Julie Vogtman, Senior Counsel

Here in D.C. and across the country, election results consume the headlines, even as many of us breathe a sigh of relief that the long campaign season is over. But in addition to the big-ticket races on Election Day, there were a number of ballot initiatives in cities and states that are less publicized nationally but no less important to the people affected. These include three municipal ballot measures – in Albuquerque, San Jose, and Long Beach – to raise the minimum wage. All three passed with substantial majorities, meaning many low-wage workers in these cities will soon find it a bit easier to make ends meet. Specifically:

• In Albuquerque, New Mexico, the minimum wage will rise from $7.50 to $8.50 per hour in January 2013, and will automatically adjust in future years to keep up with inflation. New Mexico Voices for Children estimates that 40,000 workers (one-seventh of Albuquerque’s workforce) will see higher paychecks as a result – generating about $18 million in consumer spending and helping to create new jobs as businesses expand to meet the increased demand.

As the year-end expiration date for the Bush-era income tax cuts draws nearer, taxes seem to be an increasingly hot topic. So far, however, some expiring tax provisions have largely escaped media attention. These include improvements to refundable tax credits, like the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), that were enacted in 2009 as part of the American Recovery & Reinvestment Act (ARRA). These credits help low- and moderate-income families, millions of whom will lose benefits if the ARRA improvements are allowed to expire – as the tax plan proposed by Republican leaders in Congress would do, even as it maintains tax cuts for the richest two percent of Americans.

The $160,000 tax break that millionaires will receive if the Bush-era tax cuts are extended next year does not include the effect of another tax cut that also has remained mostly under the radar: the 2010 estate tax cut. If this tax cut is allowed to expire on schedule at the end of the year, and the federal estate tax reverts to its 2009 level as President Obama has proposed, 99.7 percent of estates will still be exempt from the tax.