As the White House and House and Senate leaders continue trying to decide how to distribute more deficit spending on items tagged “coronavirus,” Democrats have come under fire for pushing a $137 billion tax break for the wealthy. The proposal, which was also part of a 1,800-page bill the Democrat-led House passed in May, would remove the current $10,000 limit on state and local tax deductions from federal taxes through 2021.
The richest Americans use this tax break, which effectively subsidizes high-tax states by lowering their fiscal burdens to high-income taxpayers. The Tax Policy Center, an affiliate of the Brookings Institution, estimated the proposal would give an average tax cut of $33,000 to the top 1 percent of income earners. Over half of the benefits of the proposal would go to that top 1 percent.
Costs continue to grow for local, state and federal taxpayers in the K-12 space, as well:
Let’s compare: Middleton and Madison Property taxes:
Madison property taxes are 22% more than Middleton’s for a comparable home, based on this comparison of 2017 sales.
Fall 2020 Administration Referendum slides.
(Note: “Madison spends just 1% of its budget on maintenance while Milwaukee, with far more students, spends 2%” – Madison’s CFO at a fall 2019 referendum presentation.)
MMSD Budget Facts: from 2014-15 to 2020-21 [July, 2020]
Property taxes up 37% from 2012 – 2021.
MMSD Budget Facts: from 2014-15 to 2020-21
1. 4K-12 enrollment: -1.6% (decrease) from 2014-15 to projected 2020-21
2. Total district staffing FTE: -2.9% (decrease) from 2014-15 to proposed 2020-21
3. Total expenditures (excluding construction fund): +15.9% +17.0% (increase) from 2014-15 to proposed 2020-21
4. Total expenditures per pupil: +17.8% +19.0%(increase) from 2014-15 to proposed 2020-21
5. CPI change: +10.0% (increase) from January 2014 to January 202
6. Bond rating (Moody’s): two downgrades (from Aaa to Aa2) from 2014 to 2020
1. DPI WISEdash for 2014-15 enrollment; district budget book for projected 2020-21 enrollment
2. & 3.: District budget books
– via a kind reader (July 9, 2020 update).
2017: West High Reading Interventionist Teacher’s Remarks to the School Board on Madison’s Disastrous Reading Results
Madison’s taxpayer supported K-12 school district, despite spending far more than most, has long tolerated disastrous reading results.
My Question to Wisconsin Governor Tony Evers on Teacher Mulligans and our Disastrous Reading Results
“An emphasis on adult employment”
Wisconsin Public Policy Forum Madison School District Report[PDF]
Booked, but can’t read (Madison): functional literacy, National citizenship and the new face of Dred Scott in the age of mass incarceration