Analysis: Economy's Shifts Erode States' Tax Bases
1/03/2011 - State governments across the United States are just a few months into their fiscal years and already many fear that tax revenues are running short of forecasts.
This is getting to be an annual ritual. Officials in New York, California, Florida and Washington this year have all expressed concerns about the outlook.
While state sales tax codes are widely outmoded, state corporate income taxes have declined.
By 2009, they had fallen to $40 billion across the country, compared to personal income tax receipts of $246 billion, according to a study by the Pew Center on the States and The Nelson A. Rockefeller Institute of Government.
Read the full article at reuters.com.
- States' Fiscal Health