All articles tagged with #tax collections
Metro's forecast indicates that economic weakness in Multnomah County will limit growth in homeless services tax collections, potentially impacting funding for local programs, with collections expected to be only slightly higher than last year after accounting for a one-time payment boost, and ongoing economic challenges may force service cuts.
California is facing a record $68 billion budget deficit, largely due to misjudged tax collections and an economic slowdown exacerbated by storms and rising prices. The deficit poses challenges for Governor Gavin Newsom as he seeks to build his national profile. The state must now develop a plan to address the deficit, with Newsom set to present his proposal in January. Despite the deficit, the state still has over $37 billion in savings, and lawmakers may consider using some of those funds to help balance the budget. The economic downturn has hit California particularly hard, with rising unemployment and a decline in home sales.
Goldman Sachs predicts that the US government is unlikely to hit the debt limit until late July due to a surge in tax collections around the April 18 filing deadline. The deadline is heavily dependent on tax receipts, which are volatile, and economists have been closely watching how collections around the filing deadline shake out. Negotiations between lawmakers have not yet begun in earnest, and a late July deadline would mean it will still be some time before lawmakers begin to seriously wrestle over how to proceed.