Tax Revenue Archives - The Minnesota Sun

California’s Economy Hurting as Companies Flee in Droves

October 24, 2022October 23, 2022 Minnesota Sun Staff

California officials are sounding the alarm after recent statistics showed that fewer corporate and start-up activity in the state was leading to a decline in tax revenue, according to a report by Bloomberg News.

This year, just nine companies based in the state had held initial public offerings (IPOs), which is when a company first lists shares for sale on the stock market – considered a milestone in its growth after strong activity and high valuation, the report revealed. In 2021, California – whose start-up ecosystem in ‘Silicon Valley’ is considered the most prodigious in the world – saw 81 companies conduct IPOs, making 2022 a year of a nine-fold decrease.

States That Legalized Marijuana Are Bringing in More Tax Revenue on Marijuana Sales than Alcohol

May 10, 2022May 9, 2022 The Center Square

A majority of the states that legalized recreational marijuana for recreational use are collecting more tax revenue from pot sales than alcohol sales.

The first two states to legalize pot are profiting the most, Colorado and Washington. Across the country, the total revenue for taxes on weed amounted to nearly $3 billion, according to a report on “sin taxes” by The Institute on Taxation and Economic Policy (ITEP).

States See Revenue Surge from Income Tax, Federal Aid

January 24, 2022January 23, 2022 Minnesota Sun Staff

Woman with $100 bills spread open in hands

Numerous states have seen their state revenue surge in 2021 fueled by a robust stock market, growing income, federal aid, and increased tax revenue, The Wall Street Journal reported.

States’ revenue soared 24% between April and November from 2020 to 2021, according to a survey conducted by the Urban Institute think tank, the WSJ reported. Thirty-two states said the revenue collected in the fiscal year ending in 2022 was ahead of expectations, according to data from the National Association of State Budget Officers obtained by the WSJ.

New York City Has Lost 70K Residents, $34B in Personal Income

December 27, 2020December 25, 2020 Minnesota Sun Staff

A net 70,000 New York City residents left the metropolitan region since COVID-19, resulting in roughly $34 billion in lost income, according to estimates released Tuesday from Unacast, a location analytics company.

Around 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.

Reports: As States Increase Cigarette Taxes, Interstate Smuggling Also Rises

December 15, 2019December 14, 2019 Minnesota Sun Staff

As cigarette taxes have risen across the country, so too has cigarette smuggling across state lines, causing billions of dollars of tax revenue losses for high-tax states.