Tax Revenue and Budget Deficits
February 9 - Bloomberg (William Selway): “U.S. state governments’ revenue from taxes rose during the last fiscal year at the fastest pace since 2000, buoyed by an increase in personal income and $8 billion in tax increases, according to a study. State governments’ tax revenue rose 7.5 percent to $501.9 billion during the 2004 budget year, according to the Nelson A. Rockefeller Institute of Government in Albany, New York.
It is the fastest growth since tax revenue rose 8.7 percent in 2000 as benchmark U.S. stock indexes surged to records.”
This will help cut the budget deficits, but we all remember what happened to the stock market in 2000....
Something you wont read or hear in the newspaper....The U.S. Budget Deficit has already shrunk $11 Billion compared to last year, thats 2.6 percent and projects out to a 15% reduction in the deficit by the end of fiscal 05...the "tax rate cut", not to be confused with a tax cut, has generated more tax revenue for the federal government, higher property taxes due to sale and reassessment should help state budget deficits this year also...
http://washingtontimes.com/commentary/20050115-095708-2699r.htm
It is the fastest growth since tax revenue rose 8.7 percent in 2000 as benchmark U.S. stock indexes surged to records.”
This will help cut the budget deficits, but we all remember what happened to the stock market in 2000....
Something you wont read or hear in the newspaper....The U.S. Budget Deficit has already shrunk $11 Billion compared to last year, thats 2.6 percent and projects out to a 15% reduction in the deficit by the end of fiscal 05...the "tax rate cut", not to be confused with a tax cut, has generated more tax revenue for the federal government, higher property taxes due to sale and reassessment should help state budget deficits this year also...
http://washingtontimes.com/commentary/20050115-095708-2699r.htm
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