Joseph Coletti

A new working paper finds that people with more income and more wealth really do give more money away. A summary of the paper in the Economist notes The researchers found that wealthier people donate less to causes affiliated with religion and more to arts and educational ones. The…

Poor cash management resulted in massive overspending, which left the agency in dire financial straits in 2019. These challenges are again critical as the legislature plans to use $300 million in CARES Act funds to offset the collapse in gas tax revenues. State Auditor Beth Wood’s report on…

The General Assembly was in session Wednesday through Saturday to begin appropriating money from the CARES Act. They’ll be back May 18 to possibly distribute more of the $3.5 billion slated for state government from the Coronavirus Relief Fund. Another $500 million will go directly to Wake County, Mecklenburg County and…

House and Senate negotiators ended up with a bill that appropriates $1.6 billion of the $3.5 billion the state will receive from the CARES Act’s Coronavirus Relief Fund. The attached spreadsheet provides a side-by-side comparison of the conference bill with previous versions and the John Locke Foundation’s “reverse logrolling” tool,…

Money from the federal Coronavirus Relief Fund CARES Act is best held in reserve until we have a clear understanding of how much tax revenue falls, what needs are still left unaddressed by other sources of federal funds, how Gov. Cooper will cut unessential spending, and the flexibility North Carolina…

I hoped, when Gov. Cooper declared a public health emergency March 14, that he was also planning ways to reduce spending to offset some of the lost sales and income tax revenue. I kept hoping as scores of progressive groups called for higher taxes and the depletion of the state’s…

The March General Fund Monthly Report from the Office of the State Controller is out. Hats off to the staff there for turning the report around so quickly to provide critical information to decision makers. Sales tax revenues are lower than the prior year for the first time since…

Tax revenues are falling for states and local governments across the country. The Atlantic wonders, “Will the coronavirus bankrupt cities?” Pew provides numerous examples of how state taxes are getting slammed: Hawaii officials have estimated a $225 million decline; in New York, it’s a whopping…