Income and sales tax collection back me up.
What are you using mark to fantasy?
Income tax collections drop in states: report
Thu Jun 18, 2009 1:59pm EDT
IRS agents lax in enforcement: inspector general
18 Jun 2009CHICAGO (Reuters) - Personal income taxes, a key revenue generator for most U.S. states, plummeted 26 percent, or $28.8 billion, in the first four months of 2009 compared to the same period in 2008, according to a Rockefeller Institute of Government report on Thursday.
"As we predicted in a previous report, tax returns on 2008 income that were filed in April show huge declines, likely due to stock market-driven declines in investment income and declines in bonus payments," Institute Senior Fellow Donald J. Boyd, the report's co-author, said in a statement.
As a result, many states are likely to face more budget cutting this year, additional budget fixes next year and big budget problems when federal stimulus dollars run out in 2011, he added.
States experiencing the biggest decline in personal income tax collections in January-April 2009 compared to the same period in 2008 were Arizona, down nearly 55 percent; South Carolina, off 38.6 percent; Michigan, off 34.4 percent and California, which had a 33.8 percent drop.
Only three states, Utah, Alabama and North Dakota, collected more in the tax this year than last year.
During the same January-April time period, states paid out about $3.2 billion more in refunds than last year, the report showed.
The report was based on tax collection data from 37 of the 41 states that impose broad-based personal income taxes that are due by an April 15 tax filing deadline. On average, personal income tax collections make up roughly a third of annual state revenue, although the tax accounted for more than half of the total tax revenue collected in some states in fiscal 2008, including New York, Massachusetts and Oregon.
Preliminary data for May indicated a continued decline of about 25 percent in the income tax collections in 30 out of 34 states with available data, according to the institute, which is the public policy research arm of the State University of New York.
(Reporting by Karen Pierog; Editing by Kenneth Barry)
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Sales Tax Down Shaply In Many States - The Latest Casualty Count
By Daniel at 11 November, 2009, 7:49 pm
Found the info below on the web, for october; so much for green shoots:
“So here are some recent news stories about sales tax receipts. Just about every story about sales tax for October show a decrease from the same period in 2008, some by large amounts. Remember October 2008? At the very beginning of the month we were told that the economy was on the edge of collapse if we didn’t get the $800 billion TARP passed. So it’s not like October 2008 was a month that was an unusually positive month. Negative comparisons to that month should indicate that spending has really slowed down.
Georgia: -18.2%.
The amount of revenue the Peach State pulled in from various taxes plunged 17.8 percent in October…sales tax revenue (down 18.2 percent)
Missouri: -24.4%.
The biggest drops last month were in sales taxes (down 24.4)
Illinois: -15%
The steepest drop continues to be in sales tax collections, which were down 15 percent, or $90 million, from the October 2008 collections
Iowa: -9.1%
Of foremost concern was an 18.2 percent drop in sales tax receipts — half of which could be attributed to calendar-related issues — that were “worrisome,” Robinson said.
Texas: -12.5%
Sales tax collections have been declining statewide since February, according to a news release from Combs’ office. October’s collections totalled $1.52 billion, which was down 12.5 percent from October 2008
Nevada: -24.1%
Statewide taxable sales for August 2009 of $3,076,350,687 represents a 24.1% decrease over August 2008
Rhode Island: -6.6%
Sales-tax collections fell by $19.77 million, or 6.6 percent, to about $278.6 million
Massachusettes: -5.5%
Sales taxes came in at $404 million for the month, $60 million more than during October 2008. But state officials cautioned that the boost was not a sign of increased retail activity but rather the result of a higher tax rate and an expansion of the tax to cover more products.
State Revenue Commissioner Navjeet K. Bal said in a prepared statement that had it not been for the changes, revenue for the category would have been down 5.5 percent from October 2008.
Arkansas: -8.4%
Gross receipts, mostly from sales tax revenue, totaled $163.1 million, a $15 million drop from last year and $6.9 million, or 4.1 percent, below forecast
Maybe GDP went up 3.2% in the 3rd quarter but it makes me question whether that is actually a reliable indicator on what’s actually happening in the economy.
Can we actually have a jobless recovery along with a spendingless recovery?… ”
- SubprimeNation
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So why is the economy not down 20-40%? I'd guess something is wrong with your sample??
Every business owner i talk to their business is down 20 to 40%. |
