GET DAILY REPORT FREE
Nextdoor neighbors: The GOP-controlled Mississippi House and Senate passed competing “compromise” plans on Tuesday to eliminate the state income tax and raise gasoline taxes—but the Senate only narrowly passed its plan with the help of four Democrats. The proposals advanced by each chamber continue a debate over the potential risks and rewards of drastically altering the tax structure in the poorest state in the country as federal spending cuts loom. Read more from The Associated Press.
Election continues: A lawsuit designed to knock Gov. Jeff Landry’s signature tax reform initiative, Amendment 2, off the March 29 ballot was dismissed by the Louisiana Supreme Court late on Tuesday. In the case of Calhoun vs. Nancy Landry, the court said in its decision that the ballot proposition was not misleading or biased in the manner that the Legislature proscribed. Read more from The Center Square.
Holding steady: Federal Reserve officials held their benchmark interest rate steady for a second straight meeting, though they telegraphed expectations for slower economic growth and higher inflation. The Federal Open Market Committee voted on Wednesday to keep the benchmark federal funds rate in a range of 4.25% to 4.5%, and said it would further slow the pace at which it is reducing its balance sheet. Read more from Bloomberg. A subscription may be required.
