Sunday, October 31, 2010

House Most Wanted List

So yesterday, a colleague of mine emailed this out. It's a list of new taxes the House Democratic leadership is supposedly rolling out for approval next year. To say that the likelihood of any one of these becoming reality is low would be quite the understatement. But for your own musings, here's the list:

Possible Tax Increases proposed by The House Leadership
Total - Approximately $300 million

Beer excise tax increase - $8 million
Alcohol excise tax increase - $9 million
Soft Drink tax - $20 million
Gaming tax increase of 1% - $27 million
Income tax increase - $150 million
Cell phone tax $1 per phone - $23 million
LLC Charge/fee $25 each - $1.5 million
Fee increases on Banks & Check Cashiers - $20 million
Fees & Licenses increases - $10 million

In addition:

Eliminate 2% Sales Tax discount
Eliminate evaporation allowance for petroleum distributors
Revise distribution of Oil & Gas Severance taxes
Revise the Gaming Road Bond Fund
Special fund Agencies – DEQ $11 million
Wildlife $7 million
Marine Resources $1.3 million
(this is general fund monies to these special fund agencies)

Friday, October 29, 2010

October Tax Revenues Coming In Higher Than Expected

This afternoon, we received word from Governor Barbour's office that Mississippi's tax revenues will come in slightly higher than expected. While this is good news, it doesn't diminish the fact that we're heading into the next fiscal years with hundreds of millions of dollars less than we had this year. Here's a statement from Governor Barbour:

“The state’s preliminary revenue collections as of today came in slightly higher than our conservative estimate for the fiscal year.
October revenue was 1.87 percent, or $7.3 million, more than we had anticipated. While I’m pleased to report that we surpassed the estimate, the need to prepare our state for another difficult fiscal year still exists. The economy still is not strong, and the loss of hundreds of millions of dollars in federal stimulus funds dictates that we prepare a Fiscal Year 2012 budget recognizing that Mississippians expect their government to prioritize state spending rather than reach deeper into their pockets.”
-Governor Haley R. Barbour

Thursday, October 28, 2010

Seeing The Salaries of Government Employees

California just launched a Web site publishing the salaries of all city and county employees. Some county and municipal governments have yet to submit their salary information, which could result in fines from State Controller John Chiang.

This article came to us courtesy of Governing Magazine.

Tuesday, October 26, 2010

School Nixes Biden Campaign Appearances

Here's an article from The Philadelphia Inquirer about an elementary school in the Radnor School District canceling a campaign event where Vice-President Joe Biden was scheduled to appear for Democratic Congressional hopeful Bryan Lentz. Click here to access the article.

This came to us courtesy of Governing Magazine.