B.o.h.i.c.a.

[Skull Pilot]

BEND OVER HERE IT COMES AGAIN

More States Look to Raise Taxes - WSJ.com

A free fall in tax revenue is driving more state lawmakers to turn to broad-based tax increases in a bid to close widening budget gaps.

At least 10 states are considering some kind of major increase in sales or income taxes: Arizona, Connecticut, Delaware, Illinois, Massachusetts, Minnesota, New Jersey, Oregon, Washington and Wisconsin. California and New York lawmakers already have agreed on multibillion-dollar tax increases that went into effect earlier this year.

Fiscal experts say more states are likely to try to raise tax revenue in coming months, especially once they tally the latest shortfalls from April 15 income-tax filings, often the biggest single source of funds for the 43 states that levy them.

The squeeze is especially severe in states hit hardest by the recession, such as Arizona, where sales-tax revenue has fallen by 10.5%, income-tax collections are down 15.7% this fiscal year, and the government faces a $3.4 billion budget gap next year. But such shortfalls are likely to be widespread; federal income-tax receipts from individuals have dropped more than 15% in the past six months, according to Congressional Budget Office estimates.

While most states so far have managed to cope with dwindling cash by cutting spending and raising fees on things such as fishing licenses and car registrations, that is unlikely to be enough in the new fiscal years that generally begin July 1, many analysts said.

"Income taxes and sales taxes are the go-to taxes when you really need to raise a lot of money," said Donald J. Boyd, who monitors states' fiscal health for the Rockefeller Institute of Government in Albany, N.Y.

Sales-tax revenue has fallen more sharply than at any time in the past 50 years, Mr. Boyd said, and he expects income-tax collections to drop below levels state officials projected -- though the extent of the damage probably won't become clear until May.

Raising taxes is a perilous proposition for lawmakers, who must balance their states' budgets every year. Not only do they face political heat for increasing financial burdens during the recession, but added taxes risk worsening their states' economic problems by, for example, further hobbling consumer spending.

Some lawmakers say they have little choice. "With the size of our budget gap, we are looking at a situation of closing down our courts, releasing prisoners and cutting the school year by as much as a month," said Rep. Peter Buckley, co-chairman of Oregon's joint Ways and Means Committee.

Here we go again folks. The old line of "We have to cut teachers, firemen and cops, Oh My!"

Time to get you r asses out of OZ and pay no attention to the politicians behind the curtain.

Time to insist your fat cat fat-assed, non-representing representatives do what they should be doing in a recession. Cutting spending starting with their own bloated salaries.

His committee is considering an income-tax increase on high-earners, along with major budget cuts, to help close a projected $4.4 billion budget gap over the next two fiscal years. And things could get worse after a revenue forecast due out May 15, he said, because Oregon's unemployment rate has climbed to 10.8% and the state relies on income-tax revenue.

Oregon Gov. Ted Kulongoski is likely to support the surcharge, said a spokeswoman , because the state is faced with losing as much as a third of its tax revenue.

Legislators know the increases will be unpopular with residents. "There will be blame, we accept that," Sen. Eileen M. Daily of Connecticut said earlier this month when she and fellow Democrats announced a budget that raises income-tax rates and expands the sales tax to raise more than $3 billion over the next two years. Connecticut Gov. Jodi Rell, a Republican, has said she would veto the plan.

Good for my governor, and bad for all those idiots who will vote for new taxes.

But some governors are proposing tax increases. Delaware Gov. Jack Markell wants to raise the marginal income-tax rate by one percentage point, to 6.95%, on those earning more than $60,000 a year, effective in 2010. His budget plan also includes increases in corporate taxes as well as spending cuts to close a projected $750 million shortfall in a $3 billion budget, said spokesman Joe Rogalsky.

So now at the local level 60K is the new rich?

Many states remain determined to balance their budgets by relying solely on spending cuts. That is the case in Indiana, where raising revenue "is really not on the table," said Pat Bauer, the speaker of the state House.

Instead, he hopes to tap the state's rainy-day fund and to produce a budget that covers only one year, rather than the usual two, because plunging revenue makes it impossible to forecast that far in advance.

Tax collections have dropped drastically the past four months, according to Christopher A. Ruhl, director of the Indiana Budget Agency. Income-tax collections, which reflect withholding and estimated tax payments, fell 21% in March compared with last year and are down 7% for the fiscal year.

States have lowered revenue forecasts repeatedly in recent months, yet the estimates still seem to exceed the grim reality. Last week, Pennsylvania officials said total March tax collections were $334.6 million, or 7.9%, short of expectations, due to sharp drops in income and sales taxes and a steep decline in corporate income taxes. For the fiscal year that began July 1, 2008, collections to date are running $1.6 billion less than forecast.

This has led some experts, such as Nicholas Johnson of the left-leaning Center on Budget and Policy Priorities, to predict more legislatures will take up broad-based tax increases as early as May or June. "The problem," he said, "is that they are filling a hole that has gotten a little deeper."

