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State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress

 
Anonymous Coward
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03/08/2010 07:05 PM
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State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
The Center on Budget and Policy Priorities has released a report "State Tax Changes in Response to the Recession" in which the center notes that "national recession has had such a devastating effect on state finances that states took in $87 billion less in tax revenue from October 2008 through September 2009 than they collected in the previous 12 months. This 11 percent decline, the steepest on record, resulted from the impact on tax collections of lost jobs, reduced wages, and lowered economic activity." And here we are, missing the forest for the Greek tree, and discussing evil CDS speculators' role in Greece barely able to make a €5 billion bond auction, when we should be all over the evil Municipal CDS speculators wreaking havoc in our own back yard.


[link to www.zerohedge.com]
Anonymous Coward
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03/08/2010 07:19 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
I have a solution. Hear me out, because it is outlandish!!!

CUT THE BID+GET.

I can
Anonymous Coward
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03/08/2010 07:28 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Hike THIS and see how much revenue you get battleflag
Harmonics

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03/08/2010 07:33 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
oh my... is the pig out of the bag now?
Anonymous Coward
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03/08/2010 07:34 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Death Spiral.
Anonymous Coward
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03/08/2010 08:14 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Don't worry, they will get the money one way or another. TAXES and lots of em.
Anonymous Coward
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03/08/2010 08:14 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Anyone making over 50 grand on a state pension, automatic 20% reduction. All state workers automatic 20% pay cut. All federal workers, automatic 50% on these lazy bastatrds. Then talk about raising taxes.
Anonymous Coward
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03/08/2010 08:15 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
birthday

dogpile
Anonymous Coward
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03/08/2010 08:32 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Percentages, of take, per catagory, retail is probably #1, according to wallstreet retail is BOOMING
Anonymous Coward
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03/08/2010 08:34 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Mar. 8, 2010, 5:29 PM

Paterson: If NY Can't Figure Out A Way To Close Its $8.2 Billion Budget, We're Looking At A Depression

“The reality is that this is where New York state can move this year if we don't act, and act now,” he said. “What I came here to tell you today is that we are crossing that Rubicon between recession and something else far worse, if my colleagues in the legislature and I can't close a $9.2 billion deficit.”
Anonymous Coward
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03/08/2010 09:28 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
People will go black market. Millions of people across America are hiding their income, working for cash. They are sick and tired of having their money stolen and given to the likes of bankers that are they very reason for the shit economy. Anyone that works directly for the consumer will take cash. At a discount too. Doesn't leave a very good paper trail either.
DanG
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03/08/2010 09:29 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
the american shee.. I mean 'voters' ... HAD a chance for
REAL change - instead they chose more of the same.



RON PAUL 2012 !!

Treasures

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03/08/2010 09:33 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Anyone making over 50 grand on a state pension, automatic 20% reduction. All state workers automatic 20% pay cut. All federal workers, automatic 50% on these lazy bastatrds. Then talk about raising taxes.
 Quoting: Anonymous Coward 907296

HEY NOW

I'll have you know I haven't rec'd a raise in 3 yrs but the costs of insurance have gone up all 3 yrs. So I am in the same boat as the rest of you. As for pensions, rumor is my state is talking about doing away with them altogether.

Federal employees are a different story they rec' a COLA raise and annual raise, regardless of the economy.
"We don't inherit the earth from our ancestors, we borrow it from our children"--Native-American proverb

People were created to be loved while things were created to be used. The reason the world is in chaos is that, things are being loved and people are being used

:Treasures122:

In Solidarity with Janey
[link to i25.photobucket.com]
Anonymous Coward
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03/08/2010 09:35 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Anyone making over 50 grand on a state pension, automatic 20% reduction. All state workers automatic 20% pay cut. All federal workers, automatic 50% on these lazy bastatrds. Then talk about raising taxes.
 Quoting: Anonymous Coward 907296

Agreed. If the peons cannot find work then their employees the lazy ass government workers should suffer right along with us. The bottom line is the government itself created the problem and they should have been the very first to feel the pain of job losses and salary cuts. They alone are killing the goose that laid the golden egg. They have no one to blame for this complete failure but themselves.

But look real close at what they are doing in washington. are they passing laws to control the criminal behavoir of Wall Street? Nope are they bringing our troops home from useless criminal wars? Nope. Are they passing laws to close the borders and stopping the invading hoardes of third world savages? Nope.

