UncleBigs, I'm trying to make sense of the economy also...and I'm not sure what is holding it up. So I decided I wanted to look at income tax receipts, to see what that shows. I could not find anything very current for receipts, but I did find the State of Illinois income tax disbursements to local communities along with use/sale tax. So these are State of Illinois income tax receipts that somebody paid. I live in Illinois, and have not heard any issues about how tax receipts are distributed. So I'm hoping that there is consistency in the data. It shows income tax disbursements going up, and use tax disbursements going up twice as fast. The city of Chicago is not included in the use tax disbursement. I think there is a one or two month lag between receipt and disbursement. I have a worksheet with each month from July 2002 if someone would like to have it. September 2006 was the latest month, so I used it for year to year comparison.
A quick comment on the use tax disbursement dollars. I'm sure some of the rise is due to inflation, some to overspending, but I wonder how much of it may be due to the underground economy and undocumented workers.
If there is consistency in the tax disbursements, then it looks like the economy is still chugging along.
Also, I welcome anyone who is knowledgeable of state tax distributions to offer any advice on my assumption.
I'm not sure if the columns will format correctly. The 1st column is month, 2nd income tax disbursement, 3rd population, 4th amount per capita, 5th per cent change per capita.
INCOME TAX PER
DISBURSEMENT DISBURSEMENT PER CAPITA
MONTH AMOUNT POPULATION CAPITA % CHG
Sep-02 52,489,421.30 12,419,293 4.23
Sep-03 44,755,467.36 12,422,289 3.60 -14.89%
Sep-04 57,439,119.99 12,575,349 4.56 26.67%
Sep-05 58,799,475.46 12,641,950 4.65 2.00%
Sep-06 63,135,014.91 12,753,993 4.95 6.43%
LOCAL USE TAX PER
DISBURSEMENT DISBURSEMENT PER CAPITA
MONTH AMOUNT POPULATION CAPITA % CHG
Sep-02 7,274,857.07 9,523,277 0.76
Sep-03 7,948,373.08 9,526,233 0.83 9.21%
Sep-04 9,264,841.30 9,679,333 0.95 14.46%
Sep-05 10,253,415.47 9,625,734 1.05 10.53%
Sep-06 11,437,341.86 9,857,977 1.16 10.48% |
