Michigan Tax Revenue Is Flatlining Just Like The Real Estate Market
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Michigan has been seeing a tough time of it lately. The slowdown in the automotive industry and the free fall of housing prices in metropolitan Detroit is now taking it’s toll on state tax revenue. Of course you can trust the government officials to take the low road and automatically tell the populace that they will have to cut school funding first.
Why is it that when it is time to cut services the first thing the policians look to is education and not the pork that surrounds them like road projects to the middle of nowhere. Don’t bother answering that, we all know that politicians have learned the fastest way to a tax increase is to threaten the children. (they hate it when I phrase it that way)
So watch out Detroit homeowners, soon the fine folks from the state government will be doing is hurting the schools to make a point and further depress the value of your homes.
This time it looks like slow real estate and construction markets are dragging down sales tax receipts. The state School Aid Fund relies on sales and real estate transfer taxes for nearly 45% of the $12.6 billion it had expected to receive by Oct. 1. Granholm’s proposed $125-per-pupil cut is based on the expectation that $200 million of that money won’t be available.
Sales tax collections have been below year-ago levels in four of the last five months, and total collections are 3.9% below those in 2006, according to the latest report from the Senate Fiscal Agency. Jay Wortley, the agency’s economist, said Thursday that economic anxiety among consumers, who are delaying or canceling buying decisions, is the likely culprit. via the Detroit Free Press
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Comment by Robert Coté on 27 April 2007:
the pork that surrounds them like road projects to the middle of nowhere.
Yawn. Just because you don’t know how roads are funded doesn’t mean you need to flaunt that ignorance. There’s a reason roads are self fiancing and it has to do as much with protecting schools as anything else. Find a different strawman to hide behind.