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"Sadly, over the next few weeks, we are likely, when we run our fiscal models that predict tax revenues, to find a forecast 300-odd million dollars lower for fiscal '04 than previous estimates," Mr. Bloomberg said yesterday in a speech to bankers at a luncheon at the Waldorf-Astoria.
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Although growth is better than predicted, tax receipts are still dire and bailout disbursements suspended.
High time, since a large hole in predicted tax receipts has opened up this year.
He warned of an emergency bank holiday soon after Inauguration Day, and predicted tax revolts within the next two years.
As predicted, tax credits have thus far withstood legal challenges, most recently when the Supreme Court upheld Arizona's program last year.
At the beginning of the recession, many states were much too optimistic when it came to predicting tax collections — forcing them to pass painful midyear spending cuts and tax increases when things grew worse than many economists had forecast.
The Taxfix app then automatically calculates the predicted tax rebate and submits your filing for you.
According to CNN, a state-hired consultant predicted tax revenues from marijuana sales will bring Washington state $180 million per year.
As more and more business transactions are hidden from the IRS by encryption, Parekh predicts, tax revenues will decrease.
He grossly misinterpreted U.S. tax data, and based on that wrote a column headlined The Coming Tax Crash in which he wrongly predicts tax revenues are about to plummet.
Estate tax revenues are hard to predict because tax officials cannot know who will die in a given year and how much they will leave.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com