Ed: To put this potential for $126,000,000 in revenue in perspective,
consider the following:
From SC Office of State Budget (http://www.state.sc.us/osb/faq3.htm):
General Funds $4,673,907,531
Federal Funds $3,451,883,984
Other Funds $4,266,479,016
---------------
Total FY 97-98 Budget $12,392,270,531
For those of you not familiar with government budget terminology,
it is the General Funds which are near and dear to politician hearts
because this is their discretionary "play" money. Federal Funds
and Other Funds are typically ear-marked for particular purposes
so legislators have very little say over how that money is spent.
Anyway, $120,000,000 in VGM revenue is about 2.5% of General Revenue. Perhaps more importantly, VGM revenue would be the 5th largest
SINGLE source of revenue, ranking behind Income Tax, Retail Sales Tax,
Individual Taxes, and Corporation Taxes. It would rank AHEAD of
Alcoholic Beverage Taxes, Moter Vehicle Licenses, and Insurance taxes.
Furthermore, this is a fast-growing source of revenue.
Legislators get all misty-eyed over numbers like these.
Check it out for yourself:
lpitr.state.sc.us
Remember, the SC General Assembly (legislature) convenes in JANUARY.
TKA |
