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State Tax Revenues Continue To Struggle In New Fiscal Year

The Indiana Statehouse in Indianapolis.

Photo: Lauren Chapman (IPB News)

The Indiana Statehouse in Indianapolis.

Indiana continues to struggle in its new fiscal year as revenues came in below expectations in August.

Total state tax collections came in about $18 million off the mark in August. That puts the state more than $40 million behind projections this fiscal year.

Sales and corporate tax revenues continue to struggle. Corporate taxes in particular suffered last month, $31 million less than expected, which is about 700 percent below target.

Individual income tax collections did rebound in August after an underwhelming start to the year – $14 million more collected than expected.

Yet through two months of the fiscal calendar, individual income taxes remain below projections, as do sales and corporate collections.

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  • lastcamp2

    Indiana public policy: it is better to struggle to meet our needs than to tax the rich and powerful.
    I can’t think of a single Indiana tax that is not “regressive,” meaning it impacts more the poorer they are. But Indiana has to stay “wealth friendly.” Right?
    “Not one of the crying abuses of capital has been curbed under Republican rule. Not one of the petitions of labor has been granted.” – Eugene V. Debs

  • TP

    Obviously we just haven’t reduced taxes enough, and we aren’t business friendly enough. Keep cutting taxes on corporations and the rich until the increase in economic activity results in an increase in State revenues. Or until we are flat broke, whichever come first. Whatever.

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