State government tax revenues have well-exceeded expectations this fiscal year, WRAL reported. Personal income and sales and use tax revenues were $766 million and $330 million above projections, respectively.
Even more surprising are the year-to-date changes in tax revenue released by the Office of the State Controller. Beverage tax revenue is up 10% compared to the prior fiscal year. Revenue from sales and use taxes exceeded the year prior by 24%. Individual income tax revenue surpassed the year prior by roughly 3%.
Some argue that state government is starved of revenue due to previous tax cuts. The tax cuts in the latest state budget will make matters worse they say.
The latest data proves otherwise.
