Tuesday, August 11, 2009
Legislature / Woods State Tax Collections Are So Bad They Make History
Posted by Jeff Woods on Tue, Aug 11, 2009 at 2:51 PM
July revenue fell by almost 11 percent, the fourth straight month of double-digit decreases. Overall, $815 million came in for the month, $62 million less than the state budgeted. For the year, tax collections were $1.2 billion less than budgeted, and nearly $1 billion less than was actually spent in the previous year.
"Franchise and excise tax collections showed positive growth for July, but all the over collection resulted from significant one-time payments, not from an upswing in economic activity in Tennessee," Finance Commissioner Dave Goetz said. "We continue to strictly monitor revenue collections and our expenditures in order to maintain a balanced budget."
Asked essentially whether it's bullshit for gubernatorial candidates to promise new spending without raising taxes, Goetz replied, "You would have to stop doing a lot of things in order to be able to find the funds to do new things."
Comments (4)
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Good thing there's a candidate who is selling cuts as the way to move forward. I really need to stop with the third person thing.
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Damn Joe, I've been thinking. You could become the first candidate to win an election by communicating solely through blog comments. It's a revolutionary plan of yours.
