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10 May 2010

State Tax Revenues Drop 4.2% In April (as I roll my eyes in disgust)

After an extraordinarily long legislative session where the annual budget was center of most conversations, the Georgia Dept. of Revenue reported last week that tax revenues for April were down 4.2%.

The Peach State’s tax revenue in April dropped 4.2 percent to $1.34 billion. That figure includes $450.6 million in sales tax revenue (up 12 percent), $91.6 million in corporate income tax (up 13.9 percent), $80.4 million in motor fuel tax revenue (up 29.9 percent), and $657.4 million in individual income tax revenue (down 16.4 percent).

Georgia tax revenue dips in April. Atlanta Business Chronicle. Retrieved on 2010-5-7.

There's no word on how the drop in revenue will affect the recently passed FY2011 budget. It is quite possible that the decline in tax revenue may result in adjustments before and after the budget is signed into law by Gov. Perdue.

The number that stands out the most is the 16.4% drop in individual income tax revenue. Such a significant decline says that people aren't making as much money as they once did, more people are unemployed or both.

The drop in income tax revenues continues to tell everyone that jobs should be the number one focus of Georgia. Put more Georgians back to work and they'll be able to pay taxes and bring the budget back into balance.