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Post by ECE Prof on Sept 24, 2022 22:24:46 GMT
I was reading our local news today. Guess what? Our total county and city tax collections so far (8 months) has gone up 12.5%. The reason is this: We have only sales taxes on everything, food, medicine, gas,... as a percentage, and no income tax. So, with so much in inflation, our local tax collection went up so much - it will create a budget surplus in our counties and state. In fact, we are having tax-free month - September.
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Post by Chahta on Sept 25, 2022 1:21:20 GMT
No tax on prescriptions.
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Post by ECE Prof on Sept 25, 2022 2:00:40 GMT
You could be correct. I will check on it next time, because I do not pay attention to medicine alone. I usually buy other stuff also in Walmart and use charge card. |
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Post by Capital on Sept 25, 2022 13:39:26 GMT
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Post by Chahta on Oct 10, 2022 23:07:32 GMT
I was reading our local news today. Guess what? Our total county and city tax collections so far (8 months) has gone up 12.5%. The reason is this: We have only sales taxes on everything, food, medicine, gas,... as a percentage, and no income tax. So, with so much in inflation, our local tax collection went up so much - it will create a budget surplus in our counties and state. In fact, we are having tax-free month - September. And will continue to go up with inflation. Win-win for Uncle, not so much for us. |
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Post by ECE Prof on Oct 10, 2022 23:29:09 GMT
I was reading our local news today. Guess what? Our total county and city tax collections so far (8 months) has gone up 12.5%. The reason is this: We have only sales taxes on everything, food, medicine, gas,... as a percentage, and no income tax. So, with so much in inflation, our local tax collection went up so much - it will create a budget surplus in our counties and state. In fact, we are having tax-free month - September. And will continue to go up with inflation. Win-win for Uncle, not so much for us. Gary You know what? Uncle Sam will collect more taxes from me this year because cash brings a lot of taxable income - not qualified. It is better to pay the taxes than losing money in the market every day. In fact, Morgan Stanley has issued warning on the next quarter's earnings, due to two reasons -economic slowdown and dollar strength. Double whammy for the market.
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Post by mnfish on Oct 17, 2022 11:46:53 GMT
CBO report on fiscal 2022 tax receipts - some excerpts -Revenues in all major categories, but notably individual income taxes, were greater than they were in fiscal year 2021. -Revenues were $850 billion (or 21 percent) higher -Amounts withheld from workers’ paychecks rose by $382 billion (or 14 percent). -Individual income tax refunds were $35 billion (or 13 percent) lower than in the same period a year ago. -Collections of corporate income taxes increased, on net, by $53 billion (or 14 percent). -The federal budget deficit was $1.4 trillion in fiscal year 2022, the Congressional Budget Office estimates—about half of last year’s deficit of $2.8 trillion. -The deficit CBO now estimates for 2022 is $341 billion larger than the shortfall estimated in its most recent baseline projections -The increase in outlays primarily stems from $426 billion in costs estimated and recorded by the Administration in September 2022 to reflect the long-term costs of certain forms of student debt relief, including forgiving portions of federal student loans for many borrowers. |
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