Higher Taxes Wouldn’t End Some Deficits
01/20/2011 - As state governments struggle with the fiscal damage caused by the recession, an income tax increase has become a rarely used remedy.
Governor after governor has publicly forsworn the prospect of raising income taxes, preferring to talk layoffs and cuts in programs and public union benefits. To cite prominent examples, Democrat Andrew M. Cuomo of New York and Republican Chris Christie of New Jersey have ruled out income tax increases.
“It’s the time of the once unthinkable, although it’s difficult to imagine other states following in Illinois’s footsteps with such a large increase,” noted Lori Grange, deputy director of the Pew Center on the States. “Whether there are tax increases or dramatic cuts to education and vital services, the crisis is bad, and there’s a bit of denial about how much government can provide and what it takes.”
Read the full article at nytimes.com.
- States' Fiscal Health