Then what are they doing? Trying to pass a healthcare bill that no one wants? Yep. Passing hate crime bills that are in-constitutional? Yep. Passing more tobacco type looting tax laws against soft drinks? Yep. Disgusting jerks the lot of them.

.
Cy Kotic

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03/08/2010 10:00 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Golly, does that mean all the millions of state/federal aid lazy freeloaders will be forced to actually get a job??

Oh the humanity!

What the hell will my local Walmart do from 9 to 5 since most of its shoppers will be at work instead of buying useless crap they don't need with tax-payer money?
I'm just another freak in this never-ending cosmic freak show
Anonymous Coward
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03/08/2010 10:13 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
So which books to these imaginary numbers come from? The books open to the public through the news media or the CAFR?

Since I already know it is not the latter I will ask simply if you buy this wolf cry when there is no wolf or not?
Anonymous Coward
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03/08/2010 10:35 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Anyone making over 50 grand on a state pension, automatic 20% reduction. All state workers automatic 20% pay cut. All federal workers, automatic 50% on these lazy bastatrds. Then talk about raising taxes.
 Quoting: Anonymous Coward 907296


This sounds like a great idea ... but if you do that what will they do to pay their bills.. and that will mean that they screw the banks...and we are all screwed...

There is no answer but PRINT MORE MONEY AND Lower Interest Rates... but then interest rates for money we can not borrow is ZERO...

go figure...
Anonymous Coward
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03/08/2010 10:35 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
we HAVE to get rid of hundreds of thousands of loser State government employees they are useless drags upon society and they will drown us all unless we cut them lose.
Anonymous Coward
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03/08/2010 10:46 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
we HAVE to get rid of hundreds of thousands of loser State government employees they are useless drags upon society and they will drown us all unless we cut them lose.
 Quoting: Anonymous Coward 890973

I'm sure they want to but its going to be very hard for them to lay off all their family members, church buddies, and casual sex partners.




.
Anonymous Coward
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03/08/2010 10:50 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
My state's Governor, Fast Eddie Rendell has said this exact thing.

Revenue must increase or taxes go up, Rendell tells area business leaders
By David Falchek (Staff Writer)
Published: March 7, 2010

Gov. Ed Rendell met with Scranton business leaders Saturday to defend a state budget he says would help the state avert "a fiscal tsunami."

"Fiscal calamity is staring us in the face," the governor said during his appearance at the Greater Scranton Chamber of Commerce building on Mulberry Street. "I don't care how many no-tax pledges get signed or who signs them - revenue has to increase or taxes will go up.".....

[link to thetimes-tribune.com]
Anonymous Coward
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03/08/2010 11:00 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
I agree with the above statement. Ron Paul is the only candidate that is serious enough to cut spending the way that we HAVE to! All the others are pretenders, but he is the real deal. However, even with him getting elected in 2012 the damage is already done. Sure he could turn the boat so to speak, but this shit is going to take a long time to pull out of...

RON PAUL 2012!!

Btw he's got a son Rand who is running for U.S senate in Kentucky, he's got a moneybomb coming up with the 23rd. [link to www.winrandwin.com]

Please pledge today and help us stop the insanity going on in Washington and their out of control spending...
Anonymous Coward
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03/08/2010 11:00 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Agreed. If the peons cannot find work then their employees the lazy ass government workers should suffer right along with us. The bottom line is the government itself created the problem and they should have been the very first to feel the pain of job losses and salary cuts. They alone are killing the goose that laid the golden egg. They have no one to blame for this complete failure but themselves.

But look real close at what they are doing in washington. are they passing laws to control the criminal behavoir of Wall Street? Nope are they bringing our troops home from useless criminal wars? Nope. Are they passing laws to close the borders and stopping the invading hoardes of third world savages? Nope.

Then what are they doing? Trying to pass a healthcare bill that no one wants? Yep. Passing hate crime bills that are in-constitutional? Yep. Passing more tobacco type looting tax laws against soft drinks? Yep. Disgusting jerks the lot of them.

