All posts by knowpickens

Deal: June Tax Revenues Up 1 Percent

Gov. Nathan Deal today announced that Georgia’s net tax collections for June totaled $1.98 billion, for an increase of $20.5 million, or 1 percent, compared to last year when net tax collections totaled nearly $1.96 billion. Year-to-date, net tax collections totaled roughly $22.71 billion, for an increase of $961.3 million, or 4.4 percent, compared to June 2017, when net tax revenues totaled almost $21.75 billion.

The changes within the following tax categories contributed to the overall net tax revenue increase in June:

Individual Income Tax: Individual Income Tax collections for June decreased by $10.4 million, or -1.1 percent, compared to last year when Income Tax collections totaled $958.2 million.

The following notable components within Individual Income Tax combine for the net decrease:

  • Individual Income Tax refunds issued (net of voided checks) were up $41 million, or 29.4 percent.
  • Individual Withholding payments were up $24.6 million, or 2.9 percent.
  • Individual Income Tax Estimated payments were up $11 million, or 6.9 percent.
  • All other Individual Tax categories, including Non-Resident Return payments, were down a combined $5 million.

 Sales and Use Tax: Gross Sales and Use Tax collections totaled $992.5 million, for an increase of $61.3 million, or 6.6 percent, over last year. Net Sales and Use Tax increased by nearly $24.3 million, or 5 percent, compared to June 2017, when net sales tax totaled $483 million. The adjusted distribution of sales tax to local governments totaled $483.4 million, for an increase of $40.8 million, or 9.2 percent, over last year. Finally, sales tax refunds decreased by roughly $3.7 million, or 66.8 percent.

Corporate Income Tax: Corporate Income Tax collections for June decreased by $10.6 million, or -5.5 percent, compared to last year when Corporate Tax collections totaled $193.3 million.

The following notable components within Corporate Income Tax make up the net decrease:

  • Corporate Income Tax refunds issued (net of voided checks) were up $23.2 million, or 266.7 percent.
  • Corporate Income Tax payments were up $7.8 million, or 62.1 percent.
  • All other Corporate Tax categories, including Corporate Estimated payments, were up roughly $4.8 million.

Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled nearly $160.8 million, for an increase of $11.9 million, or 8 percent, compared to June 2017.

Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month totaled $32.2 million, for an increase of almost $1.8 million, or 5.8 percent, over last year. Title Ad Valorem Tax (TAVT) collections increased by roughly $2.9 million, or 4 percent, compared to June 2017, when TAVT collections totaled $71.6 million.

House Majority Whip Offers Support for Rep. Graves’ Bill Creating Fund for America’s Kids and Grandkids

Washington, D.C. – House Majority Whip Steve Scalise offered support for the fiscal year 2019 Financial Services and General Government Appropriations Act (H.R. 6258), which includes a provision creating the Fund for America’s Kids and Grandkids. The bill was written by Rep. Tom Graves (R-GA-14), who is chairman of the House Appropriations Financial Services Subcommittee.

“I’m proud to support this bill with Rep. Graves that will let us finally take a new approach to government funding,” said Majority Whip Scalise. “One of my biggest concerns in Congress has been the deficit and the mountain of debt we will be putting on the backs of our kids and grandkids. This legislation is a commonsense approach to ensure we are looking out for their interests.”

“I’m honored to earn Whip Scalise’s support for this bill, which represents a fresh and new approach for government funding bills: just because we can spend it, doesn’t mean we have to,” said Rep. Graves. “With the help of my subcommittee members, we found a way to save $585 million or 2.5 percent. We parked this money in a new savings account and have protected it from being spent until we eliminate the deficit. This approach causes us to pause and think about what all of this deficit spending means, in whose name we are borrowing the money, and who will get stuck with the debt. Surely we can save two and a half pennies for every dollar we spend. If not, what are we doing here?”

The Fund for America’s Kids and Grandkids safeguards funds for future generations, as money in the account is not accessible until the Treasury Secretary certifies the budget deficit is zero or there is a surplus. Rep. Graves cut $585 million from across his bill to make an initial deposit, which represents 2.5 percent of the total allocation for the Financial Services Appropriations bill.

The House Appropriations Committee passed H.R. 6258 on May 13, 2018. The bill now awaits consideration by the full House of Representatives.

Click HERE to read more about the Fund for America’s Kids and Grandkids.

Additional Bill Highlights:

  • Includes more than 20 bipartisan financial reform bills that passed the House during the 115th Congress with overwhelming bipartisan support.
  • For the first time, this bill directly appropriates the Bureau of Consumer Financial Protection, which will finally subject it to congressional oversight and accountability.
    • It also includes recommendations from BCFP Director Mick Mulvaney for reforming the Bureau, including providing independent IG authority, requiring Congressional approval of any new rules or regulations, and the allowing the president to terminate the director at-will.
  • Provides sufficient funding to ensure full implementation of the Tax Cuts and Jobs Act.
  • Protects life:
    • Maintains provisions prohibiting federal and local funds from being used for abortion.
    • Maintains a prohibition on federal funds from being used for needle exchanges and the supervised consumption of any Schedule I substances in the District of Columbia.
    • Prohibits funds for the DC Death with Dignity Act and fully repeals the local legislation.
    • Prohibits funds for enforcement of DC Reproductive Non-Discrimination Act.
  • Prioritizes law enforcement, homeland security and cybersecurity.
    • Fights the opioid epidemic by increasing funding for the High-Intensity Drug Trafficking Areas (HIDTA) program and for other federal drug control programs.
    • Beefs up the Treasury Department’s Office of Terrorism and Financial Intelligence.
    • Strengthens the Treasury Department’s Financial Crimes Enforcement Network.
    • Funds the Treasury Department’s Cybersecurity Enhancement Account.
    • Updates IT systems across the federal government through the Technology Modernization Fund.

Click HERE to read the full bill.

Collins in Full Support For Trump’s Supreme Court Nominee

Please find below Rep. Doug Collins’ statement of full support for President Trump’s decision to nominate Judge Kavanaugh to the Supreme Court.

“In nominating Judge Brett Kavanaugh for the Supreme Court, President Trump has delivered a candidate whose thoughtful faithfulness to the Constitution will be an asset to our nation’s highest court. The Senate now has the opportunity to serve the American people by confirming Judge Kavanaugh immediately.”