Estimated Tax Payments Down a Third

Today’s Projo report on the decline in state revenues for July and August contained this illuminating glimpse of just how bad things might be for small business owners and self-employed workers. The report quotes at length from John C. Simmons, executive director of the Rhode Island Public Expenditure Council:

Simmons also expressed concern because estimated income tax payments — typically submitted by taxpayers who work for themselves — are down 27 percent.

“That’s a signal from the taxpayer,” he said. The only question is what message taxpayers are sending. Are they holding on to their tax payment as long as possible because their budgets are tight? Or are they estimating that their income has dropped that much?

For the state, the big picture is a potential budget deficit of $101 million for the fiscal year that just started.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s