Monday, December 14, 2009
State Tax Revenues Tell the Truth
I've always paid close attention to tax revenue, because I believe that tax revenues show a very honest perspective of the economy. See, while job numbers can be easily cooked, it's more difficult for a state government to produce money that doesn't come in.
Here's a small look at the state of the economy from the prespectives of three states: Colorado, New York and California.
Sales tax revenue in Colorado dropped 9.1% in November, California’s revenue dropped 0.6 percent in November (compared to last November) and New York Governor Patterson withheld a $750 million payment to local governments to save cash.
If the economy is recovering, why is the government declaring that tens of thousands of unemployed people to be not apart of the workforce? Is this how the government deals with bad news? Cover it up. Well, it's becoming increasing harder to cover up the face that more and Americans are losing their jobs and don't have the money to pay state taxes.
Sales Tax Revenues Down in November
N.Y. Governor Delays $750 Million of Aid to Save Cash
California’s Revenue Slides $33 Million in November