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Tax Revenues

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NEWS
September 19, 1986 | By Walter F. Roche Jr., Inquirer Harrisburg Bureau
With the fiscal year only two months old, state tax revenues are running about $37 million, or 3 percent, more than official estimates. But state officials say it is much too early to revise the projections. Data released yesterday by Revenue Secretary James I. Scheiner shows that revenues from personal income and sales taxes exceeded the estimates set in early July, when the new fiscal year began. According to the report, which covers collections for July and August, income tax collections alone account for $16.9 million of the surplus.
NEWS
September 30, 2011 | BY CATHERINE LUCEY & JAN RANSOM, luceyc@phillynews.com 215-854-4172
MORE BUDGET cuts appear to be looming for the city, due to weak tax revenues in the first few months of the fiscal year. City department heads are being asked to prepare plans for 2 percent budget cuts that would take effect in the next few months, according to multiple City Hall sources. The police, prisons and fire departments would likely be exempt from those cuts, sources said. "We're in the very early stages of discussion," said mayoral spokesman Mark McDonald. Several weeks ago, Mayor Nutter sent a warning letter to City Controller Alan Butkovitz, noting that the city's tax revenues were below projections for July and August, putting the city on track to end the fiscal year next June 30 with $60 million less in revenue than expected.
NEWS
February 26, 2011 | By CATHERINE LUCEY, luceyc@phillynews.com 215-854-4172
You want the good budget news or the bad budget news? The good news is that city tax revenues climbed in January, according to a new report from the city controller, reflecting an ongoing stabilizing of the city's finances. But the bad news is that after three long years of fiscal decline, the city budget isn't out of the woods yet. Recent financial data released by the city show that the Nutter administration is set to end the fiscal year with just $13.5 million left in its coffers.
NEWS
May 11, 1993 | By Daniel LeDuc, INQUIRER TRENTON BUREAU
Despite a slow economic recovery and high unemployment, New Jersey's state treasurer said yesterday that tax revenues were holding firm. The three major state taxes - sales, income and corporate - have improved as the Treasury Department had predicted, and Treasurer Samuel Crane said he foresaw little need for changes in Gov. Florio's proposed $15.6 billion budget now being reviewed in the legislature. The report was good news after a bleak few days. Last Friday, the Labor Department reported that New Jersey's unemployment rate had risen in April to 9.1 percent, the highest figure among the nation's 11 largest states.
NEWS
March 19, 2003
THE SUN shone especially brightly in City Council yesterday, for two reasons. The first ray of hope came in the form of a smart idea from Councilman Rick Mariano: a bill to take some of the extra revenues that come from property taxes and apply it against a reduction in the wage tax. The idea behind this bill, the subject of a public hearing yesterday and voted unanimously out of committee, is simple: According to the city's five-year plan, property...
NEWS
December 7, 1995 | By Susan Weidener, INQUIRER CORRESPONDENT
Despite a projected 10 percent decline in general tax revenues in 1996, taxes here are not going up. A taxpayer with a house assessed at the township average of $14,000 will again pay $70 in taxes in 1996, according to the proposed spending plan. "We're looking to tighten our belts and finding ways to derive additional revenue without increasing taxes for the general populace," Township Manager William Rosenberry said Tuesday. The final draft 1996 budget, which totals $5,628,988, keeps the millage rate at 5 mills.
NEWS
March 2, 1991 | By Suzanne Gordon, Inquirer Staff Writer
Two suburban legislators unveiled a plan yesterday that they said would aid growing communities by awarding them a percentage of the tax revenues that now go to the state. Under the program proposed by State Sen. Earl M. Baker (R., Chester) and State Rep. Ellen Harley (R., Montgomery), growing boroughs and townships would get back 30 percent of the increase in state income and sales-tax revenues paid by their residents during a given year. Baker and Harley said they would introduce legislation to establish the program, called the Local Infrastructure and Environmental Fund (LIEF)
NEWS
July 7, 1988
City Councilman John F. Street ought to get a pilot's license, because he's always buzzing somebody. His latest low pass - Look out, below! - was over the city's business community, which he suggests should be willing to absorb a tax increase (if need be) to cover the city's costs for building and operating the new, $468-million convention center in Center City. Mr. Street reasons that business leaders shouldn't be worried, because they're convinced the project will pay for itself by boosting the city's tax revenues.
NEWS
October 25, 2011 | By Joan Lowy, Associated Press
WASHINGTON - House Republicans are pitching a six-year transportation construction plan as a major jobs bill that can win bipartisan approval before next year's election, a key GOP lawmaker said Monday. While prospects for enacting President Obama's jobs plan have dimmed, Republicans say support has grown for a long-term transportation bill to boost employment. Transportation and road-building industries, especially the beleaguered construction industry, are also pressuring lawmakers to make a multiyear commitment of federal funds.
NEWS
March 21, 1986
Mayor Goode proposed a $1.7 billion budget to City Council yesterday that deserves strong support on his key resolve to avoid a tax increase for municipal purposes. That is a difficult but achievable objective. A property-tax increase for the public schools may be necessary, however, although probably not as much as the 12 percent that was talked about when the contract with the Federation of Teachers was negotiated last September. Definitive judgment on the school tax question will have to await formal presentation of a school budget and public hearings.
