New Report Highlights Need for Public Investments to Strengthen State Economies
April 29th, 2016
A new report from the Center on Budget and Policy Priorities lays out actions states can take to strengthen their economy and promote opportunity. The report highlights five agenda items states can implement to best protect and grow public investments in key areas like education, work supports, and infrastructure. The agenda provides an alternative to the quick-fix actions some states are turning to, like large tax cuts, with little success. The actions include:
- Targeting public investments to boost the economy, now and in the future;
- Helping struggling families meet basic needs and participate more fully in the economy, by reducing poverty, hardship, and income inequality;
- Avoiding ineffective strategies and gimmicks like costly tax cuts and arbitrary spending limits, which can weaken a state’s economy;
- Improving fiscal planning to protect services and public investments that promote long-term economic growth; and,
- Raising revenues when necessary to make critical public investments.
Recently, the Mississippi legislature passed a $415 million tax cut that will take us in the wrong direction for strengthening our economy and promoting opportunity. You cannot separate tax reform actions from the vital services tax collections support. If signed into law, the tax cuts will not take effect until 2018. Now is the time to take a deeper look at our tax and budget system as a whole, including, not only who’s not paying their fair share and who’s unfairly burdened, but also why public investments are so vital to making sure both businesses and working families in Mississippi can prosper.
Throughout the next few months, Hope Policy Institute will be covering each of these topics in more depth. Follow us on Facebook, Twitter and sign up for our newsletter to stay up to date on latest tax and budget issues in Mississippi.