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Yahoo
11-04-2025
- Business
- Yahoo
Idaho GOP leaders announce new DOGE Task Force
From left to right, House Majority Caucus Chairman Jaron Crane, R-Nampa; House Speaker Mike Moyle, R-Star; House Majority Leader Jason Monks, R-Meridian; and House Assistant Majority Leader Josh Tanner, R-Eagle, host a press conference on Jan. 6, 2025, at the Statehouse in Boise. (Pat Sutphin for the Idaho Capital Sun) Republican Idaho legislative leaders announced Thursday they formed the Idaho Department of Government Efficiency, or DOGE Task Force. The Idaho DOGE Task Force is inspired by House Bill 364, an unsuccessful bill from the just-finished 2025 Idaho legislative session and the federal task force in President Donald Trump's administration that is headed up by billionaire Elon Musk. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX House Bill 364 sought to create the Department of Government Efficiency Legislative Task Force in Idaho, but it never made it to the floor of the Idaho Senate for a vote and died when the 2025 legislative session adjourned April 4. Even though legislators couldn't reach an agreement on the task force during the session, Rep. Jaron Crane, R-Nampa, issued a press release Thursday saying that Idaho House and Senate Republican leaders jointly announced the formation of the Idaho DOGE Task Force as part of a unified front. Crane serves as the House majority caucus chairman as part of the Republican leadership team. CONTACT US 'We have talked a lot about eliminating redundancy, cutting back on red tape, and the responsibility we have to prevent waste,' Crane said in a written statement Thursday. 'Since 1974, there has been no reconstruction on Idaho's government at all, that was under Gov. Cecil Andrus. That was the last time we looked at reorganizing the government and making it more efficient.' According to Thursday's announcement, the Idaho DOGE Task Force will have three areas of focus. Government agency consolidation: Idaho Republican leaders said they will evaluate and implement strategies to merge redundant agencies and optimize services. Government employee travel: Republicans said they will review and reduce unnecessary state-funded travel in order to cut costs. Eliminating unnecessary state government employee positions: Idaho Republicans said they are assessing and restructuring government roles to ensure taxpayer dollars are spent efficiently. 'Idaho's Legislative DOGE Committee is a significant move towards streamlining government operations and enhancing State efficiency,' House Speaker Mike Moyle, R-Star, said in a written statement provided by Crane. Crane told the Sun the new DOGE Task Force will have public meetings, like a legislative interim committee or joint committee. A date and location for the first meeting had yet to be announced Thursday. Crane said the next step is to populate the committee with members. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
21-02-2025
- Business
- Yahoo
Revised property tax cut bill introduced in Idaho Legislature
Idaho House Majority Leader Jason Monks, R-Meridian, (center) answers a question from a reporter at a press conference on Jan. 6, 2025, at the Statehouse in Boise. Also pictured are House Speaker Mike Moyle, R-Star, (left) and House Assistant Majority Leader Josh Tanner, R-Eagle. (Pat Sutphin for the Idaho Capital Sun) A revised property tax reduction bill surfaced Friday in the Idaho Legislature. The new bill, House Bill 304, is a revised version of House Bill 74, a property tax bill that the Idaho Legislature introduced on Jan. 28. Both bills would spend $50 million for a fund to build or renovate public school district facilities and another $50 million for the state's homeowners property tax relief fund. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX The main difference between the two bills is that under the first bill the $50 million for the homeowners property tax relief fund was a one-time transfer. Under the new bill, the funding for school district facilities and the homeowners property tax relief fund would be ongoing every year. On Friday, the Idaho Legislature's House Revenue and Taxation Committee voted to hold the old House Bill 74 in committee and then recommended sending the new House Bill 304 straight to the floor of the Idaho House of Representatives. House Majority Leader Jason Monks, R- Meridian, co-sponsored and presented the new bill Friday. 