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Topic: Tax revenues

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	Corporate Tax Revenues At Historic Lows Even Before Proposed Costly New Tax Breaks, Rev. 10/24/03
		It shows that corporate tax revenues have fallen to historically low levels as a share of total federal revenues and of the economy.
		Corporate tax revenues are at historically low levels and are projected to remain low for the coming decade.
		Beyond a weak economy and new tax breaks, a third reason for the decline in corporate tax revenues is corporations’ increasingly aggressive use of tax avoidance strategies, including the sheltering of corporate profits overseas.
	www.cbpp.org /10-20-03tax-fact.htm (758 words)

	The Decline of Corporate Income Tax Revenues, Rev. 10/24/03
		The share that corporate tax revenues comprise of total federal tax revenues also has collapsed, falling from an average of 28 percent of federal revenues in the 1950s and 21 percent in the 1960s to an average of about 10 percent since the 1980s.
		Corporate income tax revenues have declined not only in terms of the share of federal taxes that they comprise, but also when they are measured as a share of the economy (see Figure 2).
		Some argue that the weakness in corporate income tax revenues is, in part, a reflection of the decline in the number of C corporations, which peaked at 2.6 million in 1986.
	www.cbpp.org /10-16-03tax.htm (5378 words)

	830 CMR 62F.6.1: Credit Allowed When Net State Tax Revenues Exceed Allowable State Tax Revenues (Site not responding. Last check: 2007-11-03)
		The personal income tax liability for the previous taxable year of some taxpayers may have changed since they filed their returns for that year as a result of an amended return filed, an abatement sought and granted, or an addition to tax assessed.
		Each year in which the State Auditor determines that excess state tax revenues exist to be credited to the taxpayers, the Department will announce the excess revenue percentage for taxpayers to use in calculating their excess revenue credits for the current taxable year.
		Some taxpayers who qualify for the excess revenue credit may find that their filing status in the current taxable year, when they are entitled to take the credit, is different from their filing status in the previous taxable year, the year of the personal income tax liability on which the excess revenue credit is based.
	www.dor.state.ma.us /rul_reg/reg/830CMR62F-6-1.htm (2664 words)

	Authority of cities and towns to contract with nongovernmental entity to construct, lease, or operate a jail. (Site not responding. Last check: 2007-11-03)
		A municipality may expend lodging tax revenues for the support of a tourism-related facility in which the municipality has a joint interest; the degree of support must be proportional to the extent of the municipality’s ownership interest in the facility.
		All revenue from taxes imposed under this chapter shall be credited to a special fund in the treasury of the municipality imposing such tax and used solely for the purpose of paying all or any part of the cost of tourism promotion, acquisition of tourism-related facilities, or operation of tourism-related facilities.
		Property already owned and operated by a private party for tourism purposes cannot be a tourism-related facility for purposes of the lodging tax revenues, because a municipality is not "acquiring and operating" that facility in the manner contemplated by RCW 67.28.120.
	www.atg.wa.gov /opinions/opinion_2000_9.html (2090 words)

	Tax revenues rebound to 2002 level - The Honolulu Advertiser - Hawaii's Newspaper
		State tax revenues for September jumped 10.3 percent, or $31 million, over the same month last year, the state Department of Taxation reported yesterday.
		The state Council on Revenues, whose revenue forecasts are used to help craft the state budget, projected the state general fund tax revenues would grow by 6.2 percent this fiscal year.
		Corporate income taxes collected last month came to $9.8 million, more than double what was collected September last year, mainly because of a drop in corporate income tax refunds, the department said.
	the.honoluluadvertiser.com /article/2003/Oct/11/ln/ln15a.html (376 words)

	Boston.com / News / Local / Mass. / City seeks new tax revenues, fee collection
		The efforts are meant in part to relieve pressure on property taxes, which have risen despite comparatively healthy times for the city.
		Menino is asking the Legislature for permission to tax businesses that lease space at Logan Airport and to close a loophole city officials say has allowed telecommunications companies to evade $31 million in taxes statewide, $9.8 million of which would go to Boston.
		Menino has had only marginal success with the Legislature on tax issues in the past, however, and while he waits for lawmakers, the city is looking for additional funds it can collect on its own.
	www.boston.com /news/local/massachusetts/articles/2005/03/28/city_seeks_new_tax_revenues_fee_collection (499 words)

