November State Revenues Coming in Strong
Reflecting increased economic activity, the following states are reporting higher tax revenues for the month of November:
1. Missouri - Total November tax collections were up 3.3% from November 2009, largely because of a 19.2% increase in sales tax revenue compared to last year.
3. Tennessee - State tax revenue grew 3.4% in November compared to the year before for the eighth consecutive month, leading state officials to believe Tennessee’s economy is “slowly recovering.”
4. Arkansas - November gross receipts collections totaled $168.7 million, up 8.3% above November 2009. The collections, which reflect taxes on October sales, have seen increases for eight consecutive months.
6. Massachusetts revenues continued to climb in November with the state pulling in $1.43 billion in tax receipts — an increase of nearly 11% from November of last year.
3 Comments:
Come on Mark, who are we kidding here? Most of the states are technically bankrupt because there is no way that they can make good on all of their obligations to state employees, welfare recipients, and bond holders. Spending is still out of control and there is no way to get most budgets to balance unless some serious actions take place. But we know that there is no political incentive to take such actions yet because some voters are economically illiterate and still believe in free lunches.
Sure, I agree with all of that, but that's a different issue of too much government spending.
I'm reporting on the revenue side, not spending: state tax collections based on economic activity in private sector, like sales taxes on retail and restaurant sales, gasoline taxes, taxes on corporate income, withholding taxes on payrolls, etc.
Increased economic activity = higher taxes on that activity.
"I'm reporting on the revenue side, not spending: state tax collections based on economic activity in private sector..."...
Actually if I read this 'Missouri link' correctly isn't a portion of Missouri's increase in tax revenues is due to double taxation?
Inheritance tax collections are up 36.12 percent for the month and 1,642.20 percent for the year...
Meanwhile Missouri will be losing a source of private enterprise tax revenues: Ford to move Escape work from Missouri
Still its not all bleak in Missouri maybe: Missouri tax credits by the numbers
Tax credit redemptions in the state of Missouri jumped 57 percent from $372 million in fiscal 2001 to more than $584 million in fiscal 2009, according to a state audit released this year...
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