About 60% of adults and 66% of public-school parents in a new poll said they favored vouchers that parents could use for their children's education at any public, private, or parochial school. Republicans (67%) were more likely than independents (56%) and far more likely than Democrats (46%) to hold that view. Across racial and ethnic groups, 73% of African Americans, 69% of Latinos, 56% of Asians and 51% of whites supported vouchers.
Corporate income taxes are one of the smallest sources of state and local tax revenue. On average, only 3.7 percent of state and local tax revenues came from corporate income taxes in fiscal year 2014 (the most recent data available).
Some, however, mistake the corporate income tax as the entirety of a business’s tax burden. In reality, businesses pay many types of taxes (such as sales tax, property tax, excise taxes, and more) and the corporate income tax makes up only 9.5 percent of total business taxes.
The share of revenue from corporate income taxes will decline as more businesses organize as pass-throughs (S-corps, partnerships, sole proprietorships, etc.), which “pass their income through” to their individual tax returns and therefore are liable under the individual income tax code.
Social Security and Medicare, the two most established and popular parts of the American welfare state, are increasingly stacked in favor of the already well-off, according to NBER paper from some of America’s leading economists. That’s because the rich have experienced large life expectancy gains over the last few decades, meaning they are eligible for the programs for a longer and longer period of time.
On Tuesday, Mr. Ballmer plans to make public a database and a report that he and a small army of economists, professors and other professionals have been assembling as part of a stealth start-up over the last three years called USAFacts. The database is perhaps the first nonpartisan effort to create a fully integrated look at revenue and spending across federal, state and local governments.
In another ruling allowing pension cuts, an appeals court last week overturned a state labor board ruling that a voter-approved San Diego pension reform was invalid because the city declined to bargain the issue with labor unions.