I know many like to be the eternal optimists but it really isn't a good idea to jump out of a plane without a parachute at 20,000 feet even if you think things will turn out OK. We still live in an economy that is in flux. One should question if we've hit bottom yet, and we should all acknowledge that there is a lot of collateral damage and uncetainty that lies just ahead of us.
Our National, state and local governments still have to deal will major shortfalls in taxes and revenues. That has a direct impact on the inhabitants in the form of services are provides and where the money will come from to pay for them. There are many contributing factors to the losses of revenue that we owe it to ourselves to true to see this in a full light. Foreclosures, bankruptcies, bank failures, lack of sales taxes, less taxes from major layoffs, vacant properties, business closures, increased unemployment, rising welfare rolls, and the revenues need to pay for all of this are all falling far short of their projected levels. This shortfall is goin got cause a real mess for all of us. It is unavaodable. In Georgia one of our major losses was the loss of our homestead exemption! The loss of this program was a major blow to all homeowners, and the net result willbe a much high tax bill and incraeses in mortgage escrows.
Some states have had it worse than others. Som had to furlough state and government employees. For agencies like the United States Postal Service the collapse in the economy mean closures for many post offices, layoffs and rate increases for postage. At the local levels we can see cut backs in police, fire, libraries, arts, humanities, and the loss or suspension of some education programs.
Since states or local governments cannot ween themselves from taxes the inevitble is about to occur. Higher taxes and less services will become the norm in many areas.
I predict this coming year we will see:
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Increase in many state and local taxes
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Increases in sales taxes.
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New consumer taxes - ( NY they are placing a tax on Soda!)
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Increase of state and local tolls.
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Increases in local property taxes and changes in millage.
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Decrease in services offered in education, sanitation, police, fire etc.
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Cutbacks in local transportation, and elimination in unprofitable routes.
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Government new projects being curtailed or eliminated.
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Closures of government facilities and consolidation of offices.
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Increase in local county and city fees, and permit fees.
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Increased impact fees.
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Slower response times from smaller and limited governments with fewer employees.
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Less benefits for new hires in government.
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Less benefits for city, state, and local civil servants
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Local and state government layoffs, furloughs, and work sharing
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Fewer property taxes overturned on appeals.
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Governments becoming less responsive to those they serve.
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