Study: Tax receipts up in shale counties

Study: Tax receipts up in shale counties

cleveland

A study released last week by Cleveland State University found that although shale-gas drilling contributed to a 21 percent increase in sales-tax receipts in counties where the industry has a heavy presence, employment growth in those counties is not yet evident.

Sales-tax receipts went up from $12.3 billion in 2011 to $14.9 billion in 2012 in places such as Carroll, Columbiana and Harrison counties, but the study found that employment increased by just 1.4 percent between 2011 and 2012.

Over the same period, moderate-shale counties and nonshale counties experienced similar increases of 1.4 percent and 1.3 percent, respectively.

O’Reilly Auto Parts opens in Warren

warren

O’Reilly Auto Parts will host a ceremonial ribbon- cutting at 10 a.m. Wednesday at 4468 Youngstown Road.

The company’s new store here is one of more than 3,700 nationwide.

O’Reilly offers coverage of fleet and heavy-duty parts, premium auto-body refinishing materials and professional-quality tools and equipment. In addition, it offers an extensive line of agricultural and marine parts and accessories.

Treasury: US will hit debt limit in Oct.

WASHINGTON

Treasury Secretary Jacob Lew has told Congress that the government will run out of money to pay its bills in mid-October unless lawmakers raise the country’s borrowing limit, which is capped at $16.7 trillion.

Lew said in a letter to Speaker John Boehner released Monday that the government is running out of accounting maneuvers it has used to avoid hitting the borrowing limit. He pressed Congress to act so Treasury can keep paying the government’s bills.

Lew said it’s impossible for Treasury to predict exactly when the borrowing limit will be reached. But he warns that if action isn’t taken soon, the government could be left with $50 billion in cash by mid-October. He says that wouldn’t be enough to cover Social Security payments, military personnel salaries, Medicare and other programs for an “extended period.”

Trump making wild accusations, AG says

ALBANY, N.Y.

New York’s attorney general says Donald Trump is making wild accusations, just like others who commit fraud and get caught.

Eric Schneiderman says Trump’s TV interviews Monday calling the attorney general a hack are attempts to distract the public from his fraud case against the tycoon and his Trump University.

Trump had several TV interviews to further contest the lawsuit filed Saturday. It claims the real-estate mogul helped run a phony university that promised to make students rich but instead steered them into expensive and mostly useless seminars.

Vindicator staff/wire reports