SC Corporate Tax Receipts Plummet
Corporate income tax revenues in South Carolina have fallen off a cliff, people, plunging by a whopping 57% compared to last year.
According to data released yesterday by S.C. Comptroller General Richard Eckstrom, corporate income taxes in the Palmetto State brought in an anemic $30.6 million from July to November of this year – or more than $40 million less than what came in over the same period last year.
Additionally, individual income tax revenue is down by 3% from last year, while sales tax revenue is down 18% from last year.
Yeah … business is not exactly booming in South Carolina.
Always a “silver lining” kind of a guy, Eckstrom says he’s optimistic that S.C. lawmakers will look at these numbers and realize that the state spending orgies of the past need to be permanently done away with.
“(This) economic crisis presents us an excellent opportunity to change how we spend public money,” he says. “It no longer works to spend money as fast as it comes in, acting as if good times will last forever. Nor should the state continue to grow government faster than we can pay for it. The mess we’re in today proves that we need to change.”
Damn straight … man, if only we’d been able to throw a few more of the bums out.
Comments
By Karen on December 9th, 2008 at 8:06 am
Hard times will take care of many of our budget “over spending” problems…we were let down by our elected officials but now “nature” will take is course.
By Silence the Noise on December 9th, 2008 at 9:53 am
How sad is it that it takes a crisis before the legislature will act.
What idiots…
By Lincoln on December 9th, 2008 at 3:09 pm
Both parties deprecated budget restraint; but one of them would eschew cuts rather than let the state survive; and the other would accept cuts rather than let it perish. And the cuts came.
By James the Foot Soldier on December 9th, 2008 at 7:55 pm
Damn – my $1 BILLION w.a.g. on our revenue situation might have been low. Roll up your sleeves folks, time to get crackin’ on ANOTHER round of “mid-year” budget cutting.
HINT: Start with USC – its president just out-lined some “mid-year” budget cuts (500 or so part-time positions) and happily pronounced “the quality of our education will not suffer”.
How refreshing for an educrat to actually tell the truth!!!!!
I’m sure he’s being sequestered at this moment and being tutored on educrat speak: “I meant to say these cuts are so painful for our education family. We’re cutting through bone now and I cried as I signed off on these. If further cuts are needed, God forbid, we may end up closing the Institute for Pelion County Studies. While this doctoral program is vital to our university’s mission – hopefully when the good times roll again we can resurrect this important program.”
Put Spurrier on furlough while we’re at it – this may actually improve USC’s recruting.
By Frank on December 9th, 2008 at 10:17 pm
It want happen. Just last week Senator “snakie” Jakie Knotts, gave the Town of Lexington $10,000.00 of tax money for the town to have a fishing tournament in June of 2009. This is nothing more than for him and the idoits that follow him to have a party on taxpayers money.