Thursday, October 20, 2011

Tax Collections Fall

 Oh dear, oh dear.  It seems that tax hikes aren't working like they're supposed to.  States like California and Washington are seeing their tax revenue drop "unexpectedly" after both states raised their tax rates under Democrat leadership.

As expected, analysts are surprised and bewildered by the drop in revenue.  Once again, Keynesian economics has failed to deliver the goods it promises.  Washington looks like they're heading for a $2 billion shortfall, after having passed an $890 million tax increase earlier in the year.  California is already more than $650 million behind their projected take.  New York, too  is $392 million behind its projections for the year.

Go figure.  Must be those evil 1-percenters again.  Where is Paul Krugman when you need him?

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