Marc S. Pelletier, P.C., CPA's

 

666 Main Street, PO Box 326 Southington, CT 06489


Phone: 860-620-5500


June 2021

June 2021 Short Bits

Short Bits

STATE BUDGETS
While many states prepared for a substantial revenue shortfall in 2020 due to the effects of the pandemic, states only saw a 1.6% revenue decline according to the National Association of State Budget Officers. Vermont, Colorado, and Alabama experienced revenue increases of more than 3%, boosting the national average. States are expecting a 4.4% decline for the fiscal year ending on June 30, 2021.


RECORD BREAKERS
Consumer debt totaled $14.6 trillion at the end of 2020 according to the Federal Reserve. Historically low mortgage interest fueled the rise in debt. Mortgage debt passed $10 trillion for the first time and rose at the fastest pace since 2006. Credit card debt declined by $108 billion in 2020, while student loans and auto loans increased slightly.


BACK TAXES
A report from the Treasury Inspector General for Tax Administration revealed that nearly 700,000 taxpayers who earn more than $200,000 annually owed the IRS $38.5 billion as of May 2019. But the majority, 69%, owed less than $25,000 each. And high-income taxpayers, those making at least $1.5 million a year, paid just 30% of the taxes they owed, leaving about $2.4 billion still due.


FINAL NUMBERS
The final 2020 numbers for the airline industry are in. According to the Bureau of Transportation Statistics, U.S. airlines carried 557 million fewer passengers in 2020 than in 2019, a 60% decline. In 2019, U.S. airlines carried 927 million passengers. Passenger air traffic in 2020 was the lowest on U.S. airlines since the mid-1980s, while April 2020 saw the lowest monthly airline fuel usage on record.


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