	ABC News: Tax Revenues Strengthen State Budgets (Site not responding. Last check: 2007-11-03)
		Jul 7, 2005 — Driven by robust tax revenues, state finances are surging again after years of anemic growth, giving governors and lawmakers an infusion of cash to spend on raises for state workers, preschool programs for the poor, and new roads.
		Revenues were 2.1 percent higher than estimated, with corporate taxes alone 8.8 percent above estimates.
		A separate report found that tax revenue in the January-through-March quarter alone rose 11.7 percent from the previous year's quarter, the highest rise since 1991.
	abcnews.go.com /US/wireStory?id=918122 (368 words)

	NCPA - Study #159 - Tax Rates, Tax Revenues And Economic Growth
		Although the tax rates of people earning more than $100,000 (1929 dollars) fell by almost two-thirds, their share of total federal income tax revenue rose from 28 percent to 51 percent.
		Although the highest income tax rate was reduced from 70 percent to 28 percent (for the wealthiest taxpayers), the share of taxes paid by the top 1 percent of income earners grew from 18 percent in 1981 to more than 27 percent in 1988.
		Because the tax rate that maximizes tax revenue exceeds the tax rate that maximizes economic growth by a large factor, governments tend to grow to levels that reduce the potential future income of their citizens.
	www.ncpa.org /studies/s159/s159.html (3900 words)

	Illinois fiscal picture turned cloudy well before attacks of Sept. 11
		UI Economist J. Fred Giertz says the shortfall in Illinois tax revenues was apparent long before the terrorist attacks of Sept. 11.
		The shortfall in Illinois tax revenues – which has caused Gov. George Ryan to call for $500 million in budget cuts midway through the fiscal year – was apparent long before the terrorist attacks of Sept. 11, according to University of Illinois economists J. Fred Giertz and Therese J. McGuire.
		While forecasts of rising revenues were "at least barely plausible" when the budget was submitted by Ryan last February, "it was clear near the beginning of the fiscal year that the economy had weakened significantly and that the revenue projections were highly suspect," the economists wrote.
	www.news.uiuc.edu /biztips/02/02ilecon.html (472 words)

	Why Reagan's 1981 Tax Cut Didn't Boost Tax Revenues or Unleash the Economy (Site not responding. Last check: 2007-11-03)
		To insist that the 1981 tax cut was the single magic bullet is to take a leap of faith into the supply-side belief system, not to make an obvious statement.
		One major study found that US income tax revenue as a percentage of the total economy rose from 2 percent in 1913 to 15 percent in 1942 - but that this increase had no effect on the average growth rate of the economy.
		Even though tax rates would be lower, income would raise by so much, they claimed, that tax revenue would rise.
	homepages.kdsi.net /%7Esherman/rushmore.html (3112 words)

	S.C. Code of Laws Title 6 Chapter 4 Allocation Of Accommodations Tax Revenues - www.scstatehouse.net-LPITS
		The funds must not be used as an additional source of revenue to provide services normally provided by the county or municipality but to promote tourism and enlarge its economic benefits through advertising, promotion, and providing those facilities and services which enhance the ability of the county or municipality to attract and provide for tourists.
		However, none of the revenue received by a municipality or county from the accommodations tax may be used to retire outstanding bonded indebtedness unless accommodations tax revenue was obligated for that purpose when the debt was incurred.
		If the total statewide collections from the local accommodations tax exceed the statewide collections for the preceding fiscal year, this fifteen thousand dollar figure must be increased by a percentage equal to seventy-five percent of the statewide percentage increase in statewide collections for the preceding fiscal year.
	www.scstatehouse.net /code/t06c004.htm (2490 words)

	Taxation and the reason for low and high tax revenues. A 14th Century answer (Site not responding. Last check: 2007-11-03)
		Ibn Khaldûn, the Arab philosopher, historian and politician, was born in Tunis in 1332.
		The result is that the interest of the subjects in cultural enterprises disappears, since when they compare expenditures and taxes with their income and gain and see the little profit they make, they lose all hope.
		The result is that the total tax revenue goes down, as individual assessments go down.
	www.manntaylor.com /khaldun1.html (439 words)

