Tax Revenue Archives - The Michigan Star

California’s Economy Hurting as Companies Flee in Droves

October 24, 2022October 23, 2022 Michigan Star Staff

California officials are sounding the alarm after recent statistics showed that fewer corporate and start-up activity in the state was leading to a decline in tax revenue, according to a report by Bloomberg News.

This year, just nine companies based in the state had held initial public offerings (IPOs), which is when a company first lists shares for sale on the stock market – considered a milestone in its growth after strong activity and high valuation, the report revealed. In 2021, California – whose start-up ecosystem in ‘Silicon Valley’ is considered the most prodigious in the world – saw 81 companies conduct IPOs, making 2022 a year of a nine-fold decrease.

States That Legalized Marijuana Are Bringing in More Tax Revenue on Marijuana Sales than Alcohol

May 10, 2022May 9, 2022 The Center Square

A majority of the states that legalized recreational marijuana for recreational use are collecting more tax revenue from pot sales than alcohol sales.

The first two states to legalize pot are profiting the most, Colorado and Washington. Across the country, the total revenue for taxes on weed amounted to nearly $3 billion, according to a report on “sin taxes” by The Institute on Taxation and Economic Policy (ITEP).

Michigan to Send $140 Million of Marijuana Tax Revenue to Taxpayers

March 28, 2022March 27, 2022 The Center Square

More than $1.1 billion of legal marijuana has been sold in Michigan in fiscal year 2021, and now, more than $140 million of tax revenue will kick back to taxpayers.

Of that amount, $42.2 million will fund 163 municipalities and counties, $49.3 million will flow to School Aid Fund, and $49.3 million will go to the Michigan Transportation Fund.

States See Revenue Surge from Income Tax, Federal Aid

January 24, 2022January 23, 2022 Michigan Star Staff

Woman with $100 bills spread open in hands

Numerous states have seen their state revenue surge in 2021 fueled by a robust stock market, growing income, federal aid, and increased tax revenue, The Wall Street Journal reported.

States’ revenue soared 24% between April and November from 2020 to 2021, according to a survey conducted by the Urban Institute think tank, the WSJ reported. Thirty-two states said the revenue collected in the fiscal year ending in 2022 was ahead of expectations, according to data from the National Association of State Budget Officers obtained by the WSJ.

‘Dark Stores’ Squeeze Michigan City Tax Revenue

June 14, 2021June 14, 2021 The Center Square

Vacant big box stores in Michigan become tax-reducing boons to retail companies statewide when those establishments have property assessed at rates sometimes 50% lower than previous rates.

This is known as a “dark stores” strategy, which often leaves local taxpayers to foot the tab.

An S&P report released Thursday found the strategy is employed nationwide.

Michigan Projects Multibillion-Dollar Budget Surplus

May 24, 2021May 23, 2021 The Center Square

Michigan budget officials Friday reached a consensus on revised economic and revenue figures for fiscal years 2021, 2022 and 2023.

The state general fund and school aid revenues will total $26.5 billion for the current budget year, exceeding January estimates by $2.2 billion. For the new budget cycle beginning Oct. 1, the agency projected revenues will total $26.6 billion, $1.3 billion more than January predictions.

A majority of that unexpected cash is a byproduct of billions of spending via stimulus checks and boosted unemployment benefits, which led to a spike in personal spending and increased state tax revenues by billions more than previously forecast.

New York City Has Lost 70K Residents, $34B in Personal Income

December 27, 2020 Michigan Star Staff

A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.

Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.

Reports: As States Increase Cigarette Taxes, Interstate Smuggling Also Rises

December 15, 2019December 30, 2019 Michigan Star Staff

As cigarette taxes have risen across the country, so too has cigarette smuggling across state lines, causing billions of dollars of tax revenue losses for high-tax states.