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104 JOURNAL OF PROCEEDINGS [Dec. 17
These rapid changes in this tax structure make the estimating of these
revenues very difficult, particularly in view of the extreme volatility of
this tax yield even under ordinary circumstances.
Current reports from economists are that business profits are now in
a leveling off stage and will probably decline in 1970 due to rising wage
demands, interest rates and other business costs. This seems to be borne
out by the current Dow Jones Stock Market Index fluctuations.
Following is an analysis of Corporate Income Tax Revenues for the
Fiscal Years 1968, 1969, 1970 and 1971.
|
|
Fiscal
Year
1968
Actual
|
Fiscal
Year
1969
Actual
|
Fiscal
Year 1970
Revised
Estimate
|
Fiscal
Year
1971
Estimate
|
|
General Fund
|
|
—$Tho
|
usands —
|
|
|
Total Receipts........................
|
32,459
|
45,642
|
47,350
|
58,400#
|
|
Less—Personal Property
|
|
|
|
|
|
Tax Credit..................
|
|
2,000
|
4,000
|
5,000
|
|
Net Receipts ..........................
|
32,459
|
43,642
|
43,350
|
53,400
|
|
Maryland Port Authority............
|
4,253
|
5,702
|
5,750
|
5,750
|
|
Grand Total....................
|
36,712
|
49,344
|
49,100
|
59,150
|
# Includes $11,000,000 from Calendar 1971 initial declaration payments.
Retail Sales and Use Taxes
Net receipts from Retail Sales and Use Taxes for the July-October
1969 period increased by about 47% over the same period a year ago, due
to the 1% increase in the rate, and the removal of exemptions for soaps
and ice. This would indicate that these revenues should reach about
$238,300,000 for the current Fiscal Year 1970. A growth of 8% is now
anticipated in this revenue for the Fiscal Year 1971 which is near a 10%
rate of growth reached in Fiscal 1969 just before the increases in rate
and coverage. This rate of sales tax growth should be reached if Indi-
vidual Income Tax growth reaches 15% or more annually as heretofore
estimated.
Motor Vehicle User Revenues
Following is a five year table of Motor Vehicle User Revenues show-
ing the background actual revenues for the Fiscal Years 1967, 1968 and
1969 and the current projections for the Fiscal Years 1970 and 1971.
|
Fiscal
Year
|
Motor
Vehicle
Fuel Tax
|
Motor
Vehicle
Revenues
|
Total
|
|
|
$
|
$
|
$
|
|
1967—Actual ..........................
1968—Actual ..........................
1969—Actual ..........................
1970—Revised Estimate ........
1971—Estimate ......................
|
90,698,948
97,396,104
104,441,408
110,707,000
116,242,000
|
70,852,022
75,793,161
96,618,667
108,117,384
112,590,000
|
161,550,970
173,189,265
201,060,075
218,824,384
228,832,000
|
Attached is a detailed analysis of these revenues.
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 |
