MORE taxes from: AZ, CT, DE, IL, MA, MN, NJ, OR, WA, CA, NY & WI

[atprm]

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.

http://online.wsj.com/article/SB123923448796803135.html

[anothersta]

Guess it never occurs to politicians to CUT spending. Just reach in our pockets and take more!! Thiefs!

[LuvBigRip]

Many of those states are already listed among the highest taxed states. It never occurs to people that if you tax more, people have less to spend. People lose jobs.

[atprm]

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.

yes, we are well aware of what it costs to register our vehicles every year...

in Michigan, it's ALWAYS based on the cost of the vehicle's MSRP when it was made...no matter how old your vehicle is.

For me that means my 1994 Chevy costs me over $150 a year just to get new tabs...for our van it's over $200 a year.

If they raise it again, we probably won't be able to afford to get tabs and then won't be able to drive the cars... and since you can't leave them sitting without valid plates, will have no choice but to get rid of our cars.

no cars = no work -- because there is NO public transportation out here.
(the pub transp stops in Romulus for the one that is connecting throughout Detroit area...and the other pub transp stops in Ypsilanti for the one that goes throughout Ann Arbor)

[meltodd69]

I know our state is going to get a surprise after the 15th. And our city is going to CRAP!
I see all kinds of taxes going up soon. Heck my property tax went up already. They said my place is worth more LOL. Everyones here went up. There is no way! Heck you can now buy the 4 bedroom house across the street for $20,000.
Atprm I feel for you car owners up there. It is crazy what you guys pay!

[mikej]

yes, we are well aware of what it costs to register our vehicles every year...

in Michigan, it's ALWAYS based on the cost of the vehicle's MSRP when it was made...no matter how old your vehicle is.

For me that means my 1994 Chevy costs me over $150 a year just to get new tabs...for our van it's over $200 a year.

If they raise it again, we probably won't be able to afford to get tabs and then won't be able to drive the cars... and since you can't leave them sitting without valid plates, will have no choice but to get rid of our cars.

no cars = no work -- because there is NO public transportation out here.
(the pub transp stops in Romulus for the one that is connecting throughout Detroit area...and the other pub transp stops in Ypsilanti for the one that goes throughout Ann Arbor)

What are car tabs?

[atprm]

car tabs: the little stickers -- one has the month, one has the year.

car tags: actual plates. (we don't get new plates except once every blue moon...whenever Granholm decides we need a new look -- and those just changed last year. the blue ones we had prior to that we had from 1976 to 2007).

[Jolie Rouge]

California budget deficit just a little higher than previous projection
By Doug Powers • May 13, 2012 10:48 AM


About $6.8 billion higher to be exact: http://www.washingtonpost.com/business/economy/gov-jerry-brown-says-california-facing-higher-than-expected-16-billion-budget-shortfall/2012/05/12/gIQA9ptzKU_story.html


California’s budget deficit has swelled to a projected $16 billion — much larger than had been predicted just months ago — and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday.

The Democratic governor said the shortfall grew from $9.2 billion in January in part because tax collections have not come in as high as expected and the economy isn’t growing as fast as hoped for. The deficit has also risen because lawsuits and federal requirements have blocked billions of dollars in state cuts.

“This means we will have to go much farther and make cuts far greater than I asked for at the beginning of the year,” Brown said in an online video. “But we can’t fill this hole with cuts alone without doing severe damage to our schools. That’s why I’m bypassing the gridlock and asking you, the people of California, to approve a plan that avoids cuts to schools and public safety.”

Brown did not release details of the newly calculated deficit Saturday, but he is expected to lay out a revised spending plan Monday. The new plan for the fiscal year that starts July 1 hinges in large part on voters approving higher taxes.

How about first cutting billions in expenses by putting the “train to nowhere” on the chopping block? Sorry, crazy suggestion. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/04/01/MN2F1NT19T.DTL

Part of Brown’s proposal is a tax increase on higher income earners in California — a “Moonbeam Rule” (which is a variation on the “Buffett Rule” except it actually has a chance of being implemented): http://www.washingtonpost.com/business/economy/gov-jerry-brown-says-california-facing-higher-than-expected-16-billion-budget-shortfall/2012/05/12/gIQA9ptzKU_story.html


http://s.michellemalkin.com/wp/wp-content/uploads/2012/05/california11.jpg

Under Brown’s tax plan, California would temporarily raise the state’s sales tax by a quarter-cent and increase the income tax on people who make $250,000 or more. Brown is projecting his tax initiative would raise as much as $9 billion, but a review by the nonpartisan analyst’s office estimates revenue of $6.8 billion in fiscal year 2012-13.

Now if Brown could only convince some of those people in that red sliver on the above chart to donate their money to reduce the state’s deficit instead of giving it to the Obama campaign he might get somewhere: http://www.bostonherald.com/news/us_politics/view/20120511barack_obama-george_clooney_event_raises_nearly_15_million/srvc=home&position=recent

http://www.youtube.com/watch?v=NPc85z9uhJQ&feature=player_embedded


**Written by Doug Powers http://michellemalkin.com/2012/05/13/california-budget/