Minnesota tax revenue is off since July.
After a couple of years of faster-than-expected receipts – read “the economy was growing faster than had been predicted”, largely due to GOP economic policies – things are flat to a little slow.
And if you’re a conservative, you already know why “flat” is as good as it’s gonna get (emphasis added):
The state took in more from personal income taxes and sales taxes than budget officials predicted.
Minnesota workers contributed $2.1 billion in income taxes, about $27 million more than state officials projected. Consumers paid $1.1 billion in sales tax, about $46 million more than expected.
Corporate income taxes came in at $342 million, down $11 million from estimates. Other revenue accounted for $457 million, about $64 million below projections.
This the first budget snapshot since new tax hikes on high earners and a menu of sales taxes on business-related services kicked in.
Catastrophic? Hardly – yet.
Dispositive empirical proof that the DFL tax and spend policy is going to tank the economy? Not just yet.
A sign that Minnesota’s economy can’t possibly be amused?
I’ll bank on it.