Office of Administration reports sharp November income downturn
Missouri’s Office of Administration released a report late this afternoon that confirmed the state’s worsening financial picture.
The report’s revenue-collections breakdown lays it all out, by comparing this November’s tallies with those of a year ago:
GROSS COLLECTIONS BY TAX TYPE
Sales and use tax collections
· Deceased 7.6 percent for the year, from $853.9 million last year to $788.9 million this year.· Decreased 23.1 percent for the month.
Individual income tax collections
· Increased 1.3 percent for the year, from $2.06 billion last year to $2.09 billion this year.· Decreased 2.0 percent for the month.
Corporate income and corporate franchise tax collections· Decreased 13.6 percent for the year, from $189.7 million last year to $164.0 million this year.
· Decreased 23.6 percent for the month.
All other collections
· Decreased 4.0 percent for the year, from $174.4 million last year to $167.3 million this year.
· Decreased 20.3 percent for the month.
Refunds
· Increased 21.1 percent for the year, from $229.6 million last year to $278.2 million this year.· Increased 59.5 percent for the month.
Individual income taxes increased, and corporate income taxes decreased.
I thought that was the goal of Republican “trickle down” economics?
Seems to have worked so well on the national level.
Oblivious to the fact that people are employed, making enough money to increase income tax payments to the state while businesses are struggling, eh Garrison?
Probably also oblivious that most businesses in Missouri are now LLC’s which mean they file individual income taxes not corporate.
But, glad to see you continue to be confused by the facts.
Why is it that some of you do not understand the 2nd Amendment. We the people of the United States of America have the right to keep and bear arms.
As free Americans, we will not give up these rights to you or our Politicians