Federal cuts blamed for dip in TN consumer confidence
NASHVILLE, Tenn. (AP) - State Finance Commissioner Mark Emkes says federal spending cuts and tax hikes are to blame for a dip in consumer confidence in Tennessee.
Emkes in a release Friday said March sales tax collections, which reflect spending activity in the previous month, came in $2.8 million below estimates. That's a growth rate of just 0.1 percent, well below the 1.8 percent growth rate posted through the first eight months of the budget year.
Emkes said the 2 percent hike in the federal payroll tax in January and budget cuts have caused "temporary erosion in consumer confidence." Nearly two-thirds of the state's general fund revenue is derived from sales tax dollars.
The general fund was bolstered by strong corporate taxes, as franchise and excise tax collections beat projections by $35 million.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Wednesday, July 23 2014 5:12 AM EDT2014-07-23 09:12:10 GMT
Metro police found a man dead on Briley Parkway after a motorcycle crash early Wednesday. The wreck happened just after midnight in the eastbound lanes near Whites Creek Pike. A second driver swervedMore >>
Metro police found a man dead on Briley Parkway after a motorcycle crash early Wednesday.More >>
Wednesday, July 23 2014 4:43 AM EDT2014-07-23 08:43:51 GMT
By The Associated Press Delta Air Lines is canceling all flights to Israel until further notice, citing reports that a rocket landed near Tel Aviv's Ben Gurion Airport.More >>
By The Associated Press When U.S. and European airlines quickly canceled flights to Israel on Tuesday, they showed both a skittishness and a new sense of urgency in dealing with global trouble spots...More >>