Category: Government Finance
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Corporate Tax Already Exploding in Virginia
by Steve Haner First published this morning in The Roanoke Times. With Virginia’s fiscal year now three-quarters complete, and basically one year since the depths of the COVID-19 recession, state tax revenues are soaring. Despite reports that the boom results from the economic rebound, it remains clear that changes in tax policy under Governor Ralph…
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Will Virginia COVID “Rescue” Be Big and Bold or Come in Dribs and Drabs?
by James A. Bacon About two weeks ago, Secretary of Finance Aubrey Layne floated a trial balloon on Bacon’s Rebellion, suggesting that Virginia do something “transformational” with the $6.8 billion the federal government is showering upon Virginia in the latest COVID-relief package, the American Rescue Plan. Transformational? Like what? Like patching up Virginia’s under-funded unemployment…
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May Day Brings Virginia’s Labor Revolution
by Steve Haner Four major changes in Virginia’s labor laws delayed at the beginning of the COVID-19 recession will all take effect May 1. All were approved by the 2020 General Assembly once Democrats controlled both legislative chambers and then delayed at the 2020 Veto Session. May Day 2021 is almost here. Minimum Wage. The…
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Virginia Will Mandate and Hold Retirement Savings
by Steve Haner Next week’s reconvened General Assembly session will decide whether only full time employees of Virginia’s small businesses will be pushed into a new state-sponsored retirement savings plan, or part-time workers will join them there.
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Unthinkable–a Tax Decrease!
By Dick Hall-Sizemore According to a report in the Virginian –Pilot, the city manager of Virginia Beach will be recommending that city council reduce the city’s real estate tax rate. He is also recommending that the city delay a previously approved storm-water fee increase. Last year, the city cut $67 million out of its operating…
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The Business and Politics of Senior Care in Virginia
by James C. Sherlock We write here often about senior care, the companies that provide it and the politics around that business. It is useful to understand the continuum of care to make sure we also understand the different financial situations which companies in different parts of that industry find themselves and the way they…
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Do Something “Transformational” with $6.8 Billion in COVID Relief
by James A. Bacon The $1.9 trillion COVID-relief bill just passed by Congress will shower billions of dollars upon Virginia citizens, businesses and government. State Secretary of Finance Aubrey Layne expects Virginia state government to receive about $3.8 billion and local governments to get about $3 billion, for a total of $6.8 billion. The crazy…
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Virginians’ Money and Our Tax-Exempt “Public Charity” Healthcare Monopolies
by James C. Sherlock A generally accepted rule of thumb for the minimum profitability required for a hospital to maintain operations and fund its future is 3%. Virginia’s community hospitals as a group in 2019 had an operating margin of 10%. Most of them are filed with federal and state governments as not-for-profit public charities…
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We Pay For All the COVID Funerals, Too?
by Steve Haner Per the Centers for Disease Control’s tracking, more than 4 million death certificates have been recorded in the U.S. during the COVID-19 pandemic. Only 520,000 of them (those recorded so far) listed COVID as primary or contributing cause of death. The survivors of those individuals are eligible for 100% compensation for funeral…
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Podcast: How the General Assembly Has Changed
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in Agriculture & forestry, Blogs and Blog Administration, Business and Economy, Civil Rights, Individual Liberties, Consumer Protection, Courts and law, Demographics, Economic development, Energy, Entrepreneurs and Innovation, Environment, General Assembly, Government Finance, Health Care, Housing, Immigration, Infrastructure, Labor and Workforce, Land use & Development, Politics, Poverty & income gap, Property rights, Public safety & health, Race and Race RelationsBy Peter Galuszka I haven’t contributed much to BR lately since I am slammed with non-Virginia work. I did manage to help out on a Podcast about how the General Assembly has changed the state over the last two years as Democrats have gained power. This Podcast is produced by WTJU, the University of Virginia…
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Analysis of State Use of Federal COVID Funds
By Dick Hall-Sizemore (Note: All of the data presented in this post is based on the author’s analysis of raw expenditure data from the state’s accounting system (CARDINAL) for FY 2020 and FY 2021 through 2/22/2021.) As of February 22, state agencies had spent or disbursed $11.9 billion in federal COVID funds. Two major categories…
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You Thought Payday Lenders Were Bad? Welcome to Internet Lending.
by James A. Bacon A new law that went into effect this year is designed to protect Virginians against “predatory” short-term loans by limiting what lenders can charge. And in honor of National Consumer Protection Week, Attorney General Mark R. Herring is encouraging Virginians to familiarize themselves with the risks associated with smaller-dollar loans. I’m…
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Virginia’s Progressive Assembly Turns to Taxes
by Steve Haner First published this morning by the Thomas Jefferson Institute for Public Policy. The COVID-19 recession barely dented Virginia’s state budget. The massive spending growth adopted in the pre-COVID budget a year ago is largely back on track. Yet some legislators think the time is ripe to hunt for more revenue by re-writing…
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Equity in Virginia School Funding
by Matt Hurt Virginia Public School Region VII has demonstrated that large per-student budgets are not a prerequisite to ensure success on Virginia’s Standards of Learning assessments. High pass rates indicate that the schools and divisions in the Southwest are meeting the needs of their students for basic skill attainment. However, to achieve Virginia’s 5…
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Help for Small Businesses–One State Use of CARES Funding
By Dick Hall-Sizemore I owe the Dept. of Small Business and Supply Diversity (DSBSD) an apology. In an earlier post, I questioned whether the agency would be able to quickly distribute $120 million in grant funds. It turns out that its first checks went out in mid-August and it had to stop accepting applications on…