Tax reform?s harmful impact on city finances
Experts see revenue shortfalls hitting local government The Republican party?s big push for tax reform is almost at the finish line after Senate passage of a bill late Friday night. It?s far from over, since the House and Senate need to reconcile differences in their bills via the conference process. But many experts Curbed spoke with agree that the final result will likely throw a wrench in local and municipal budgets, which are already showing signs of slowing.
?There are storm clouds on the horizon when it comes to city finances,? says Elizabeth Keller, director of public policy at the International City/County Management Association.
Now is not the time to hit cities with more budget challenges. According to a recent National League of Cities survey, city leader forecast a decline in sales and income tax revenue this year, declining confidence, and lower property tax revenue. ?Cities were just able to hire again and offer moderate salary increases after the recession, and now, at a minimum, with the uncertainties about how tax reform is going to affect local finances, you?re going to see further tightening,? says Keller. ?It?s definitely not a good thing for state and local governments.?
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Infrastructure investment will become more expensive
While it was a big focus on the campaign trail, infrastructure funding has become less of a political priority this year, at least compared the health care and tax reform. According to Kelle...
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