Crom’s Crommentary: The Ever-Expanding Medicaid Budget

Wednesday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.

Read More

Latest Pennsylvania Budget Estimate Has Modest Economic Growth, Dip in Tax Revenue

Pennsylvania’s economy will have modest real economic growth but also a dip in tax revenues in the next fiscal year as one-time boosts fade away, according to the latest revenue estimates from the Independent Fiscal Office.

The estimate for fiscal year 2022-23 does not assume a recession will hit, but does assume inflation will still be a problem, which cuts away at real gains in areas such as wages and salaries.

Read More

States That Legalized Marijuana Are Bringing in More Tax Revenue on Marijuana Sales than Alcohol

A majority of the states that legalized recreational marijuana for recreational use are collecting more tax revenue from pot sales than alcohol sales.

The first two states to legalize pot are profiting the most, Colorado and Washington. Across the country, the total revenue for taxes on weed amounted to nearly $3 billion, according to a report on “sin taxes” by The Institute on Taxation and Economic Policy (ITEP).

Read More

Crom’s Crommentary: ‘Democrats Seem to Have No Ability to Constrain Their Spending at All’

Wednesday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist, Crom Carmichael in studio for another edition of Crom’s Crommentary.

Read More

Michigan to Send $140 Million of Marijuana Tax Revenue to Taxpayers

More than $1.1 billion of legal marijuana has been sold in Michigan in fiscal year 2021, and now, more than $140 million of tax revenue will kick back to taxpayers.

Of that amount, $42.2 million will fund 163 municipalities and counties, $49.3 million will flow to School Aid Fund, and $49.3 million will go to the Michigan Transportation Fund.

Read More

Pennsylvania Fiscal Office Expects Lower Revenues Than Governor

On Tuesday, at the first legislative hearing on Pennsylvania’s next budget, the Wolf administration and the Independent Fiscal Office (IFO) offered divergent near-term revenue projections.

Governor Tom Wolf (D) proposed a Fiscal Year 2022-23 budget last week that would total $43.7 billion, 16.6 percent greater than the current fiscal year’s spending allotment. The plan’s feasibility (without a tax increase) will partly depend on whether the general-fund revenues anticipated by the governor’s Revenue Secretary, C. Daniel Hassell, come to fruition. 

Read More

States See Revenue Surge from Income Tax, Federal Aid

Woman with $100 bills spread open in hands

Numerous states have seen their state revenue surge in 2021 fueled by a robust stock market, growing income, federal aid, and increased tax revenue, The Wall Street Journal reported.

States’ revenue soared 24% between April and November from 2020 to 2021, according to a survey conducted by the Urban Institute think tank, the WSJ reported. Thirty-two states said the revenue collected in the fiscal year ending in 2022 was ahead of expectations, according to data from the National Association of State Budget Officers obtained by the WSJ.

Read More

‘Dark Stores’ Squeeze Michigan City Tax Revenue

Closed store entrance

Vacant big box stores in Michigan become tax-reducing boons to retail companies statewide when those establishments have property assessed at rates sometimes 50% lower than previous rates.

This is known as a “dark stores” strategy, which often leaves local taxpayers to foot the tab.

An S&P report released Thursday found the strategy is employed nationwide.

Read More

Michigan Projects Multibillion-Dollar Budget Surplus

Michigan State Capitol

Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.

The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.

A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast.

Read More

New York City Has Lost 70K Residents, $34B in Personal Income

A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.

Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.

Read More