Carney Assembles New Task Force for Coffee Klatches
With the news that budget shortfall this year will be greater than anticipated, Carney assembled a new task on the implementation of new coffee klatches in hopes of spurring on economic development within coffee shops throughout Delaware. Carney spokesperson was overheard saying, “Well, we’re not going to raise taxes on Delaware’s richest, so we might as well a good cup of joe with them.”
The Delaware Economic and Financial Advisory Council (DEFAC) dropped its revenue estimates for this year and next.
DEFAC anticipates the state will bring in about $30 million less in the current budget year and 6.7 million less in 2018.
Combined that piles another $35.6 million on the state’s 2018 deficit – pushing the shortfall to nearly $386 million.
“The reaction is that it’s not surprising given the trend over the last several months with regard to revenue projections – and over the past several weeks we’ve been anticipating a potential change in DEFAC,” said state Budget Director Michael Jackson.
But Jackson concedes it makes a tough job all that much more difficult.
Isn’t DEFAC supposed to suddenly “find” $100 million? Carney really is fucking up. This game has longstanding rules.
DEFAC will find the $100 million after Carney announces Thursday that he can only come up with $285 million in budget cuts/tax increases without raising the top brackets. It’s like magic. Put a couple more dents in the can and kick it into 2018.
So corporate income tax revenue is down but corporate profits are at a record high.
What mouse said.