May’s revenue totals were just sent out…and it’s not so great news again.
Sales tax revenues were $5.4 million below the estimate for May. However, corporate taxes posted a slight increase. Tobacco tax collections were $1 million below estimates.
Here’s the interesting thing…collections from the gasoline and motor fuel tax increased by 6.38 percent. Remember, the state gas tax stays flat as the prices go up. That means, people aren’t shying away from the pump, we’re all using more gas.
And Obama has said he would raise the capital gains tax to 28% from 15% which would hurt all low income to middle income workers! Plus don’t forget this other tax…
http://goodtimepolitics.com/2008/06/07/obama-wants-a-1-trillion-tax-increase-on-the-middle-class-americans-hillary-said/