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Friday, June 5, 2009

Georgia revenues in May were — you guessed it — down

Georgia saw another tough month in May, collecting 14 percent less than the previous year, Gov. Sonny Perdue's office says. Revenue collections from sales taxes, income taxes and other BIG GOVMINT CAPITALISM-KILLIN' TACTICS are down 10 percent for the year.

At least we're not alone, right? The New York Times, writing on a recent report about how states are faring during the hard-hit economy, says:

Thirty-one states said estimates about personal income taxes had been overly optimistic, and 25 said that all three major tax categories — sales taxes, personal income taxes and corporate taxes — were not keeping up with projections.

Even gloomy-Gus states that saw the recession coming and low-balled their tax estimates had little room for celebration, the report said. “The handful of states that have weathered the economic decline reasonably well are starting to report adverse revenue developments,” it said. “The news is alarming.”

A few states have seen rises in some taxes and drops in others. No one's been whacked as hard as New York, however. Its revenues are off nearly 50 percent compared to last fiscal year.

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