Swimming In Cash: PA Breaks Records with April Revenues

Just when you thought swimming in cash was only for 90's rap videos ๐Ÿ˜Ž...PA collected a historical amount of revenue in April. They made $6.5 billion, which was $1.8 billion more than expected. That's a lot of popped bottles and hot models ๐Ÿ’ƒ๐Ÿธ!ย 

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But not everyone's ready to skinny dip in the deep end ๐ŸŠ Democrats and Republicans are torn when it comes to their outlook on the economy.ย 

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Hereโ€™s Five Fast Facts on PA's new numbers:

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  1. ๐Ÿ“ˆ Stackin' Taxes: Record-breaking tax revenues are a big reason everyone's jumping in the money pool. Personal income tax payments were 59% above estimates. Business income tax payments were 75% over as well.
  2. ๐Ÿ•บ We're Going Streaking!: PA's on a good streak with revenue numbers. They've either met or gone above expectations over the last 15 months.ย 
  3. ๐Ÿ’ฐ Money In The Bag: If the proposed budget goes through, there would still be $3.3 billion extra at the end of 2023.
  4. ๐Ÿ’ผ๐Ÿง’ Takin' Care of Business (And The Kids): Gov. Wolf and the Dems are thrilled with the numbers. The money's more than enough to cover new K-12 education projects and the new corporate net income tax cut.ย 
  5. โ˜” Save It For a Rainy Day: Republicans aren't as excited about the numbers. Despite the extra cash, a report from the National Association of State Budget Officers shows PA's behind in their rainy day fund savings. Team Red's also worried about a recession.

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๐Ÿ”ฅBottom line: With all this extra cash, we'll be keeping an eye on what PA winds up doing with it ๐Ÿ‘€. We'll also wait to see if both sides of the aisle can agree on what to spend it on. We have a feeling it won't be Gucci suits and expensive boots.ย 

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What do you think about the April numbers? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

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