While an increased tax means more state revenue, a disincentive for kids to smoke and a win for public health, the measure could also allow premium tobacco companies to gain market share.
Biden’s Go-Big Stimulus Plans Set Up Fresh Fight in Senate Bloomberg 1/11/2021 Erik Wasson, Laura Davison and Nancy Cook
(Bloomberg) President-elect Joe Biden’s plan to pass a multitrillion-dollar economic stimulus package early in his administration faces challenges in a closely divided U.S. Senate, with a potential impeachment trial for Donald Trump that could add to delays.
Biden is set to release his proposals the price tag for which has yet to be unveiled on Thursday. The package will feature a range of support for state and local authorities long blocked by Republicans, a bump in direct payments to $2,000 and expanded unemployment benefits, along with funding for vaccine distribution, school re-opening, tax credits, rental relief and aid to small businesses.
Prospects Brighten for State and Local Aid from Washington With Democrats in control of the Senate and the rest of Washington, further stimulus is a near-certainty. State and local aid, which has been held up by the GOP, will be part of the mix. Alan Greenblatt, Senior Staff Writer | January 11, 2021 | Analysis
Washington is suddenly looking more generous. Last Tuesday’s elections in Georgia gave Democrats control of the Senate. That means, among other things, there s new hope that Congress will provide additional aid to states and localities.
“There will be another bill,” says Patrick Murphy, vice president of public finance at Arnold Ventures, a philanthropic foundation. “I don’t question that now.”
Democrats Get Clout Needed for Risky Bid to End Trump’s SALT Cap Bloomberg 1/8/2021 Laura Davison and Kaustuv Basu
(Bloomberg) Democrats will soon have the balance of power required to repeal President Donald Trump’s limitation on a prized tax deduction, but doing so will likely require a tricky procedural process and a politically fraught vote.
There are few issues that have riled certain segments of the Democratic Party more than Trump’s cap on write-offs of state and local tax, or SALT. Repealing it, however, would require Democrats to vote for something widely seen as a tax cut for the rich at the same time the party is proposing tax increases to make the Internal Revenue Service code more progressive.