The state of Tennessee has collected $585.8 million more than budgeted in taxes and fees in the first three months of the fiscal year.
That’s after the state collected $4.6 billion more than its initial budgeted estimate for last fiscal year. Tennessee’s State Funding Board heard testimony Thursday from economists as it worked toward establishing next fiscal year’s estimates.
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The largest collection came from sales tax, where Tennessee collected $1.14 billion. That’s above the $1 billion budgeted estimate and more than an 11% increase from the $1.02 billion collected in October 2021.
How much of that extra income is due to inflation? Stuff costs more and the sales tax does not care if you can pay the higher collection because you are spending more because you are forced to do so or just because you have extra income.
And most in gubmint cant do simple math.. this is a good indicator of how hard the liberals have made life… Im sure more states will be crowing their “success “… gggrrrrr….
And do we really think this is an unintended consequence?
Some of that has got to be people hastening to buy stuff while they still can – what with inflation, ongoing supply-chain worries, rumors of war, and all that.
And I know that the seasonal shipping rush has already begun, before it’s even been Thanksgiving or whatever the day before shopping season is called this year.