COMPTROLLER MYCHAJLIW REPORTS SALES TAX REVENUE INCREASE, CREDITS INCOME TAX CUTS FOR UPWARD TREND

Taxpayers, not the government, have more money in their pockets, leading to spike in sales tax revenue, which is almost 5 percent higher than 2017

Erie County Comptroller Stefan I. Mychajliw Jr. released sales tax revenue figures for the first half of 2018.   The report shows strong growth, in part because of federal income tax cuts that placed more money in the pockets of taxpayers. In the first six months of this year (January 2018 to June 2018), Erie County collected $226,879,922 in sales tax revenue.  This is 4.6 percent higher than the same period of time last year (January 2017 - June 2017). The most recent numbers for June show that the upward trend does not appear to be slowing. 

“This large percentage hike appears to be the result of federal tax cuts. In every paycheck, taxpayers are keeping more of the money they earned.  Discretionary income is higher.  Families are reinvesting that income right here in our community, thus raising sales tax revenue.  Tax cuts work.  This money doesn’t belong to the government. It should stay with hard working people that earned it in the first place,” concluded Comptroller Mychajliw.

Sales tax is growing at 3.12 percent above the 1.48 percent growth it was budgeted at.  What is interesting, Comptroller Mychajliw noted, is that bridge traffic volume from Canada has decreased.

“Historically, Canadian shoppers have always been a main focus of any sales tax discussion. Our neighbors to the north contribute a great deal to our sales tax revenue.  However, for this period of time we saw that bridge crossings are down and sales tax revenue is up.” 

“This is very good news for Erie County and the towns, villages, cities and school districts that we share sales tax revenue with. The money we collect through sales tax funds countless programs across Erie County at these various levels of government.  This revenue is critical to place our county on firm financial footing,” said Comptroller Mychajliw. 

The Comptroller’s Office will continue to monitor the sales tax revenue and will file a report with the Erie County Legislature again at the end of year. 

For a PDF of the press release, please CLICK HERE. 

For a PDF of the Comptroller's letter to the Legislature, please CLICK HERE.