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Tag: Tax Refund

States tap historic surpluses for tax cuts and rebates to offset inflation hit on residents
Business

States tap historic surpluses for tax cuts and rebates to offset inflation hit on residents

Stoked by the largest surplus in state history, Missouri's Republican-led Legislature devised a $500 million plan to send one-time tax refunds to millions of households. In a shock to some, GOP Governor Mike Parson vetoed it. Parson's objection: He wanted a bigger, longer-lasting tax cut. "Now is the time for the largest income tax cut in our state's history," Parson declared as he called lawmakers back for a September special session to consider a $700 million permanent tax reduction. Upon the plan's likely approval, Missouri will join at least 31 states that already have enacted some type of tax cut or rebate this year — an astounding outpouring of billions of tax dollars back to the people. Idaho lawmakers are convening Thursday to conside...
Parliamentarian weakens Democrats’ drug plan in Inflation Reduction Act, as Senate prepares to vote
Business

Parliamentarian weakens Democrats’ drug plan in Inflation Reduction Act, as Senate prepares to vote

The Senate parliamentarian on Saturday dealt a blow to Democrats' plan for curbing drug prices but left the rest of their sprawling economic bill largely intact as party leaders prepared for the first votes on a package containing many of President Joe Biden's top domestic goals.Elizabeth MacDonough, the chamber's nonpartisan rules arbiter, said lawmakers must remove language imposing hefty penalties on drugmakers that boost their prices beyond inflation in the private insurance market. Those were the bill's chief pricing protections for the roughly 180 million people whose health coverage comes from private insurance, either through work or bought on their own. Other major provisions were left intact, including giving Medicare the power to negotiate what it pays for pharmaceuti...