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Tax collections fall $100M short
By JIM DAVENPORT
Associated Press
Tuesday, July 22, 2008
COLUMBIA — South Carolina's budget is in worse shape than expected as tax collections have fallen $100 million short of projections, prompting the state's economic oversight board on Monday to order lower estimates for the fiscal year that just started.
The slowing tax collections mean one of the state's reserve accounts will be wiped out and that a second, $187 million rainy- day fund could be tapped for as much as $66 million, said John Rainey, chairman of the state Board of Economic Advisors.
Rainey said there's a consumer recession that's driving spending decisions in the face of rising oil prices that drive up costs on everything.
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Comments
whome (anonymous) says...
Too much tax reliance on discretionary spending. Think of what would happen if everyone followed Dave Ramsey!
July 22, 2008 at 2:26 a.m. ( permalink | suggest removal )
Neponset (anonymous) says...
Local gov. could have similar problems with their tax base, if real estate values continue to decline (some predict as much as 50%).
July 22, 2008 at 6:15 a.m. ( permalink | suggest removal )
amylrod (anonymous) says...
Making plans based on expected results = taxpayers always lose!!!
July 22, 2008 at 8:40 a.m. ( permalink | suggest removal )
drp7773 (anonymous) says...
They are going to get all this back, hells bells they are going to raise the cig tax and while they are at it lets pick another small minority group to rob , lets say the girl scouts lets raise the tax on their cookies. But you can bet they will never vote to lose any of the perks they receive on the tax payers back.
July 22, 2008 at 11:13 a.m. ( permalink | suggest removal )
feb251939 (anonymous) says...
Those guys in the capitol should ask The Little King Riley of Charleston, he has money enough to spend 21 million on Palmetto trees.
July 22, 2008 at 12:46 p.m. ( permalink | suggest removal )
crankyyankee (anonymous) says...
Sanford + honesty + balanced budget= BAD
McConnell, Harrell, Ford and the lot + deception + unbridaled spending/earmarks= GOOD
and you keep re-electing these boobs over and over and over. Only in Dixie! Bless your hearts!
July 23, 2008 at 8:23 a.m. ( permalink | suggest removal )
jammer (anonymous) says...
crankyyankee there's never anyone decent to choose from, our smartest people know better than to get involved with politics and don't wish to take that kind of pay cut for people that obviously won't appreciate it
so we end up with the bottom of the barrel that an occasional good guy floats to the top in... Sanford, DeMint...
July 23, 2008 at 8:51 a.m. ( permalink | suggest removal )
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