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.

This entry was posted by by Mitch Berg on Friday, October 11th, 2013 at 12:00 pm and is filed under Dayton Dustbowl, Minnesota Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.