Saturday, November 13, 2010

Virginia's Tax Collections Improve 3.7% in October

"Virginia Gov. Bob McDonnell announced Friday that October revenue collections increased by 3.7 percent over the prior year.  This is the seventh month out of the last eight in which state revenue collections exceeded the previous year’s amount. The revenue increase was primarily driven by individual withholding (+4 percent) and sales tax (+6.5 percent) collections."

McDonnell notes, “We have now seen seven of the last eight months feature increases in revenue collections, and this has occurred in tandem with a slight decrease in our unemployment rate. Clearly, these are signs of a modest turnaround in Virginia’s economy."

Other highlights: It was the first time in three years that Virginia's tax revenues have grown three months in a row, and the first time since April 2008 that income tax withholding taxes have increased for six consecutive months (source).

2 Comments:

At 11/13/2010 9:53 AM, OpenID American Delight said...

When I get a raise, I pretend that I didn't get one, and the excess income goes toward retirement savings.

But when the state gets an increase in tax revenues, they start licking their chops.

 
At 11/13/2010 10:12 AM, Blogger PeakTrader said...

The economy ran out of gas in 2008, after moving forward at optimal speed for several years.

Obama fills up the tank, gets in the car, puts one foot on the brake and the other foot on the accelerator, and we've been slowly moving forward for about two years.

So, Obama believes he should keep the keys, because he knows how to drive.

 

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