While many state leaders were celebrating the increase of nearly $161 million for this fiscal year and next, Comptroller Peter Franchot warned that there is still a long road before the economy has fully recovered.
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Saturday, December 15, 2012
Md. Revenue Grows Thanks To Income Tax Hike
While many state leaders were celebrating the increase of nearly $161 million for this fiscal year and next, Comptroller Peter Franchot warned that there is still a long road before the economy has fully recovered.
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8 comments:
So now, Franchot and O'Malley can predict the future economy! We're so lucky we have them!
Don't you worry about the 161 purported revenue surplus.
What the taxpayers are not aware of is O'Malley is proposing to raid the general fund with 1.8 Billion - that is right 1.8 Billion - dollars to try and prop-up the Maryland Pension system. You see the corridor method for funding the pension fund has failed. The pension fund was projected to return about 7.75% each year - last year it just about broke even with a dismal .38% return. This has been going on now for a number of years.
Responding to 7:59
Yep, the Maryland taxpayers are being set-up to fund the bailout of the public employees, schoolteachers pension fund. The handwriting has been on the wall for several years.
This year it will happen.
Praising the Government for a fiscal surplus is akin to praising a mugger for investing his "earnings" wisely.
That's odd! Alcohol tax revenue went down.
I wonder WHO is making the "estimate"... How does the "actual" compare?? Smoke & mirrors.!
Retroactive increases caught many off-guard.
How many of them will move out of the state to avoid the confiscatory tax rates in the coming years? That should make for interesting comparison of actual revenues VS those estimates.
In 2008, predictions were made that this was a mere "Hiccup" and we would be back on track in a year. In a year, the "President" declared the recession was over! In 2009! HA! Really?
I think everyone knows now what to believe from our Government and the MSM, who are the same club.
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