Government Broke, But Not From Lack Of Loot
States and local governments across the country have been stuffing their coffers with record takes of revenue, aside from a slight hiccup during the height of the recession, according to the advocacy group Watchdog.org:
State and local governments collected a record high of $322 billion in taxes the first quarter of this year, and tied the 2009 record high for previous 12 months tax collections set in the first quarter of 2009.
According to latest U.S. Census Bureau data, first quarter tax revenue increased 4.9 percent, $15 billion over 2010. It was $10 billion, 5.2 percent, more than the highest previous first quarter on record, $312 billion in 2008.
The 12-month collections ending Q1 at $1.3 trillion were 4 percent, $5 billion, higher than the same period in 2010.
Quarterly tax revenues were $15 billion more than pre-recession Q1 2007, and $50 billion higher than 12 months ending Q1 2007.
It’s worth repeating: government does not have a revenue problem; government has a spending problem. And in Mecklenburg County, a fat $70M tax hike to continue feeding the beast.
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