Posted on 05/23/2014 7:07:18 AM PDT by Oldeconomybuyer
... Personal income tax collections plunged last month from a year earlier in 27 of 32 states for which Reuters was able to collect data. That's most of the 43 states that levy income taxes, and drops were as high as 50 percent.
While many states predicted tough times this year, a handful including New Jersey and Pennsylvania is set to face hard decisions on either cutting spending or raising taxes.
By the end of last year, 26 states had still not seen overall tax revenue return to pre-recession levels, according to recent data from Pew Charitable Trusts.
(Excerpt) Read more at reuters.com ...
But...but...every time I hear a news blurb at the end of the hour, everything seems just great. The word “Recovery” has replaced the word “Economy”, haven’t you noticed? It has been an assumption of the media since Obama took office. I don’t ever remember hearing the words economic recovery when Bush took over a recession from Clinton, do you?
Texas felt no drop in income tax...because we don’t have one, yuk yuk. But the sales tax revenue is going up nicely as the unemployment numbers go down.
Obama would be in the midst of a government-caused depression if it weren’t for the energy producing states and the Republican governors with sound economic plans throughout the country.
Someone should separate the income and jobs numbers of Republican states from the Democrat/welfare states and compare the two. Talk about an eye-opener right before the November elections, that would make some great campaign ads!
Yeah, and the unemployment rate is going down. With all these people now working, the states should be raking in income tax like crazy, right?
New Jersey is an enigma. High taxes, yes. My daughter pays 10K per year property tax on a 1300 square foot house. However the schools are excellent, and it is a great area to grow up according to surveys posted here and elsewhere. So the 10K is in lieu of private school tuition which would be a must in say, much of California.
But still, productive persons are driven away from NJ by taxes if they are not raising a family.
Thanks to online banking, email and cell phones, you can claim you live in pretty much any state you want, especially if you have relatives there. Of course, some states require that income earned there is taxable there, but what if you are retired or do business on eBay etc.?
Seems you could claim residence in a non-income tax state even though you live in an income tax state. If the two are right next door (e.g. Oregon and Washington) you could game the system pretty well.
If these states are run by democrats, they’ll know exactly what to do -
raise the rates on the people who pay taxes.
When your tax base is shrinking, that’s the only thing to do, right? Shrink it some more?
This is something many were talking about years ago: Fewer people working means less income tax paid. They can play around with unemployment numbers all they want, regarding who wants to work but can’t find it, but the bottom line is that as fewer and fewer people work, income tax is going to take a hit.
This includes the federal income tax.
While many states predicted tough times this year, a handful including New Jersey and Pennsylvania is set to face hard decisions on either cutting spending or raising taxes.
Cut SPENDING! Are you out of your mind? Of course they’ll raise taxes... and more working people will want to leave those states if they can. And those who remain... Well eventually there will be no more to take to redistribute to those who ‘deserve it’. And then my FRiends Hell on Earth will be the order of the day.
“While many states predicted tough times this year, a handful including New Jersey and Pennsylvania is set to face hard decisions on either cutting spending or raising taxes. “
Guess which one they will pursue.
And whatever happens, the states can’t cut spending.
For the moron dems and commies -
"No Income = No Income Taxes!"
and we sure in hell don't need more illegal aliens for the 'workforce'.
Were the surveys from Camden, Patterson, Jersey City, Newark, Trenton, Elizabeth, or the Pinelands?
Hell on Earth will be the order of the day....already is for any cogent thinking person.
searched Google News today for “the recovery” from 2000 - 2006
Your search - “the recovery” - did not match any news results.
Searched 2008-2014
38,400 results
I would question the excellence of the school system considering the number of young liberals it breeds...
The article notes that some of the states had big drops because they had passed big income tax rate reductions. Thus you will have less money coming into state coffers. But that means more money in consumers hands.
Although not referred to in the article Maine did just that taking 70,000 low income people off the tax rolls altogether and reducing the top rate which kicked in at $20,000 adjusted gross income.
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