Posts Tagged ‘tax hikes’

State Tax Revenues Slowly Rebound … But

State Tax Revenues Slowly Rebound … But

Courtesy of Mish 

The Nelson Rockefeller Institute reports State Tax Revenues Are Slowly Rebounding. However, as always, the devil is in the details. Let’s take a look.

Preliminary tax collection data for the April-June quarter of 2010 show improvement in overall state tax collections as well as for personal income tax and sales tax revenue. However, revenue collections remain significantly below peak levels and are still weak in a number of states.

The Rockefeller Institute’s compilation of data from 47 early reporting states shows collections from major tax sources increased by 2.2 percent in nominal terms compared to the second quarter of 2009, but was 17.2 percent below the same period two years ago.

State Tax Collections

Gains were widespread, with 30 states showing an increase in revenues compared to a year earlier. After adjusting for inflation, tax revenues increased by 1.4 percent in the second quarter of 2010 compared to the same quarter of 2009.

In terms of dollars, California reported the largest increase in personal income tax collections in the second quarter of 2010, where revenue collections rose by $1.6 billion or 11.5 percent. Such increase is mostly attributable to legislated changes. Without California, personal income tax collections for the second quarter of 2010 show a 1.1 percent decline nationally in the April-June quarter, compared to the same period of 2009.

Sales tax collections increased by 5.9 percent in the second quarter of 2010 compared to the same quarter of 2009, but were still 5.4 percent lower than two years ago. With 42 of 45 sales-tax states reporting so far, only seven states reported declines in sales tax collections compared with the same quarter last year.

Among the corporate income tax states, 19 of 43 early reporting states reported declines for the second quarter compared to the same quarter of the previous year, while 24 showed gains. Fourteen states reported double-digit declines, while seventeen states reported double-digit growth in corporate income tax collections in the second quarter of 2010. The large variation among states’ corporate income tax revenues is due to volatility in corporate profits and in the timing of tax payments.

Among individual states, California reported the largest decline in corporate income tax collections in the second quarter of 2010, where revenue collections declined by $2.7 billion or 42.3 percent. California’s corporate income tax


continue reading


Tags: , , , , , ,




Florida – Much Worse Problems Than the Oil Spill

Florida – Much Worse Problems Than the Oil Spill

tch2_1201 - Tricolored heron at Wakodahatchee Wetlands, Florida.

By Doug Hornig, Senior Editor, Casey Research

Media coverage of the oil spill’s effect on the Gulf focusing on tourist income lost by the waterfront towns – with footage of empty beaches, restaurants and T-shirt shops – dominates the news. Interviews with devastated business owners are heart rending. But they always end with references to somehow hanging on until “things get back to normal.”

Trouble is, things are not going to “normalize.” Not for the Panhandle of Florida, and probably not for the rest of the state, either.

Projections suggest that Florida can expect oil all along its west coast, and possibly throughout the Keys and up the east coast as well. Yet even before BP’s well began spewing crude, pressures within the state’s economy were building. It was an explosive situation awaiting a match.

Oily beaches and dying wildlife are likely that match.

Take unemployment. Statewide, it ballooned from 3% in 2006 to a peak of 12.3% in February 2010. Though it’s backed off, it remains in double-digit territory at 11.2%. ”Officially” – though official numbers understate the problem. Illegal immigrants, some 4.5% of Florida’s population, aren’t counted; the long-term unemployed and aging workers are regularly purged, even if they’re still looking for work.

This in a state already confronted with the worst of the coming healthcare/taxation crunch. It has the second oldest population in the nation, and as its citizens retire, their earnings fall off, causing tax revenues to drop. At the same time, healthcare bills rise, stressing social service budgets.

Florida is ground zero for Baby Boomer demographics. With 600 seniors for every 1,000 workers now, and the number trending inexorably higher, soon every employed person in the state will essentially have to adopt one senior to care for out of his or her paycheck.

Housing? Naturally, rising unemployment amplifies the difficulties of maintaining homeownership. With further negative effects from the oil, we can only expect the situation to worsen. A tsunami of defaults and foreclosures – and bank failures – would not be a surprise.

Florida is mortgaged to the hilt. It ranks second only to California in total securitized non-agency mortgage loans, 10% of the national total. Of those, half are 60 days or more…
continue reading


Tags: , , , , , , , ,




Small Businesses Owners’ Association Slams Obama’s Stimulus Efforts, Sites Weak Demand and Poor Sales

Small Businesses Owners’ Association Slams Obama’s Stimulus Efforts, Sites Weak Demand and Poor Sales

Courtesy of Mish
Senior male butcher selecting leg of lamb, smiling, portrait

Small business optimism inched higher but all it really means is things are getting worse at a falling rate. Please consider U.S. Small-Business Optimism Index Rose in January.

Confidence among U.S. small businesses increased in January for the first time in three months as the outlook for sales improved, according to the National Federation of Independent Business optimism index.

The gauge climbed to 89.3, the highest level in 16 months, from 88 in December, the Washington-based organization said today. The advance left the measure close to the 2009 low of 81 reached in March, which was second only to a 1980 reading as the lowest on record.

Three of every 10 companies surveyed said a lack of sales remained their biggest concern even as the demand outlook turned positive for the first time since January 2008, the month after the recession began. A majority of small businesses expect profit and employment to decline, showing why the Obama administration has announced new plans aimed at providing credit and tax breaks to small firms.

“This is very disappointing for an indicator of the health of the most critical segment of the economy in terms of new job creation,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.

“The good news was less bad news,” William Dunkelberg, chief economist at the NFIB, said in a statement. “Optimism has clearly stalled in spite of the improvements in the economy in the second half of 2009.”