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NEWS
March 3, 2014 | BY JENNY DeHUFF, Daily News Staff Writer dehuffj@phillynews.com, 215-854-5218
CITY CONTROLLER Alan Butkovitz says tax revenues for the current fiscal year are about $16.5 million below budgeted projections, and the city's top money manager said that could make trouble for the upcoming budget and five-year plan. Butkovitz blames the weather. "Philadelphia's slowdown in economic activity corresponds with similar concerns across the United States, that the cold weather and snowstorms could be a significant factor," he said. "With Pennsylvania's yearly revenues also falling short by 0.3 percent, it's a trend that's leaning toward the possibility that the city's lower tax revenues are a result of the harsh winter.
NEWS
December 31, 2013 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - Shock did not exactly resonate here when word got out that the Atlantic Club would shut its doors for good next month. The city resort's struggles have been well-documented with the advent of regional gambling competition in Pennsylvania and New York since 2006. But with the Atlantic Club's closing, the city will be left with 11 casinos and stripped of a key tax ratable when it is already borrowing millions of dollars to pay refunds on casino property-tax appeals because of strained gaming revenue.
BUSINESS
August 26, 2013 | By Harold Brubaker, Inquirer Staff Writer
From 2009 through 2012, Pennsylvania collected more money from casino gambling taxes than any other state. The four-year total was $5.4 billion. Because it keeps almost half the money casinos win from gamblers - more than all but a couple of states - Pennsylvania's casino tax revenue even topped the combined totals of Nevada and New Jersey, long the two biggest gambling states, from 2009 through 2012. But in the 12 months ended June 30, Pennsylvania's total take of $1.41 billion was 2.8 percent less than the $1.44 billion the year before, as the spread of casinos in Maryland, Ohio, and New York turned the tables on Pennsylvania.
NEWS
May 13, 2013
By Alex Nowrasteh As the Senate considers a comprehensive immigration reform package, fiscal conservatives are riven on the budget effects of the legislation. The Heritage Foundation has released a study claiming an immigration amnesty will cost the U.S. Treasury $6.3 trillion. Many other free-marketeers - of which I am one - decry that report's methodology as ignoring the economic growth effects and resulting tax revenues of open immigration. While the Senate bill is not perfect, it's an improvement over the current immigration system - but the Heritage study's gargantuan price tag does not hold up in the face of ample evidence of the economic benefits of immigration.
NEWS
January 11, 2013 | By Judy Lin and Juliet Williams, Associated Press
SACRAMENTO, Calif. - Riding a wave of new tax revenue, California's spending plan for the coming fiscal year will rise by nearly $5 billion, a powerful indication that the state that came to symbolize fiscal mismanagement during the heart of the recession is emerging into brighter days. Gov. Jerry Brown on Thursday proposed a $97.6 billion general fund budget for the 2013-14 fiscal year that wipes out years of deficits and even includes a modest surplus. The added revenue increased planned spending 5 percent over the current year and helped the governor pour more money into public schools and universities.
NEWS
January 11, 2013
By David Fiorenza The Delaware Valley's economy continues to recover from the downturn, though it will take years for the region to undo the devastation of Hurricane Sandy, especially to summer tourism at the Jersey Shore. The area's businesses can be expected to keep rebuilding and expanding with caution in the year ahead. We have an abundance of economic strengths and have shown resilience during economic slumps. Though those strengths are in the health-care and pharmaceutical sectors, higher education, and tourism, Pennsylvania's government continues to bet on gambling.
NEWS
January 5, 2013 | By Angela Delli Santi, Associated Press
TRENTON - New Jersey collected $451 million less in taxes and fees than it anticipated through November, jeopardizing Gov. Christie's proposed tax cut and increasing the likelihood of midyear budget cuts, a legislative budget analyst said Thursday. The state's major revenue streams are anemic five months into the fiscal year, and the sales tax is particularly lethargic, accounting for $179 million of the shortfall, David Rosen told the Senate Budget Committee. If the flat growth rate continues through June, more than $2 billion in late-year budget cuts would be needed, he said.
NEWS
December 24, 2012 | DAILY NEWS WIRE SERVICES
WILKES-BARRE - In Scranton, Mayor Chris Doherty and the city council want to hike property taxes about 25 percent next year with the potential for larger tax hikes in the future. In Wilkes-Barre, Mayor Tom Leighton planned a 31 percent real-estate tax hike for 2013, then scaled that back to 26 percent once he realized some savings. In Hazleton, Mayor Joseph Yannuzzi started out proposing a 60 percent property-tax hike and upped that to 75 percent. Now, he's at 83 percent and city department heads still say it's not enough to do everything that they need done.
NEWS
December 20, 2012 | By Troy Graham, Inquirer Staff Writer
Hotel guests in Philadelphia can expect to pay 50 cents more a night next summer in the least-controversial tax increase in recent times. Mayor Nutter is expected to sign a bill, passed by City Council last week, that would raise about $2 million a year for marketing the city's tourism industry, an investment backers hope will pay for itself and then some. The money would be split evenly between the agencies primarily responsible for selling Philadelphia to the outside world - the Greater Philadelphia Tourism Marketing Corp.
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