The only reason the hole is as deep as it is is that politicians don't practice restraint in good times to carry them through the bad.

This is what I mean when I say a revolution in our thinking and attitudes are needed. It's time to demand from your so called representatives the same fiscal restraint and responsibility that we must exercise on a daily basis. After all tax money is your money and if you all continue to be ignorant and apathetic, you'll soon have no money left.

 

[neurosport]

fuck the teachers !

school year should be cut by the precise number of days that it has in it.

i donated to wikipedia because i want to support REAL knowledge. i don't want to support state administered mind control.

fuck cops as well. leave the homicide detectives and get rid of all the traffic cops. if you're afraid to drive on a road with no speed limits - STAY HOME - its easy !

release from prisons everybody doing time for drug offenses. legalize drugs and tax cocaine @ $20/gram.

PROBLEM SOLVED !

 

[Indiana Oracle]

Neuro - LMAO

 

[Indiana Oracle]

Not all the states quoted totally fall into this category, but those in trouble today are in that spot largely because they have been governed by political criminals. Now those people want the citizenry to pay, wrapping themselves in the flag of citizen's duty. Bull.

Indiana has high unemployment, we saw it coming, are solvent and well governed. There are other states that can make the same claim. Hats off to them.

 

[slackjawed]

Not all the states quoted totally fall into this category, but those in trouble today are in that spot largely because they have been governed by political criminals. Now those people want the citizenry to pay, wrapping themselves in the flag of citizen's duty. Bull.

Indiana has high unemployment, we saw it coming, are solvent and well governed. There are other states that can make the same claim. Hats off to them.

I live in Arizona. we are broke. Our last 4 governors were crooks. Anyone want to guess who one of them is?

 

[RodISHI]

Iowa is the same political shit hole it was when Rod moved us here so no biggy.

 

[Indiana Oracle]

Let me guess, ER, the beard?

 

[Indiana Oracle]

richardson at any rate

 

[xsited1]

I currently live in a Red State and there are no budget shortfalls here and no mention of raising taxes.

 

[RodISHI]

How many states have a "value fund" type program? Iowa gave millions upon millions to Wells Fargo from taxpayer funds. Fun stuff and it was not enough to just strip the taxpayers at a state level the bankers took it to Washington to nail everyone more flagrantly than they have been already doing at the local levels.

Heck who needs teachers and firemen we have bankers for all our needs.

Values Fund May Not Be So Valuable for Taxpayers
It's understandable that promoters of the Iowa Values Fund want to call it a "jobs ... Wells Fargo had revenue of $33 billion last year.9 So why did Iowans give the firm $54 million in 2003 when it already had 8000 employees here? ... the politicians who give away our money, and to the businesses that receive it

The Politics of the Values Fund

Since the day Vilsack announced plans for the Grow Iowa Values Fund in his 2003, Condition of the State address, it has been a controversial topic.

Originally, conservative critics argued that the Values Fund would not go far enough to boost the state’s economy, saying instead the fund should be wrapped in a bigger package of tax reforms and regulatory changes. Liberal critics said it was just another handout to big corporations, saying that throwing money at a company may keep it in the state for a while, but putting money into education or infrastructure is a better use of resources in the long run.

Former governor Vilsac is part of the elite Obama team, everyone give a big hooray on that note. You can all know you are in good hands.

"Political criminals" . Surely not.

 

[Skull Pilot]

fuck the teachers !

school year should be cut by the precise number of days that it has in it.

i donated to wikipedia because i want to support REAL knowledge. i don't want to support state administered mind control.

fuck cops as well. leave the homicide detectives and get rid of all the traffic cops. if you're afraid to drive on a road with no speed limits - STAY HOME - its easy !

release from prisons everybody doing time for drug offenses. legalize drugs and tax cocaine @ $20/gram.

PROBLEM SOLVED !

dear neurologically impaired,

You have fallen for the same bullshit the fucking politicians have been selling for years. there are plenty of places to cut bloated government budgets. But these asshole pols always play the firemen teachers and cops, oh my card.

Stop being a fucking sheep and demand that your so called representatives start cutting from the top down and not the bottom up.

 

[neurosport]

fuck the teachers !

school year should be cut by the precise number of days that it has in it.

i donated to wikipedia because i want to support REAL knowledge. i don't want to support state administered mind control.

fuck cops as well. leave the homicide detectives and get rid of all the traffic cops. if you're afraid to drive on a road with no speed limits - STAY HOME - its easy !

release from prisons everybody doing time for drug offenses. legalize drugs and tax cocaine @ $20/gram.

PROBLEM SOLVED !

dear neurologically impaired,

You have fallen for the same bullshit the fucking politicians have been selling for years. there are plenty of places to cut bloated government budgets. But these asshole pols always play the firemen teachers and cops, oh my card.

Stop being a fucking sheep and demand that your so called representatives start cutting from the top down and not the bottom up.

silly !

i haven't fallen for anything - you just don't know how to properly read my posts ...

my objective would not be to cut spending until tax hikes are no longer needed but cut it until taxes are GONE ...