	Projecting Federal Tax Revenues and the Effect of Changes in Tax Law
		For example, it is possible to identify the revenues produced by a new tax, such as the luxury tax on automobiles enacted in 1990, but even then it is difficult to assess the accuracy of the revenue estimates for the legislation because economic conditions change.
		Although JCT prepared separate estimates of the revenue effect of the capital gains provisions in the 1978 act, it did not produce separate estimates of the change in capital gains realizations or in the revenues from gains that resulted from the change in the tax rate for the 1981 and 1986 acts.
		Revenue estimates for those provisions were subsumed in the estimates for the overall change in tax rates.
	www.cbo.gov /showdoc.cfm?index=1049&sequence=0&from=1 (6617 words)

	Impact of Bush Plan on State Revenues: CTJ Analysis
		The Joint Tax figures imply that the best-off one percent of taxpayers would take advantage of estate and gift tax repeal to avoid about a fifth of the federal income taxes they now pay on their capital gains, interest and dividends--an estimate that may well be conservative once creative lawyers and accountants get to work.
		The reduced federal income tax rates under the Bush plan, and the resulting AMT hike, would reduce the percentage of state income and property taxes that would be "exported" to the federal government in the form of reduced federal income taxes.
		Notes: Pickup tax estimates for 2012 are based on estimated federal estate tax revenues in 2012 times the median of each state’s pickup tax as a percentage of the federal tax in fiscal 1996-99.
	www.ctj.org /html/statefx.htm (2241 words)

	The Christian Science Monitor \| csmonitor.com (Site not responding. Last check: 2007-11-03)
		Federal corporate tax revenues were down 2.5 percent.
		The Clinton administration wants some tax loopholes closed, increased penalties for companies using abusive shelters and penalties for their promoters or providers, and advance disclosure of tax shelter use.
		Nonetheless, corporate tax revenues as a proportion of total corporate profits have fallen to 21.3 percent in fiscal 1999 from 26.6 percent in fiscal 1994.
	www.csmonitor.com /durable/1999/11/03/fp8s2-csm.shtml (717 words)

	AllRefer.com - Albania - Government Revenues and Expenditures \| Albanian Information Resource
		Tax collection had been a serious problem in the Albanian-populated lands at least since the Ottoman Empire extended its rule over the region and probably since Roman times.
		For the next twenty years, central and local governments collected revenues primarily through turnover taxes and revenue deductions from state and collective enterprises.
		With only limited capacity to generate tax revenues, the government emphasized reducing the overall budget deficit and public debt.
	reference.allrefer.com /country-guide-study/albania/albania73.html (472 words)

	Surging Tax Revenues Call for Change of Tack
		Had the country been on its way to further stoking its economy, the faster-than-expected growth of tax revenues would be easy to understand.
		Yet the robust growth of tax revenues, mainly powered by a substantial increase in both turnover taxes and income taxes, paints a rather different picture.
		Given no significant change in the tax code, such a strong growth of tax revenues should be naturally interpreted as a result of business activities that have been more dynamic than expected.
	www.freerepublic.com /focus/f-news/1442149/posts (643 words)

	Those newfound tax revenues may go up in smoke
		Strapped with a $2.5 billion deficit, shrinking revenues after a recession and soaring malpractice insurance costs, the Legislature and Gov. Rendell opted to raise everybody's income tax by 10 percent, and the tax paid by the 23 percent of Pennsylvanians who smoke, by 35 percent.
		A property tax jump might not drive people out of their homes, but customers are already crossing the state line for a smoking break.
		When it comes to tobacco, it is hard to tell whether legislators like to tax it because it is a carcinogen or because it is a pleasure.
	www.post-gazette.com /columnists/20031228roddysuncolp1.asp (1312 words)

	BBC NEWS \| Business \| City bonus boost for tax revenues
		"Tax revenues have started to rise because of bonuses in the City," Gordon Brown told a committee of MPs.
		Corporate tax revenues were also increasing, based on evidence from companies, the chancellor said.
		Criticism that assumptions on corporate tax revenues have been too generous had not taken into account figures from companies which the Treasury has access to, Mr Brown said.
	news.bbc.co.uk /2/hi/business/3896829.stm (263 words)

