Shock Gas, Grocery Price Increases Spur States to Pare Taxes

Rapidly climbing inflation in the U.S. is accelerating calls from governors and state leaders to provide immediate tax relief to cash-strapped residents facing higher prices on everyday products such as gas, milk, and electricity.

The governors of Maine and Kentucky this week joined a sweeping number of states—including Illinois, California, Massachusetts, Florida, Alabama, Washington, and Missouri—who are considering offering quick but temporary relief to taxpayers crushed by a relentless surge in inflation in recent months. The consumer price index—which measures what Americans pay for goods and services—reached another 40-year high last month, soaring to 7.5% due to strong consumer demand ...