Friday, July 17, 2009

Rockefeller Institute: State Tax Decline in Early 2009 Sharpest on Record

Link to The Nelson A. Rockefeller Institute of Government State Revenue Report (July 2009).

Excerpt: State tax collections for the first quarter of 2009 showed a drop of 11.7 percent, the sharpest decline in the 46 years for which quarterly data are available. Combining the Census Bureau’s quarterly data with its annual statistical series, which extends back to 1952, the most recent decline in state tax revenues was the worst on record.

Quarterly tax revenue: Jan 2008 to 2009 percent change.
Michigan (-16.5%)
U.S. (-11.8%)
Wisconsin (-11.2%)
Illnois (-10.8%)
Minnesota (-9.7%)
Iowa (+3.6%) 18.2% increase in sales tax.

Hurtin'est units (outside of Michigan)
Alaska (-72.0%) That's the number in the "total" column. A new perspective on a recent resignation?
Virginia (-19.9%)
Georgia (-19.1%)
Oregon (-19.0%)
New York (-17.0%)
Massachusetts (-16.8%)
Arizona (-16.5%
California (-16.2%)
New Jersey (-15.8%)

Other states besides Iowa registering tax revenue gains:
Wyoming (+19.8%)
Montana (+3.2%)
Alabama (+3.1%)
Nevada (+1.5%)

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