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May 19, 2008
Maine Rakes in the Cash
I suppose this is going to be considered good news?
AUGUSTA - Legislative analysts say revenue flowing into the state General Fund exceeded projections by $23.2 million in April, bringing a looming surplus with two months to go in the fiscal year to $45.3 million.You know, I'm thinking 'pleasant' is not the best way to describe the over-taxing of the state's residents. I've never understood why a governmental revenue surplus is considered a good thing - all it means is that the bureaucracy confiscated more of my income than it needs. I'm not inclined to like politicians who brag about that 'accomplishment.'That put the rate of growth in General Fund revenue for the first 10 months of fiscal 2008 at 3.1 percent over the previous year, according to the Legislature's Office of Fiscal and Program Review.
"This year's pleasant 'April Surprise' from individual income tax receipts resulted in a positive variance of $30.6 million in April and $42.7 million" for the fiscal year to date, the new staff analysis said.
"Corporate income tax collections also exceeded projections and were $11 million over budget" for the fiscal year to date, according to the analysis.
Posted by slublog at May 19, 2008 10:57 PM
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Comments
You know, I'm not so sure that a surplus always equates to bad government and confiscatory taxation.
Chronic surpluses would absolutely mean too high taxation. But a surprise surplus shows a better economy than expected, and a legislature that didn't spend beyond its projected means.
What Maine does with the surplus, and what it does with tax policy will be more revealing.
(That said, I'm sure they'll rise to the challenge of justifying your basic sentiment)
Posted by: Doug Winship at May 20, 2008 08:55 AM
True. Our legislature made some needed cuts, right before they passed a tax hike on soda, wine and beer.
Posted by: Slublog at May 20, 2008 09:16 AM
Budget surpluses should be returned to the taxpayers.
Unlike our tax "refund" checks, which are just early deposits from next year's tax return.
Posted by: Steve B at May 22, 2008 09:04 PM