Showing posts with label March. Show all posts
Showing posts with label March. Show all posts

Tuesday, April 15, 2014

General Fund Revenue Collections Increased 7.8% in March

An assortment of United States coins, includin...
An assortment of United States coins, including quarters, dimes, nickels and pennies. (Photo credit: Wikipedia)
Solid Gains Occurred in Individual Nonwithholding, Corporate Income Tax and the Insurance Premiums Tax

 RICHMOND- Governor McAuliffe announced today that general fund revenue collections increased 7.8 percent in March, with solid gains in individual nonwithholding, corporate income tax and the insurance premiums tax.  On a year-to-date basis, total revenue collections were flat through March, lagging the annual forecast of 1.0 percent growth. 

Speaking about this news, Governor McAuliffe noted that March is not a significant month for revenue collections, in general.  However, he added “March revenues reverse the negatives of the last two months and have us now moving in the right direction.  From the very beginning of our budget deliberations, all involved have assumed that general fund revenue collections in the last quarter of fiscal year 2014, especially estimated and final payments of individual income taxes, would be key for the Commonwealth.  The revenue data for March, being released today, represent a step in the right direction toward realizing our budget estimates.  Longer term, we must continue to place a priority on creating jobs and diversifying our economy.  This is my highest objective and I will work diligently toward that end.”

Collections of payroll withholding taxes grew 0.8 percent in March.  Although not a significant month for individual nonwithholding and corporate income tax collections, these sources increased respectively by 17.7 percent and 35.1 percent.  Final payments from insurance companies for tax year 2013 were due in March.  The insurance premiums tax totaled $31.6 million and increased by 126.5 percent.  Collections of sales and use taxes, reflecting February sales, fell 4.2 percent in March – the weakness is due in part to the weather.  Finally, recordation taxes from real estate transactions were down 29.9 percent as severe winter weather dampened home sales. 

Collections of payroll withholding taxes – 63 percent of General Fund revenues -- increased 2.7 percent through March, slightly behind the annual forecast of 2.9 percent growth.  Sales tax collections - 18 percent of General Fund revenues – have declined 4.8 percent through March, trailing the annual forecast calling for a 4.4 percent decline.  Adjusting for the accelerated sales tax program and the 0.125 percent sales tax transfer required by the provisions of HB 2313, total revenues grew 1.1 percent through March, trailing the adjusted forecast of 2.1 percent growth. 
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Tuesday, March 5, 2013

March Is Bribe Your Local Official Month

There are days, weeks, months and even years dedicated to various special interests.  Last month was Black History Month.  Well in our opinion one of the special interests that gets little or no attention is our local officials.  So we have decided to dedicate the month of March as Bribe Your Local Official Month.

That's right.  March is now the official month for bribing your local official.  There are plenty of good reasons for doing so too.  Want to lower your property tax bill?  Bribe a local official.  Want to hurry along a zoning matter?  Bribe a local official.  Want to get special permissions to do something?  Bribe a local official.  Want to bump off your business competition? Bribe a local official for a codes compliance issue for your competition to get hit with.  Get creative with what you want to accomplish and then figure out which local official you need to bribe to get done what you need to accomplish.

  Don't be stingy with the bribe either.  In fact, be very generous with it.  Bribing officials is the American way.  Why should you miss the action?  In fact, we highly recommend that your bribe be very generous as we will now show you how to get your money back.  We are going to designate April as Blackmail your local official month.  Accomplish what you need to with bribes during the month of March and make sure you record and keep good records of the bribe.  Once you have achieved what you set out to do, during the month of April you get to Blackmail your local official for taking a bribe from you.  Get all your money back and then a nice little profit to boot.

  If Blackmail is not your thing, not to worry, May is going to be official take down your local official month.  You can then expose your local official for having taken bribes from you.  Now for you truly black harts out there, using all three techniques is the ultimate game for a real laughing riot.  Not to worry, there is more to come.

This post is meant as entertainment only.  Please consult your local officials for actual rules, regulations and information for covering your actual needs.


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