Re:California sales taxes collection drop 50.9%, income taxe...
by UncleOxidant on Friday May 08, 2009 @08:14PM
(#600512)
They seem to be living in fantasy land when they say:
"These numbers appear fairly grim, but there are encouraging
signs that the State’s situation is reaching bottom. Although
sales tax revenues were down by more than 50% as
compared to last April, consumer spending increased by 2.2%
nationwide in the first quarter of 2009. Additionally, retail
sales have stabilized in the first three months of this year on a
seasonally adjusted basis."
Maybe so, but your state sales tax revenues are down 50% YoY! So what if the Feds want to say that consumer spending was up 2.2% in April (a number that is suspect precisely because of state sales tax numbers).
"These numbers appear fairly grim, but there are encouraging signs that the State’s situation is reaching bottom. Although sales tax revenues were down by more than 50% as compared to last April, consumer spending increased by 2.2% nationwide in the first quarter of 2009. Additionally, retail sales have stabilized in the first three months of this year on a seasonally adjusted basis."
Maybe so, but your state sales tax revenues are down 50% YoY! So what if the Feds want to say that consumer spending was up 2.2% in April (a number that is suspect precisely because of state sales tax numbers).