposes taxpayers to new risks.
Democrats try to repeal tax credit from 'Big Beautiful Bill'
Milwaukee Congresswoman Gwen Moore called it a “national voucher scheme.”
'Flip flop': Democrat firefighter in tight House race blasts popular Trump policy his national union supports
Democrat Bob Brooks criticized Trump's overtime tax break on a podcast despite his national firefighters union's support, prompting GOP flip flop accusations.
Who Should the Orioles Target in the 2026 MLB Draft?
The air is getting cleaner, birds are chirping, and the sun is shining brightly. We’re officially nearing the middle of the baseball season as the summer months come in. The Baltimore Orioles are back to their winning ways and are closing in on .500 with a record of 31-36. But before we talk about the […] The post Who Should the Orioles Target in the 2026 MLB Draft? appeared first on The Lead.
Inside America’s Ugly Birthday Battle
Trump advisers broke an agreement to fund the bipartisan semiquincentennial celebrations, saying they will not “light taxpayer money on fire.”
New Jersey Citizen Action’s Political Action Committee Endorses Candidates for 2026 General Elections
New Jersey Citizen Action’s Political Action Committee (NJCA-PAC) has endorsed US Senator Cory Booker, and Democratic Congressional candidates Zack Mullock (CD2), Rebecca Bennett (CD7), and Dr. Adam Hamawy (CD12) for the General Elections in November. In a press statement today, New Jersey Citizen Action Executive Director Dena Mottola Jaborska said: “At a time when Washington is prioritizing tax breaks for billionaires while working families struggle to afford healthcare, housing, and everyday necessities, we need lawmakers who will fight for[...]
Social Security is Facing a Political Crisis
On Tuesday the Social Security Trustees released their latest report on the system’s finances. The numbers didn’t change much: Unless something is done, the Old Age Survivors and Disability Insurance (OASDI) program, Social Security’s official name, will be unable to pay full benefits starting in either 2032 or 2034, depending on some technical issues. That’s not far away: If the Trustees are right, the prospect of a Social Security crisis will loom over the next presidential administration. It’s important to understand, however, the nature of the looming crisis. It won’t be an economic crisis. It won’t even be a serious fiscal crisis. Whatever you may have heard, Social Security isn’t in danger of going bankrupt. What we’re facing, instead, is potential political crisis. Congress and the White House could easily take action to sustain America’s retirement system. But given the current state of our politics, there’s no guarantee that they will. There is a widespread misunderstanding of how Social Security works. While Social Security was designed to look like a pension fund, it isn’t. A pension fund pays benefits out of a stock of assets it has accumulated over time. In contrast, Social Security operates as a government transfer program, like food stamps or Medicaid. Now, unlike food stamps — but like the highway trust fund — Social Security is on paper supported by a dedicated tax, the payroll tax, that is assigned to that program. But I say “on paper” because from an economic point of view assigning the payroll tax to Social Security is just an accounting convention. What matters for the U.S. economy is the overall balance between government spending and government revenue, not the difference between one type of spending and one source of revenue. So there’s no inherent economic significance to the fact that by 2034 payroll tax receipts will be insufficient to cover promised benefits. There is, however, a legislative issue. As long as the Social Security Administration can pay benefits out of payroll taxes and its cash reserve, there’s no need for Congress to vote each year to authorize benefits — they just keep going out until further notice. However, once those resources become insufficient, benefits will fall —by 17 percent according to the Trustees — unless Congress passes new legislation that “tops up” Social Security’s finances. Yet the current administration and Republican party are such extremists that there is a real risk that Social Security will be held hostage on behalf of their goals. If this should come to pass, the hostage-takers will claim that shoring up Social Security is unaffordable. Right on cue, Mike Johnson, the Trump-sycophant Speaker of the House, declared on Monday that “entitlement programs” like Social Security “have to be adjusted and fixed,” and that Republicans will introduce a plan to that effect next year. But this is a ploy, because while the cost of maintaining Social Security benefits at their promised level isn’t trivial, it is in fact affordable. According to the Trustees’ report, the actuarial balance of OASDI up through 2050 — the amount of additional funds it would need to keep paying full benefits for the next 25 years — is 1.06 percent of GDP. To put that number in perspective, the Trump administration proposes increasing military spending next year by $420 billion, equivalent to about 1.4 percent of GDP – without any discussion of whether that’s affordable Yet how did we get to the point where Social Security will need to be topped up? The main answer is that we have an aging population, with a growing ratio of retirees collecting benefits to workers paying into the system: Trump’s anti-immigration policies are making this problem worse. According to the Trustees’ report, lower immigration will deepen Social Security’s financial hole because many immigrants are working-age adults who will pay into the system for decades before they collect benefits. In fact, this problem may be much bigger than the report acknowledges: The report’s baseline assumption is that we’ll have net immigration of almost 1.2 million people a year, and even the pessimistic case assumes 750,000 a year. Meanwhile actual net immigration has already been cut far below that — and may now be negative. Moreover, Social Security is being financially damaged by growing income inequality in America. Payroll taxes are levied only on wages up to $184,500, and they don’t touch capital income. With the distribution of income increasingly shifting from labor to capital, as well as becoming more unequal among wage-earners, revenue from the Social Security payroll tax has been falling as a share of national income. From 1990 to 2024, it fell from 5.02 percent of gross domestic income to 4.46 percent. Which brings me to the question that, these days, we ask about everything: How might Social Security be affected by the advent of AI? A short answer: If, as many of us fear, AI accelerates rising income inequality, it will further reduce the payroll tax receipts that currently pay for Social Security and further endanger its finances. On the other hand, if AI, as its advocates promise, leads to faster economic growth, it will increase the potential tax base that could and should be used to support Social Security and other social insurance programs. But to take advantage of that larger base, we’ll have to get serious about taxing wealth and capital income. Is Social Security in trouble? Yes, but only because of the way its financing is currently structured — a structure that no longer works well because our society and economy have become so unequal. Moreover, Trump’s immigration policies are further endangering its already deteriorating financial condition. So don’t believe Republicans’ gaslighting that it will be necessary to cut Social Security benefits. All that is necessary to preserve Social Security is political will to raise taxes on the wealthy and a sensible immigration policy. MUSICAL CODA Actually 67 under current law.
Final Reminder: June 15 Deadline for Required CRIZ Business Reporting
The City of Reading is issuing a final reminder to businesses located within the City Revitalization and Improvement Zone that the deadline to submit their required annual state and local tax report is June 15, 2026.
New Jersey business climate still worst in region, according to NJBIA analysis
NJBIA’s 2026 Regional Business Climate Analysis shows N.J. continues to rank last in the region in cost competitiveness and business taxes.
Las Vegas teen turns hobby into taxidermy business
A Las Vegas teenager is turning a passion into a taxidermy business.
Virginia's business reputation at the center of state budget impasse
Lawmakers are split on whether to end a tax exemption for data centers early.