dailyprogress.com: Virginia’s deficit likely to get worse, lawmakers say

[Thiebear]

http://www2.dailyprogress.com/cdp/news/local/article/virginias_deficit_likely_to_get_worse_lawmakers_say/26113/

Media General News Service

Virginia’s cash crunch is going from bad to worse, possibly shorting the state budget another $1 billion and forcing more cuts in services and layoffs.

Ahead of Gov. Timothy M. Kaine’s much-anticipated revenue report to the General Assembly on Monday, lawmakers from both parties are predicting the shortfall for the current two-year, $77 billion budget could reach or surpass nine figures.

“That wouldn’t surprise me,” said Senate Finance Committee Chairman Charles J. Colgan, D-Prince William.

“Yes — it could very well be that high,” said Sen. William C. Wampler Jr., the Finance Committee’s ranking Republican.

Kaine — who, in tandem with legislators, earlier this year pruned spending by more than $2 billion because of the continuing economic downturn — is saying little, for now, about the steps that he’ll take to balance the budget.

“We’re going to be relatively well off compared to other states, but we’re going to suffer as the national economy has its challenges,” said Kaine, referring to the collapse of the credit markets, rising housing foreclosures and increasing energy costs.

It really should be worse. I got my Home bill.

My house has dropped 50% from 400k to 200k, but my taxes are exactly

the same due to them switching land and house prices last year. yet i couldnt sell my house for more than 200k so thats a scam.

My "Hazard" tax went from 700 last year to 1200 this year for some unknown reason.

I figure i'm paying 2000.00 a year more than i should be based on the previous 10 years living there. 1998...

[PiLfan]

http://www2.dailyprogress.com/cdp/news/local/article/virginias_deficit_likely_to_get_worse_lawmakers_say/26113/

It really should be worse. I got my Home bill.

My house has dropped 50% from 400k to 200k, but my taxes are exactly

the same due to them switching land and house prices last year. yet i couldnt sell my house for more than 200k so thats a scam.

My "Hazard" tax went from 700 last year to 1200 this year for some unknown reason.

I figure i'm paying 2000.00 a year more than i should be based on the previous 10 years living there. 1998...

Scary that they are doing this "funny math" to supposedly keep revenues as high as possible by tying estate/property taxes to different pegs so as to keep the bubble going (the tax part anyway), yet they are still projecting a nine figure budget shortfall. Hello car tax increase. :doh:

[SnyderShrugged]

when will they learn that increasing taxation, decreases tax revenue?