State Revenues Come In Lower Than April Forecast
Staff Report
TheStatehouseFile.com
Indiana has fewer dollars pouring into the general fund than state officials estimated when they made their forecast in April, with the biggest decline in corporate income tax collections.
The State Budget Agency reported Monday that year-to-date general fund collections totaled almost $4.8 billion, or 2.5 percent less than what was the forecast and only slightly below revenues reported in the same period one year ago.
The agency also reported that year-to-date sales and individual taxes were slightly below the April forecast but 2.2 percent more than what the state collected in the same period in the last fiscal year.
Also down slightly through the current fiscal year were individual income tax collections, which were $1.8 billion or .3 percent below the forecast. But those collections were 2.8 percent more than what the state took in during the same period in the last fiscal year.
Meanwhile, corporate income tax collections were 52.9 percent below the forecast and 45.7 percent below the amount the state took in during the same period in the last fiscal year. Part of the reason collections are down is that corporate refunds have risen as the Department of Revenue processes refunds more quickly.
Also, corporate tax collections vary greatly from month to month, the agency also reported. Collections depend on when corporations file their returns, how quickly they are processed, whether they claim refunds, among others.
The agency also said that more corporate tax dollars are paid in the final six months of the fiscal year compared to the first six months. The current fiscal year ends June 30.
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Corporate tax receipts down? That is gonna go down even further. Family taxes? Going up, even higher, cause they’re gonna make that budget work, and if corporate taxes go down, that money is coming from us.
Here is what I do know: we were told that our taxes would go down with Trump, and that the rich would pay more. We were supposed to get a tax cut, working families. Al Sharpie and Pressanykey promised that Trump was for the little guy. But our family mortgage deduction is going away. Our family tax credits are being reduced. Our tax bill is going higher cause they’re taking away our ability to deduct our State taxes. The budget? That’s not being reduced. They need the tax revenue, and its coming from my family, and working families everywhere.
“But the corporations will pay you more if their taxes go down, Sir. We need to reduce their taxes so they can pay you more.”
Pressanykey. Can you explain what happened? Why are our taxes going up? You said Trump was against Washington fat cats who always got their taxes lowered. You said Trump was for the working family. Will you explain that Press?
If you are a father of 5 young children under 18 I’m gonna guess you get more back in taxes then what your actually paying in.
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