Oh well, the good news is: When the dog dies, the ticks die too.
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 10/18/2009 2:02:17 PM PDT by blam
U.S. State Tax Revenue Drops Most Since 1963
Oct 17, 2009 - 04:57 PM
By: Mike_Shedlock
Bloomberg is reporting State Revenue Falls Most Since 1963 on Incomes, Sales.
U.S. state tax collections tumbled the most in almost half a century in the second quarter as the economic recession curbed levies on incomes and sales.
The 16.6 percent plunge was the biggest since at least 1963, the Nelson A. Rockefeller Institute of Government said today. For the 12 months to June 30, the fiscal year for most states, revenue declined 8.2 percent, or $63 billion, about twice what states got from the $787 billion U.S. economic stimulus package, the institute said.
State revenue has dwindled for two straight quarters and continued to decline in July and August, the Albany-based research organization said. Budgets for the year that began July 1 already face $26 billion of deficits, the Washington, D.C.- based Center on Budget and Policy Priorities said Aug. 12, forcing state lawmakers to confront additional spending cuts.
“We’re looking at a multiyear problem hitting essentially every state,” Robert Ward, the institute’s deputy director, told reporters. “It has happened during recessions before, but the depth of this decline is unprecedented in modern times.”
[snip]
Yeah, wait till record snows hit. No one will be able to afford to dig out.
GOOD!!!! can't vote the vermin out of office, maybe we can starv'em out!
Interestingly the largest ever tax revenues collected by the IRS were in April 2008 with the Bush tax cuts. Reagan’s tax cuts also raised tax revenue.
Wow the awesome “new normal” economy from Baraq & Goolsbee.
And so the Obama plan for America continues. Next step raise taxes by letting the Bush tax cuts expire, thus driving the economy even further downward and opening the door for our benevolent government to save us.
Now we should continue to police the world and give everybody health insurance while keeping our boarders open........The spending is way out of control!
I bet state government spending didn't follow suit however.
Which is exactly what will happen by design!
Don’t worry. States will punish citizens by closing prisons and letting out dangerous criminals. That ought to get people to support hiking taxes, right?
Nikita, so far, was right.
Are we there yet?
Thus causing the gov of Mass. to warn that hack layoffs were coming. This prompted the local AFL-CIO mouthpiece to go on local talk radio to advocate for an increase in the state income tax.
Cause and effect.
bookmark.
Yup. You haven't heard any whining yet...wait till government workers start getting laid off. I expect most voted for THE MESSIAH.
Hooray. Let’s have a tea party and celebrate!
Good....let ‘em eat it.
“Budget by force” will be good for them....and fun to watch.
Closer. Still sloughing in that direction.
Oh well, the good news is: When the dog dies, the ticks die too.
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=14306
“The federal government’s promise to extricate the U.S. economy from this recession involves more spending (increasing public debt) and more subsidies for consumers, such as car rebates and home buying incentives (more private debt). In other words, more debt is supposed to solve the problem of over-indebtedness.
The truth is that this policy merely indentures its citizens further without providing any income for repayment of debt.
The problem is that those of us who live outside the city didn't get a voice in the vote. City fathers figured that we would pay our "fair share" because after all we came into the city every day didn't we? Ah well no we don't.
I did some research and the tax rate is much lower in the small berg I live outside of. Voila. Guess where I'm doing most of my shopping now? It ain't the big city! Stupid voters!
Well, we'll see -- can't help remembering a Howie Carr piece (about MWRA, but emblematic of how the state functions). When MWRA was started, he predicted the growth of a hack bureaucracy -- by leaps and bounds. But he noted that they'd also have to hire a couple of $300 a week typists. Not that there'd be that much typing to be done, but so they'd have someone to lay off when taxpayer screams about the cost got too loud! ;-)
The list, ping
So what?? Kali don’t need no stinkin revenue, a few more queers and same sex marriages, but no more revenue$.
Fact: Tax revenues correlate with economic growth, not tax rates.
Many of those who desire additional tax revenues regularly call on Congress to raise tax rates, but tax revenues are a function of two variables: tax rates and the tax base.
Regardless of the tax rate, tax revenues have almost always come in at approximately 18 percent of GDP.
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