The Tax Foundation is reporting that the House of Representatives may take up H.R. 1864, the Mobile Workforce State Income Tax Simplification Act of 2011. The CBO describes the legislation as prohibiting states from taxing the income of employees who work in the state for fewer than 31 days. The prohibition would not apply to the income of professional athletes, entertainers or public figures.
It’s National Train Day tomorrow, and Amtrak is riding the rails. All aboard!
Reuters: Bernanke warns lawmakers on looming fiscal risks
USA Today: Study: Economic mobility depends on the state you live in
Bloomberg: States borrow to cover pension fund shortfalls
Bond Buyer: MSRB cites cases that show need for better dealer fair-dealing
Morningstar: Another good analysis of how muniland has a lot more credit risk now
Bob Nelson of Thomson Reuters Municipal Market Data and I, along with several others, went back and forth on Twitter about how public pension funds manage their investments. Nelson tweeted out the chart above comparing the investment returns for Calpers, the giant California public employee pension fund, with index returns for equities and fixed income. It looks as if Calpers has some very good returns.