.
 Quoting: Anonymous Coward 909504



Well said.
GraftedPromise
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03/08/2010 11:17 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
.
... when Paul associated with Venture ... I did a step back ...
.
Anonymous Coward
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03/08/2010 11:30 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
I got a letter today from the Missouri Dept of Revenue that was addressed to my father asking why he didn't file taxes for last year.
He's been dead since 1998 and the business closed very soon after that.
I guess Missouri is desperate for tax money.
Treasures

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03/08/2010 11:31 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
I got a letter today from the Missouri Dept of Revenue that was addressed to my father asking why he didn't file taxes for last year.
He's been dead since 1998 and the business closed very soon after that.
I guess Missouri is desperate for tax money.
 Quoting: Anonymous Coward 679335

donkey
"We don't inherit the earth from our ancestors, we borrow it from our children"--Native-American proverb

People were created to be loved while things were created to be used. The reason the world is in chaos is that, things are being loved and people are being used

:Treasures122:

In Solidarity with Janey
[link to i25.photobucket.com]
Anonymous Coward
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03/08/2010 11:36 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
we HAVE to get rid of hundreds of thousands of loser State government employees they are useless drags upon society and they will drown us all unless we cut them lose.

I'm sure they want to but its going to be very hard for them to lay off all their family members, church buddies, and casual sex partners.

The Casual Sex Partners... dont do that or next thing it will be the Formal Sex Partners...




.
 Quoting: Anonymous Coward 909504
Anonymous Coward
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03/08/2010 11:41 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Anyone making over 50 grand on a state pension, automatic 20% reduction. All state workers automatic 20% pay cut. All federal workers, automatic 50% on these lazy bastatrds. Then talk about raising taxes.
 Quoting: Anonymous Coward 907296

Are you fucking nuts?? How can you justify taking 20% from a retired worker on a pension who worked their whole life to be able to afford to retire? These people can't say" oh, darn you cut my pension by 20% ..I guess I'll just go out & work at a different company for the next 20 years so I can have a different retirement plan." Get A GRIP dumbass...think before you start spouting off such stupid bullshit.

wtf

fuckoff2

dumbass
Anonymous Coward
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03/08/2010 11:49 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
goberment workers and retirees are stealing from tax payers fire em all
Anonymous Coward
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03/08/2010 11:54 PM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
goberment workers and retirees are stealing from tax payers fire em all
 Quoting: Anonymous Coward 890973


I bet they at least can manage to use basic 3rd grade grammar like punctuation at the end of their sentences....no wonder you're bitter...you don't have the education to get a job as a government employee with backwoods intelligence like yours.

iamwith
Anonymous Coward
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03/09/2010 12:12 AM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
First of all remember that a budget shortfall in government doublespeak means that the built in annual budget increases cannot be met. If budgets are simply restated for zero growth, what is the real budget shortfall?

Second, there should be means testing for social security and medicare, including net asset value. I personally know a good handful of wealthy people with trust funds who are collecting social security and medicare/medicaid. I realize they paid in, but we have to start somewhere. Will anyone sacrifice?

Also, according to Burien, the CAFR guy, unspent monies from the current budget period, are not included in the calculations for the next budget period, but these amounts disappear into various funds that are hidden from public scrutiny in the complicated CAFRs that the average Joe cannot understand.

Then, there are the public pension and health plans where the employees contribute nothing, and when these funds suffer losses, they must be made up by the public. Many of these funds are invested in Wall Street. Now is the time for these enormous pension funds to be invested back into the communities from which they came for infrastructure bonds, etc.

There are many things that can be done. Don't believe the politicians crying wolf. They are still playing their same old game and using the downturn as an excuse to ratchet down the thumbscrews ever more.
Anonymous Coward
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03/09/2010 12:22 AM
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Re: State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress
Are you fucking nuts?? How can you justify taking 20% from a retired worker on a pension who worked their whole life to be able to afford to retire? These people can't say" oh, darn you cut my pension by 20% ..I guess I'll just go out & work at a different company for the next 20 years so I can have a different retirement plan." Get A GRIP dumbass...think before you start spouting off such stupid bullshit.

wtf

fuckoff2

dumbass
 Quoting: Anonymous Coward 809159

The government allowed Wall Street to steal 100 percent of many people's retirerment. I didn't see you government assholes cry about that. So you want us to cry about you losing 20 percent? Lose 20 percent when you government workers allowed the criminals to steal our money? Maybe you government workers should have did a better job....did what you were paid to do. even to this day no one in the government has been charged with not doing their jobs and regulate Wall Street. You failed and should not be rewarded for complete and total failure. Instead of worrying about losing 20 percent of your retirerment a lot of you should be glad you are not in prison.


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