It is an urgent imperative for DC to decouple from the federal tax changes. Look at how much we'll lose absent further action--with 66% of the tax cuts flowing to businesses that are doing well.

Failing to decouple from these tax cuts that primarily benefit the elite (see the chart) ASAP, will put much-needed local revenues at risk, as DC faces growing budget pressures and continues to suffer from extreme federal decisions that are driving down local revenues.

Income taxes are just part of the puzzle. ORA’s analysis takes this into account, showing an apples-to-apples comparison of regional differences across taxes. This chart shows DC taxes its residents *lower* vs neighboring jurisdictions across income levels
ora-cfo.dc.gov/sites/defaul...

Today’s @Axios DC newsletter includes some misconceptions about taxes in DC. Looking at top tax rates, rather than effective rates, tells only part of the story. @ORAdcgov’s analysis consistently finds that DC residents’ level of tax responsibility is lower than our neighbors.

Read Anne's full testimony here: dcfpi.org/all/funding-...

It provides evidence that the PEF is boosting wages, has a return on investment of 23 percent, and is already growing the early education workforce—and delivering economic gains in all 8 wards.

You would have seen the surplus in table N10-1.

However, the audit was clean, DC's bond ratings are excellent, and we have 52 days of cash in our reserves.