Tag: tax revenues

Commentary: Could the Baby Boomer Retirement Wave and Labor Shortages Absorb the Recession?

Virginia Star Staff

The national unemployment rate dipped to 3.5 percent in July, according to the latest data from the Bureau of Labor Statistics, once again hitting more than 50-year lows.

It’s still peak employment as far as the eye can see. Even with the past two years’ high inflation dropping dramatically and disinflation usually correlating with higher unemployment and a recession, that simply has not occurred yet, despite all the warning signs typically associated with an economic slowdown or downturn.

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Virginia Will Enter Next Session with Money Surplus

The Center Square

Virginia lawmakers will enter their next regular session in January as the state continues to record budget surpluses.

The commonwealth finished the last fiscal year with a surplus of nearly $2 billion and the state revenue collections continue to exceed expectations. Some economists are warning against using the excess money to increase spending during the legislative session.

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Gov. Northam Claims ‘Revenue Picture Remains Stable’ Despite Double-Digit Drops in Virginia Tax Collections

Virginia Star Staff

Despite a double-digit percentage drop in payroll taxes in January and a dip in overall General Fund collections, Virginia Gov. Ralph Northam said the state’s revenue remains stable.

The state’s January 2021 revenue report showed payroll withholding taxes down 12.6% for the month compared with last January, but the state said the decrease was expected because of one less deposit day compared with a year ago. The report said collections of the sales and use taxes, showing December sales, rose 5.6% in January, and the combined December and January receipts rose 5.4% over the same time from a year ago.

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