The Bureau of Labor Statistics announced that payroll employment in the United States in August had increased by 189,000. It was a typical number for the last couple of years. The average so far this year has been 178,000. The average last year was 187,000. August was a normal month.
It's August, the start of the fall semester, and a good time to figure out what's going on in the economy. There are some new limits on what can happen, because we're close to full employment.
The most wonderful time of the year has come and gone for those who follow the Indiana state budget. On July 19, the State Budget Agency presented its accounting of what happened to revenues, spending and balances in fiscal 2017. The state ran an annual surplus of $42 million, and ended with balances of $1.78 billion, down from $2.24 billion in 2016.
Think of the changes in the Indiana property tax system between 1998 and 2010. The Indiana Supreme Court threw out the assessment system in December 1998. We started using market values for the reassessment in 2003. In 2002, we changed the formula for calculating the maximum property tax levy, and created a huge deduction for homesteads. In 2004, we amended the Indiana Constitution to allow those big homestead deductions. In 2008, we increased them even more.
I saw a new orange sign on my way to the office this morning. It said "Road Work Ahead." I thought, You got that right.
This post is a part of our Local Government book club series. Join us in reading A Good Tax: Legal and Policy Issues for the Property Tax in the United States by Joan Youngman. This week's post focuses on the fourth chapter of the book.
This post is a part of our Local Government book club series. Join us in reading A Good Tax: Legal and Policy Issues for the Property Tax in the United States by Joan Youngman. This week's post focuses on the third chapter of the book.