Obamanomics continues to take its toll on Pennsylvania as the nation continues to suffer through the Great Dempression.
The Keystone State collected $3.9 billion in general fund revenue in March which was $243 million less than anticipated.
Year-to-date collections are $19.9 billion, which is $719.6 million, or
3.5 percent, below estimate, the state Revenue Department said April 2.
The sales tax brought in $569 million for March or $50.9 million less than expected. Sales tax receipts for the year are $5.9 billion which is $316.2 million off estimates. State officials said the snow kept people inside in February,
meaning they spent less money.
Personal income tax revenue for march was actually $57.7 million more than expected coming in at $811.9 million. Could it be that all the unemployed had time to do their income tax earlier? Ah, that was just being mean. Year-to-date personal income tax collections are at $6.8 billion which is $135.9 million less than hoped.
Corporate taxes in March were $264.2 billion off estimate coming in at $2.3 billion. Year-to-date collections are at $3.5 billion which is $283.2 million — or 7.5 percent — off estimate.
You can say people aren’t dying to pay their taxes here. Inheritance tax collections for March were $68.2 million or $5.1 million below estimate. YTD is $545.7 million or $13 million below estimate.
So how are we going to pay for all that looming pension pain? or that $1.2 billion in new spending that Gov. Rendell is seeking?