Razor thin, missed by a hair, minimal, whisker, paltry, micro-thin, fraction, miniscule, nominal, lightweight, piddling, sparse, insignificant, anorexic, minor, negligible, minute, just shy, slim, thinnest of thin, trivial, slender, skin of the teeth, measly, small, skimpy, tiny, small fry, teeny, no biggie, petty, slight, inconsequential, meager, scant, puny, small potatoes, microscopic, sparse, imperceptible…
Several words and phrases describing the “half-penny” increase in the Virginia state sales tax back in 2004 that now nets an annual $700 million in tax revenue for our friends in Richmond to spend. http://newsvirginian.com/servlet/Satellite?pagename=WNV/MGArticle/WNV_BasicArticle&c=MGArticle&cid=1173351608887&path
Now each night when I empty my pocket change onto the night table, I have yet to find a “half-penny” go rolling across the table and I agree it does not sound like much money at all. But when it is multiplied by all of the taxable sales transactions across the State of Virginia in a year period it really adds up. That additional “half-penny” for every dollar we, the taxpayers, spend obviously does add up when you look at the big picture. $700 million dollars annually…
Doesn’t seem like that missing “half-penny” is even noticed on small daily transactions as we go about our business but over a year period that “half-penny” could make a significant difference if we were allowed to keep it, spend it, save it, or invest it as we see fit.
It has been reported that the Virginia State treasury has seen a surplus of tax revenue of up to and over $1 Billion dollars due to a strong economy and additional tax burden on the Virginia taxpayer..
It is also now being reported that our Democratic Governor is saying that we are looking at a $200-300 million “shortfall” in the next Virginia State budget. Several elected officials that I ran into this past election day told me that this “shortfall” is the result of slower economic growth and that the budget expected a 6.5% revenue growth rate… http://www.roanoke.com/politics\wb/118035
6.5% growth rate? Are you kidding me? Many from the Democratic side of the aisle have been telling me for years that we are in the worst economy ever and how could they ever expect a 6.5% tax revenue growth? The truth is we have had a very strong economy since the tax cuts that President Bush submitted and Congress approved a few years back. These tax cuts allowed the taxpayers to keep more of the money they earned to spend, save, and invest as we saw fit. The effects of these tax cuts resulted in record breaking tax revenue coming into the federal and state treasuries.
This increase in additional tax revenue, along with the extra “half-penny” each Virginia citizen paid at each sales transaction, resulted in a reported $1 Billion surplus in Virginia.
How is it possible that we have had a $1 billion surplus, with the help of an annual $700 million from a “half-penny” tax increase, and are now looking at a $200-300 million budget “Shortfall”?
Where did our money go? Will another “Half-penny” out of our pockets do the trick again until the next “budget shortfall”?
It seems we do not have a problem, as the guys in Richmond see it, for finding ways to get tax revenue coming into the State treasury. What the rest of us see is a problem with how “Our” tax money is being spent and if more tax money is confiscated from us, resulting in a surplus, it will be spent just as fast.
We need strong people working for us in Richmond looking out for how those “half-pennies” are spent and to ensure that they are spent wisely. We already have a strong fiscally conservative team from the Shenandoah Valley there now and we need to be sure to get them re-elected in November…
Still looking for that “half-penny”… Maybe it rolled of the back of the night table???