Tag: tax revenues

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

Georgia Star News 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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Georgia’s Tax Revenues Decreased by $2.4 Million in November

The Center Square

One day after Republican leaders called on returning more than $1 billion to Georgia taxpayers, the state revealed some bad news.

On Friday, state officials reported November’s total general fund receipts decreased by 0.1% — or nearly $2.4 million — compared to November 2021. Still, tax collections surpassed $2.2 billion for the month and net sales and use tax collections increased by 9.8%.

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Georgia Tax Revenues Continue to Climb as Tax Collections Up by $5.8 Billion

The Center Square

Georgia saw its May tax revenues increase by 1.6% from a year ago as tax collections approached $2.7 billion for the month.

This fiscal year, state general fund receipts exceeded $30.2 billion. That represents a 23.9%, or more than $5.8 billion, increase over collections last fiscal year, which exceeded $24.3 billion at the same point.

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Georgia Tax Revenues Are Up 45.5 Percent over Last March’s Collections

The Center Square

Georgia is rolling in the dough.

State officials said net tax collections for March exceeded $2.7 billion, an increase of $862.9 million, or 45.5%, over last March. So far this year, net tax collections topped $22.5 billion, an increase of nearly $3.6 billion, or 18.9%, compared to last fiscal year.

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Georgia’s Net Tax Collections Total Nearly $2B in February

The Center Square

Georgia’s decision to delay processing tax year 2020 individual returns helped lead to a net tax collection of nearly $2 billion in February.  

Georgia followed the Internal Revenue Service’s guidance of not accepting and processing 2020 returns until Feb. 12. The deferment led to a delay in tax refunds, which resulted in higher than usual individual income tax collections, Gov. Brian Kemp’s office said in a news release.

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