By Dennis Cauchon, USA TODAY
Fri Nov 18, 7:33 AM ET
Soaring state tax collections have created momentum for tax cuts in 2006, when most governors and legislators will face voters.
State and local revenue rose 7.2% in the first nine months of this year, the biggest jump since 1990, according to the U.S. Bureau of Economic Analysis. Spending is up 6%, the most since 2001.
Three years of strong revenue growth have left many states with large surpluses. New Mexico is looking at a $1 billion surplus. Florida expects more than $3 billion.
Even financially troubled California took in $3.4 billion more than it spent in the budget year that ended June 30 - the state's first surplus since 2000. California's deficit was erased by a 13.2% revenue increase.
"Every month we're surprised by the good news and say it has to slow down. But it hasn't," says Arkansas Gov. Mike Huckabee, chairman of the National Governors Association. His state had record revenue in October and expects a $200 million surplus this year.
Personal and corporate income tax collections have been unexpectedly strong in most states. States that tax energy production and real estate construction have enjoyed enormous windfalls, too.
http://news.yahoo.com/s/usatoday/20...utsbystates;_ylt=AnyBJIWtftsEDkUbQs1Qm9TaB2YD
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Interesting --isn't it? Makes a person wonder what areas they poll from to get all these negative #'s of economy heading in wrong direction--
--or is it if the media tells you something long enough--many will begin to believe it
Fri Nov 18, 7:33 AM ET
Soaring state tax collections have created momentum for tax cuts in 2006, when most governors and legislators will face voters.
State and local revenue rose 7.2% in the first nine months of this year, the biggest jump since 1990, according to the U.S. Bureau of Economic Analysis. Spending is up 6%, the most since 2001.
Three years of strong revenue growth have left many states with large surpluses. New Mexico is looking at a $1 billion surplus. Florida expects more than $3 billion.
Even financially troubled California took in $3.4 billion more than it spent in the budget year that ended June 30 - the state's first surplus since 2000. California's deficit was erased by a 13.2% revenue increase.
"Every month we're surprised by the good news and say it has to slow down. But it hasn't," says Arkansas Gov. Mike Huckabee, chairman of the National Governors Association. His state had record revenue in October and expects a $200 million surplus this year.
Personal and corporate income tax collections have been unexpectedly strong in most states. States that tax energy production and real estate construction have enjoyed enormous windfalls, too.
http://news.yahoo.com/s/usatoday/20...utsbystates;_ylt=AnyBJIWtftsEDkUbQs1Qm9TaB2YD
++++++++++++++++++++++++++++++++++++++++++
Interesting --isn't it? Makes a person wonder what areas they poll from to get all these negative #'s of economy heading in wrong direction--
--or is it if the media tells you something long enough--many will begin to believe it
