Consumer sticker shock lifts state tax collections
It’s no secret that things have gotten expensive. What may be less well known is that the sticker shock for consumers has been a bonus for the state budget as sales tax revenue has exceeded projections, the state Independent Fiscal Office said in a revenue update released Wednesday. In addition, better-than-expected corporate profits and stock performance are also providing a boost, Matt Knittel, the fiscal office’s director told reporters. A year ago, officials had expected that President Donald Trump’s tariff strategy would weigh on profits and stock prices. But the impact of ...