'I believe property taxes is one of those important issues that our constituents have demanded that we address, and I think this is a fair way of addressing it,' Monks said. To provide money for school facilities and the homeowners property tax relief fund, the bill shifts money generated from the sales tax, which otherwise would have gone to the state's general fund. The bill reduces the general fund by $100 million every year, money that otherwise would be available to fund government programs such as public schools, Idaho Department of Health and Welfare services, state parks or fighting wildfires on state lands. CONTACT US Rep. Steve Berch, D-Boise, voted to introduce the new property tax bill but expressed concern with continuing to direct sales tax revenue away from the general fund. This year, a series of tax cut proposals and a bill that would allow Idaho families to receive a refundable tax credit from the state for expenses including tuition at private and religious schools would reduce the general fund by more than $453 million if all of those bills pass. 'That money is coming out of the bucket that funds public education and vital services and other activities of the state,' Berch said. 'And my concern is that we need to step back and look at a bigger picture here.' Berch voted to introduce the new bill because he said high property taxes is one of the main concerns he hears from his constituents. House Bill 304 was sent to the House floor Friday morning and could come up for a vote in the Idaho House as early as Monday morning. If a majority of members of the Idaho House vote to pass the bill, it would be sent to the Idaho Senate for consideration. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Reuters
30-01-2025
- Business
- Reuters
Financial conditions undercut Fed's 'restrictive' view: McGeever
ORLANDO, Florida, Jan 30 (Reuters) - U.S. interest rate cycles are driven largely by how restrictive or accommodative the Federal Reserve thinks monetary policy is. And right now, the picture is confusing. After the Fed kept rates steady on Wednesday, Chair Jerome Powell said policy is still "meaningfully" restrictive, even after 100 basis points of cuts. But he also said that financial conditions are "probably still somewhat accommodative". So which is it? To quote Powell again, it's probably "a mixed bag". Highlighting both views serves a purpose. It affords the Fed some breathing room and helps justify what is likely to be a lengthy pause in the cutting cycle. And with so much uncertainty swirling around the potentially inflationary impact of President Donald Trump's tariff and immigration agenda, more breathing room is good. With the Fed in no "hurry" to resume cutting rates, as Powell said, a 'wait-and-see' period may also be good for financial markets. But the conflicting signals are potentially unnerving. Theoretically, policy is still very much in 'restrictive' territory. The fed funds rate target range is 4.25-4.50%, well above the Fed's median estimate of the long-run policy rate of 3.0%. The 'real' policy rate adjusted for inflation is high too, above 2% by some measures. That's high relative to recent history and well above the Fed's 0.7%-1.2% estimates of 'R-Star', the nebulous real rate of interest in an economy at full strength with inflation stable at 2%. David Zervos, chief strategist at Jefferies, argues that if you take into account the $2 trillion reduction in the Fed's balance sheet since 2022, policy is the most restrictive it's been in three or four years. And with inflation expectations anchored, there's plenty room for the Fed to cut rates. "They did a killer job. Jay nailed it," he told a conference in Miami on Tuesday. STILL TOO LOOSE Inflation hawks, on the other hand, argue that policy needs to be more restrictive and remain so as long as inflation is above 2%. Price pressures have cooled but annual inflation has been above the Fed's target - measured by CPI or PCE inflation, headline or core - for nearly four years. And growth is humming along nicely, supported by strong domestic demand and a robust labor market. For this crowd, if inflation is above target policy simply isn't restrictive enough. Several measures of financial conditions suggest they could have a point. Wall Street is hovering around its all-time highs, notwithstanding this week's AI-triggered tremors, and equity valuations are historically elevated. High yield corporate bond spreads are the tightest since 2007 and close to the tightest on record, while bitcoin is probing fresh highs above $100,000. These are hardly signs that policy is curtailing investors' animal spirits or squeezing market liquidity. Indeed, the Chicago Fed's national financial conditions index (NFCI) is the lowest since October 2021, close to the lowest in over a decade. Of the 105 series used to construct the NFCI, 102 are looser than average, the Chicago Fed notes. Little wonder then that investors are now expecting only a couple more rate cuts in this cycle, despite the fact that policymakers' median forecasts point to a further 100 bps of easing this year and another 50 bps next year. Economists at BNP Paribas reckon the Fed will remain on hold through mid-2026, as tariffs, tighter immigration policy, and easy fiscal policy lift inflation this year. But like the Fed, these economists are giving themselves some breathing room. "We believe monetary policy is only slightly restrictive, and see two-way, roughly balanced risks going forward, with cuts possible if tariffs are smaller than expected, and hikes possible if a soft landing moves out of reach," they wrote on Wednesday. In other words, it could go either way. Investors can be forgiven for being slightly confused about the Fed's path forward, which means markets are likely to remain highly sensitive to every new economic data point or nuanced shift in Fed-speak over the coming months. Which is to say, the one certainty in the coming months may be nervy markets. (The opinions expressed here are those of the author, a columnist for Reuters.) Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. By Jamie McGeever; Editing by Muralikumar Anantharaman
Yahoo
27-01-2025
- Business
- Yahoo
Idaho's grocery tax credit would increase to $155 under new bill
Idaho House Majority Leader Jason Monks, R-Meridian, (center) answers a question from a reporter at a press conference on Jan. 6, 2025, at the Statehouse in Boise. Also pictured are House Speaker Mike Moyle, R-Star, (left) and House Assistant Majority Leader Josh Tanner, R-Eagle. (Pat Sutphin for the Idaho Capital Sun) The tax credit Idahoans receive for buying groceries would increase from $120 a year to $155 a year under a new bill introduced Monday in the Idaho Legislature. House Majority Leader Jason Monks, R-Meridian, sponsored the new bill, House Bill 61, saying the state has not increased the tax credit for two years. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX 'We've seen a lot of inflation taking place lately on the groceries,' Monks said. 'It's important that individuals have the ability to purchase food without having to pay additional taxes on that, and so this particular legislation would increase that credit from $120 to $155.' Before this bill, the Idaho Legislature last increased the grocery tax credit from $100 to $120 in 2023. If Monks' bill is passed into law, the credit would cover about $10,033 in groceries for a family of four every year with a $620 grocery credit, Monks said. That corresponds to covering $861 worth of groceries each month. As is the case currently, the taxpayer filing the tax return, their spouse and each dependent would be eligible to receive the credit, which is why the credit would be $620 for a family of four. However, in lieu of the new $155 per credit, Monks' bill also allows Idaho taxpayers to save all of their grocery receipts for the whole year and submit their receipts to the Idaho State Tax Commission to receive a credit of up to $250 a year – in case they buy more groceries than the standard $155 credit would offset. Under the new bill, the $155 grocery tax credit would apply uniformly to all Idahoans who do not submit itemized receipts. Currently, senior citizens receive a larger credit than the general public. Rep. John Gannon, D-Boise, expressed concern for seniors, many of whom may be retired or on a fixed income. 'It looks to me like seniors are only going to get $15 more on their grocery tax credit,' Gannon said. CONTACT US Monks told Gannon the choice to make the $155 credit uniform was deliberate. Monks said he always thought the increased credit for seniors was off because he said in his experience teenagers eat more than seniors. While Monks' bill would increase the tax credit Idaho taxpayers receive each year, it would leave the sales tax in place on groceries so that the state can collect sales tax revenue on groceries that out-of-state visitors buy. 'Being that tourism is one of our largest industries in the state, we get a lot of money that comes in from that, and that wouldn't change under this scenario,' Monks said. A fiscal note attached to the new bill estimates that it would reduce sales tax revenue to the state by about $50 million. Following a short debate, the House Revenue and Taxation Committee voted to introduce the new bill Monday, which clears the way for the bill to return to the committee for a full public hearing. House Revenue and Taxation Committee Chairman David Cannon, R-Blackfoot, said his committee is not accepting remote virtual testimony on bills this year. However, Cannon said he will allow Idahoans to submit written email testimony by 4 p.m. the day before a hearing. To submit written testimony, people should send an email to hrev@ with the subject line clearly marked for legislative testimony. Cannon said everyone submitting email testimony must include their name, legislative district and any organization or group they represent, followed by the bill number they wish to testify on and whether they are for or against the bill. Cannon encouraged email writers to keep their testimony short so that it would last two minutes or less if read aloud. Cannon said the committee secretary would read some email testimony, giving preference to writers who live farther from the Idaho State Capitol in Boise. SUPPORT: YOU MAKE OUR WORK POSSIBLE
