State revenue figures down 20.6 percent compared to April 2008
May 11, 2009 at 4:46 pm by Thomas Wheatley in News
Earlier today, Gov. Sonny Perdue told reporters the soon-to-be-released April 2009 revenue figures were “not encouraging.”
He wasn’t fibbing. The revenue figures landed in our inboxes a few minutes ago. And to be honest, they’re rather terrible.
Net revenue collections of sales, personal income and corporate incomes taxes last month totaled $1.4 billion, down from $1.8 billion the same time last year. That’s a decrease of 20.6 percent. The year-to-date decrease in revenue collection is 9.6 percent.
According to figures released by the governor’s office, however, booze is still selling like it’s hot.
Perdue did note that last April’s figures were some of the highest the state had ever recorded. But man, governor, you’ve made the right choice to veto the giant tax-cutting beast sitting on your desk. That thing might get you on Grover Norquist’s speed dial, but it’d just push the state deeper into the red.
If you’re a numbers lover, download the April 2009 revenue figures. (Warning: PDF)
(Photo by Joeff Davis)
May 11th, 2009 at 5:25 pm
Thomas – I love your coverage of Atlanta’s transportation, but your analysis of GA’s tax policy is laughably ignorant, not to mention misleading.
Tax revenues nationwide have dropped. Why? Because states, cities, and countries tax economic activities. Right now, the country as a whole is seeing a drastic drop in the level of economic activity as businesses lay-off, trim their fat and save instead of investing.
What’s misleading is that your answer is to raise tax rates. Intuitively, if the problem is a lack of economic activity, you don’t do something that further decreases economic activity – oh, like INCREASING TAXES.
Furthermore, the highest level of tax revenue the United States has taken in was in 2007 – after 4-5 years of the LOWEST tax levels in the past 60-70 years.
http://online.wsj.com/article/SB117867077879196610.html
Lower tax = more economic activity = higher tax revenue and more jobs. Go back to school, kid.
May 11th, 2009 at 6:51 pm
Adam, my friend, you’ve got fire in ya, and I like that, by God. (Also, thanks for the kind words about my transportation coverage.)
I never said we should raise taxes. Personally, I thought we should do no harm. Take a look at Perdue’s veto message regarding HB481 in my most recent post. I thought he made some very good arguments.
Also, and I’m gonna shock you here…I don’t like paying taxes. I don’t think they’re the answer to every problem.
Now, the question about spurring economic growth…I’ve got a whole bunch of theories on that that I’d love to bounce off you, because you seem passionate about the issue.