President Obama last week announced he will back a temporary increase in Small Business Administration loans to $1 million from $350,000 to encourage hiring. He has previously endorsed $33 billion in small business tax cuts and incentives for hiring as well as a plan to use $30 billion of bailout money paid back by Wall Street financial institutions to help community banks make loans to small businesses.

Such aid is “misdirected,” NFIB’s Dunkelberg said in the statement, because the top problem for small business leaders is weak demand rather than a lack of credit. Stimulus therefore should focus on reviving consumer spending, he said.

Recovery In Doubt

Please consider No Job Growth for Small Business Spurs Recovery Doubt.

Small businesses are becoming the Achilles


continue reading


Tags: , , , , , , , , ,




 
 
 

Zero Hedge

America's Housing Future Remains Murky At Best - Part 1

Courtesy of ZeroHedge View original post here.

Authored by Bruce Wilds via Advancing Time blog,

The housing market in America is not one but many markets that generally share a few common threads. In America, the government, coupled with a slew of builder and Realtor associations control the housing narrative. Housing prices in Canada have been on fire for years now we are seeing this type of buying frenzy spreading to America.  This has allowed some buyers to ignore the reality that soaring lumb...



more from Tyler

Phil's Favorites

A Giant Consumptive Force

 

A Giant Consumptive Force

Courtesy of John Mauldin

The SIC was in full swing this week. I am finishing this on Friday morning, a few hours before the start of the last official day and then a “Plus Day” on Tuesday. My mind is swimming with new connections and revelations.

While the live events are mostly over now, your SIC pass gives you full video, downloadable audio, slide presentations and (soon) written transcripts of every session. They are all still quite fresh and relevant, so don’t feel like you missed the opportunity. (Note: I’ve never heard a greater discussion of inflation and/or deflation from so many perspectives. We will go into that in detail in the coming weeks.) ...



more from Ilene

Politics

As the Palestinian minority takes to the streets, Israel is having its own Black Lives Matter moment

 

As the Palestinian minority takes to the streets, Israel is having its own Black Lives Matter moment

Israeli-arabs gesture and wave Palestinian flags at Israelis in a Jewish community building, during renewed riots in the city of Lod on May 11. Oren Ziv/picture alliance via Getty Images

Courtesy of James L. Gelvin, University of California, Los Angeles

The images and reports coming from Israel, Jerusale...



more from Politics

Biotech/COVID-19

Herd immunity appears unlikely for COVID-19, but CDC says vaccinated people can ditch masks in most settings

 

Herd immunity appears unlikely for COVID-19, but CDC says vaccinated people can ditch masks in most settings

A woman walks by a sign in New York City amid the coronavirus pandemic on March 30, 2021. Noam Galai/Getty Images

Courtesy of William Petri, University of Virginia

When COVID-19 first began spreading, public health and medical experts began talking about the need for the U.S. to reach herd immunity to stop the coronavirus from spreading. Experts have estimated that between 60% and 90% of people in the U.S. w...



more from Biotech/COVID-19

Digital Currencies

Dogecoin Soars After Musk Tweets "Working With Doge Developers To Improve System Efficiency"

Courtesy of ZeroHedge

Just when you thought things couldn't get any more surreal after the past 24 hours, moments ago Elon Musk, who last night rejected bitcoin because its mining is "bad for the environment" as it consumes a lot of electricity (just wait until Elon discovers how all those rare earth metals that are in every electric car are mined, or what those electric cars run on), moments ago Musk poked the hornets nest again, and shortly after tweeting that 'it's high time there was a carbon tax'...

It is high time there was a carbon tax!

— Elon Musk (@elonmusk) May 13, 2021

...

more from Bitcoin

Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Sunday, 22 November 2020, 05:47:49 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: Bitcoin ambitions ...



Date Found: Sunday, 22 November 2020, 05:48:34 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: PMI juiced back up ...



Date Found: Sunday, 22 November 2020, 05:49:42 PM
...

more from Chart School

ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



more from ValueWalk

Kimble Charting Solutions

Will Historic Selloff In Treasury Bonds Turn Into Opportunity?

Courtesy of Chris Kimble

Long-dated treasury bonds have been crushed over the past year, sending ETFs like TLT (20+ Year US Treasury Bond ETF) spiraling over 20%.

Improving economy? Inflation concerns? Perhaps a combination of both… interest rates have risen sharply and thus bond prices have fallen in historic fashion.

Today’s chart looks at $TLT over the past 20 years. As you can see, the recent decline has truly been historic. $TLT’s price has swung from historically overbought highs to oversold lows.

At present, the long-dated bond ETF ($TLT) is trading 7.8% below its 200-...



more from Kimble C.S.

Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



more from M.T.M.

Promotions

Phil's Stock World's Weekly Webinar - March 10, 2021

Don't miss our latest weekly webinar! 

Join us at PSW for LIVE Webinars every Wednesday afternoon at 1:00 PM EST.

Phil's Stock World's Weekly Webinar – March 10, 2021

 

Major Topics:

00:00:01 - EIA Petroleum Status Report
00:04:42 - Crude Oil WTI
00:12:52 - COVID-19 Update
00:22:08 - Bonds and Borrowed Funds | S&P 500
00:45:28 - COVID-19 Vaccination
00:48:32 - Trading Techniques
00:50:34 - PBR
00:50:43 - LYG
00:50:48 - More Trading Techniques
00:52:59 - Chinese Hacks Microsoft's E...



more from Promotions

The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



more from Tech. Traders

Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



more from Lee

Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

http://www.insidercow.com/ more from Insider





About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>


As Seen On:




About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.