	Tax revenues vanish as firms move from US to Bermuda \| csmonitor.com (Site not responding. Last check: 2007-11-03)
		In the quest for lower corporate taxes, a growing number of US corporations have laid plans to shift their nominal headquarters to Bermuda.
		Corporate taxes no longer amount to a large share of the US Treasury's annual intake, but lawmakers aren't turning a blind eye to the trend.
		If the flight to overseas tax shelters continues, Fortune may have to change its rules, classifying a company according to where it gets most of its revenues rather than its home of incorporation, Mr.
	www.csmonitor.com /2002/0522/p01s01-uspo.html (990 words)

	Microsoft Pyramid Impact on Boeing and State Tax Revenues (Site not responding. Last check: 2007-11-03)
		This has been an important source of revenue in Oregon where the top state income tax rate is 9 percent.
		Intel is now the largest source of both individual and corporate tax receipts for the State of Oregon.
		Clearly, the federal government should disclose what percent of individual tax receipts were non qualified stock option wage gains for 1999 and 2000 and consider that these income levels may be non recurring given the recent drop in the stock market.
	www.billparish.com /20010322boeingandmsft.html (1320 words)

	kingcountyjournal.com - State's economy looks brighter; jobless rate dips and tax revenues exceed forecast (Site not responding. Last check: 2007-11-03)
		* Tax revenues collected by the state totaled $910.3 million for the period of July 11-Aug. 10, exceeding the forecast amount by 2.8 percent, the state's Office of the Forecast Council announced.
		It's the second month in a row that tax revenues exceeded projections.
		For one thing, he said, the state's better-than-expected tax revenues in the past month were largely due to unusually large estate tax payments, the booming residential real estate market and an extraordinarily large amount of audit payments by taxpayers -- not from stronger-than-expected economic activity.
	www.kingcountyjournal.com /sited/story/html/140181 (490 words)

	WILLisms.com: Trivia Tidbit Of The Day: Part 116 -- Tax Revenues.
		Posted by: Zsa Zsa at July 23, 2005 09:38 AM You mean Bush cut the tax rate and tax revenue increased to a record level????
		They don't understand the concept of people using the tax money not taken by the Feds will be put to the use of generating more wealth.
		It would seem tax revenue is increasing in a structural fashion over time.
	www.willisms.com /archives/2005/07/trivia_tidbit_o_115.html (403 words)

	Corporate Corruption Cost New York State's Economy $2.9 Billion, Cut Tax Revenues by $1 Billion and Decreased Pension ...
		The rise of corporate scandals over the past two years, which caused a significant drop in stock prices, also cost New York State's economy $2.9 billion, cut State tax revenues by $1 billion and decreased the State pension fund value by $9 billion according to a report issued today by State Comptroller Alan G. Hevesi.
		The report noted that corporate scandals cost New York City approximately $260 million in tax revenues, and cost the New York City pension fund almost $7 billion in value.
		In total, the State revenues declined by $8.7 billion in the two-year period of 2001-02 through 2002-03.
	www.osc.state.ny.us /press/releases/aug03/082003.htm (866 words)

	KCRA.com - News - Battle Brewing Over Extra State Tax Revenues
		At issue is whether classrooms are entitled to an extra $1.4 billion this year due to increased tax revenues.
		We think you can't tax your way out of this thing, especially with our business climate right now, we don't want to scare any more businesses out of the state of California," Senate Republican leader Dick Ackerman said.
		The state's non-partisan legislative analyst has also said that all options, including taxes, should be on the table.
	www.thekcrachannel.com /news/3989701/detail.html (365 words)

	Winston-Salem Journal \| States' tax revenues beating expectations (Site not responding. Last check: 2007-11-03)
		Driven by robust tax revenue, state finances are surging again after years of anemic growth, giving governors and legislators an infusion of cash to spend on raises for state workers, preschool programs for the poor, and new roads.
		The nation's governors reported yesterday that rising income, sales and corporate tax receipts beat expectations in 42 states during the budget year that ended in June.
		That is a stark reversal of fortunes from the dark days of 2002, when revenues in 42 states fell below estimates.
	www.journalnow.com /servlet/Satellite?pagename=WSJ/MGArticle/WSJ_BasicArticle&c=MGArticle&cid=1031783716701 (438 words)

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