U.S. states cheer April income tax deluge, but analysts urge caution
CHICAGO - April, typically a big revenue month for U.S. states that levy personal income taxes, was especially robust this year, making up for subpar collections in prior months, but analysts cautioned the tax surge underscores how state budgets face greater volatility from federal tax law changes and the stock market.
Taxes on wages and investment income are a top revenue source for states that collect them. April is the most important revenue month due to the tax filing deadline and the tendency of taxpayers who owe money to wait until the last minute to pay. It is not yet clear how much of a role wages, capital gains or other factors played in spurring the higher income tax collections - and whether that level of revenue would be ongoing.
Based on a $1.5 billion April revenue increase, fueled largely by a 35.5 percent spike in personal income taxes, Illinois Governor J.B. Pritzker raised the state's fiscal 2020 revenue forecast by $800 million and yanked a proposal to reduce pension contributions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California gains 46,000 jobs in April as unemployment stays near a record lowOnly two of California's sectors lost jobs: information — which includes tech companies and Hollywood studios — and mining and logging.
Read more »
U.S. states cheer April income tax deluge but analysts urge cautionApril, typically a big revenue month for U.S. states that levy personal income t...
Read more »
Republicans outraise Democrats in April fundraisingThe Republican National Committee raised $15.9 million last month — more than double the DNC
Read more »
Existing-home sales down for the second straight month in AprilSales of previously-owned homes fell for the second month in a row, another sign of a struggling market, even as the Realtor lobby continues to expect...
Read more »
Transgender woman who was attacked in April found dead on Dallas streetA transgender woman whose brutal assault in April was captured on video has been found dead on a Dallas street, police said.
Read more »
Ethiopian Airlines pushes back on criticism, says pilots followed emergency procedures before March crashAirline officials said FAA chief Daniel Elwell’s attempt this week to place some of the responsibility for a deadly March crash on their pilots’ actions was an attempt to “divert public attention” from problems with the flight control system on Boeing’s 737 Max jets.
Read more »
U.S. Economy Lost Some Steam at Start of Second QuarterThe U.S. economy got off to a sluggish start in the second quarter, with both consumers and manufacturers pulling back in April amid trade tensions, a global slowdown and waning effects of the 2017 tax cuts.
Read more »
Latest News - MarketWatchReal-time updates from MarketWatch. Get the latest stock market, financial and business news.
Read more »
Home sales fell in April despite a big drop in mortgage ratesSales of existing U.S. homes fell 0.4% in April compared with March to a seasonally adjusted annualized rate of 5.19 million units, according to the National Association of Realtors. Sales were 4.4% lower compared with April 2018. That was the 14th straight month of annual declines.
Read more »
Euro zone April inflation confirmed at 1.7%, core rate revised upEuro zone prices rose by 1.7 percent in April, EU statistics agency Eurostat con...
Read more »
US home construction climbed 5.7% in AprilU.S. home construction climbed 5.7% in April, led by an uptick in single-family homes.
Read more »