5-6-16 – Income tax revenues down $17 million, but….

by Rob Roper

There are several articles in numerous publications touting the unexpected “tanking” of personal income tax revenues for the state in April. Overall, the Personal Income Tax revenues were off $16.84 million, Sales and Use and Meals and Rooms were off target by -$0.94 million and -$0.87 million respectively, but these shortfalls were somewhat offset by higher than expected Corporate Tax revenues.

Certainly this is not good. But keep also in mind that these numbers represent shortfalls in projections. Taxpayers have actually provided the state with about 2% MORE revenue than we did last year. The state is just taking (and spending) more of our money faster. It’s never enough.

Weep not for Montpelier.

Rob Roper is president of the Ethan Allen Institute

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