Sunday, September 19, 2021

Play

Hundreds of wealthy Americans back the Biden Build Back Better Act; Roger Stone is served with a warrant on live radio; and family caregivers are in need of assistance.

Play

Virginia gubernatorial candidates debate; former federal prosecutor Michael Sussmann indicted for lying to FBI; lawmakers set to question oil industry over climate disinformation; and FDA scientists express skepticism over booster shots.

Play

Lawsuits stall debt relief for America's Black farmers; Idaho hospitals using "critical care" protocols; grant money boosts rural towns in Utah and more conservation acreage could protect the iconic sage grouse.

Redirecting Tax Expenditures Could Help CO Achieve Equity Goals

Play

Monday, March 22, 2021   

DENVER -- The Colorado state auditor's office has released a series of reports on tax expenditures, including deductions, exemptions, credits and other ways the state spends money through the tax code, and advocates for working families are urging lawmakers to boost programs that deliver on their promises.

Caroline Nutter, tax-policy analyst for the Colorado Fiscal Institute, said eliminating expenditures identified as ineffective or wasteful can free up resources for programs that can help the state achieve important equity goals.

"Because Black and Latino Coloradans disproportionately make up our low-wage working population, reforming the tax code like this can actually make our state more racially equitable," Nutter contended.

The auditor's office found many tax expenditures that are not creating jobs or growing the economy, and don't benefit most taxpayers.

Nutter pointed to the Vendor Fee as one example. Designed to compensate businesses for the costs of collecting sales taxes, the auditor's office found the program mainly benefits big-box stores, not the small businesses that need assistance.

Nutter acknowledged some tax expenditures do work to benefit the economy, lift people out of poverty and make Colorado a more equitable place to live.

She cited tax credits that benefit working families, including the Earned Income Tax Credit and the Child Care Tax Credit, as good examples of programs that achieve what they set out to do.

"Kids whose parents claim these tax credits do better in school," Nutter observed. "And even earn more money later in life by increasing their likelihood of attending college and making college more affordable."

Nutter added research by national policy experts showed the credits have helped lift millions of families across the country, and tens of thousands of Coloradans, out of poverty every year.

Studies also found the credits can improve the health of pregnant women and their babies.

Disclosure: Colorado Fiscal Institute contributes to our fund for reporting on Budget Policy and Priorities, Census, Education, and Livable Wages/Working Families. If you would like to help support news in the public interest, click here.


get more stories like this via email
According to the most recent Census of Agriculture, cover-crop acres in the United States have increased to 10 million. (Adobe Stock)

Environment

EAST TROY, Wis. - Wisconsin farmers are looking ahead to the fall harvest, and those who use cover crops face a deadline to sign up for a research …


Social Issues

TALLAHASSEE, Fla. - State Rep. Randy Fine, R-Palm Bay, is lashing out against the idea of Critical Race Theory, filing a bill to ban its use in all …

Social Issues

By Sonali Kolhatkar for Yes! Media. Broadcast version by Lily Bohlke for Commonwealth News Service reporting for the YES! Media-Public News Service …


According to a letter from academics and scientists urging global climate action, air pollution caused by climate change was responsible for one in five deaths worldwide in 2018. (Craig/Adobe Stock)

Environment

MANCHESTER, N.H. - Three New Hampshire professors are among those who've signed a letter urging the United Nations General Assembly to adopt what's …

Social Issues

JEFFERSON CITY, Mo. - One out of every three people incarcerated in the United States has contracted COVID-19, and a new report shows how state …

Oregon's Hispanic population grew 30% from 2010 to 2020. (Gstudio/Adobe Stock)

Social Issues

PORTLAND, Ore. -- Hispanic Heritage Month began this week, and will be celebrated through Oct. 15. Oregon has a rapidly growing Hispanic population…

Social Issues

SILVER SPRING, Md. -- As the Biden administration challenges a Texas law restricting abortion after six weeks of pregnancy, Planned Parenthood for …

Social Issues

CHEYENNE, Wyo. -- Social Security, the program credited with lifting 15 million older residents in Wyoming and across the U.S. out of poverty…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member and audience-supported news source since 1996 Copyright 2021