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IOWA TAX REVENUES UP

October 03, 2007

A continued strong economy and the $1 cigarette tax increase has boosted Iowa tax revenues 8.7%. From the Associated Press:

Tax collections in the first quarter of fiscal year 2008 were 8.7 percent ahead of the same period a year ago, according to a report issued by the Legislative Services Agency.
Tax receipts grew by $126.4 million over first-quarter collections in 2007, and the increase was more than double projections set by the state's Revenue Estimating Conference. The group estimated a 4.2 increase.

That triggered Governor Culver's wacky sense of humor:

"We have made significant promises in the 2007 session. We need to honor those commitments,'' Culver said.
Culver said he's encouraging his department heads put together status-quo budgets.

"I think it's very important to be fiscally conservative,'' he said.

That's tremendous. Maybe if it were "very important" to be fiscally conservative, he wouldn't have spent like Paris Hilton on the first day of shopping season - er, have made all of those "significant promises in the 2007 session."

Tags: Chet Culver.iowa tax policy.