‘Trump Bump’ in Revenues Sweeping Across the Country
Remember that "Trump Bump" that we talked about on Montana Talks back in February? It was the story about how the Trump tax cuts are actually leading to more revenue for the State of Montana, instead of less revenue- as falsely predicted by the administration of Democrat Governor Steve Bullock (D-MT).
Apparently that "Trump Bump" in state tax revenue that we have been seeing in Montana is now sweeping across the country, as The Wall Street Journal points out in a recent editorial:
Democratic governors have lambasted the GOP tax reform as “evil in the extreme,” to quote the moral stylings of California Governor Jerry Brown. But that isn’t stopping them from cashing in on the tax law.
Many liberal states have reported unexpected revenue surges. Tax revenues in California this year are $3.8 billion higher than the governor’s forecasts. New York’s Comptroller reported last month that tax collections have surpassed the state’s February forecast by $315 million. Even Connecticut raked in $1.3 billion more than its pie-in-the-sky projections.