State revenues reflect tax policy that favors the well off | Arkansas Blog

Tuesday, August 4, 2015

State revenues reflect tax policy that favors the well off

Posted By on Tue, Aug 4, 2015 at 9:38 AM

Figures are out on state tax take in July, the first month of a new budget year. Income inequality, anyone?

The gross came in $4 million below last year income(tax cuts, remember?), but $4.5 million above forecast. Flat revenue year to year, in other words. As long as the cost of government doesn't rise, it should not be a problem. (Not room for many 36 percent pay raises like certain Supreme Court justices passed out, in other words.)

The flat performance came on the strength of sales tax collections above expectations. This amounts to more good news for the ruling class. Those who can least afford it continue to pay a greater percentage of their income toward running government, while the richer enjoy tax cuts. Individual income tax collections were down a healthy 5.8 percent in the month. Remember that all the income tax cuts provided by the legislature provided NOTHING for the bottom 40 percent of working taxpayers.

PS — Speaking of state spending, the governor boasted today in a statement that  the hiring freeze he implemented (actually the state has had a rolling hiring freeze forever)had saved $2.5 million in the last six months of fiscal 2015 by not filling 297 positions. Another 433 freeze requests are pending a response from the governor's office. The savings of $400,000 a month can be put in context of gross revenue of some $400 million a month.


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