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State Revenue Report # 73: The Damage Is Just Beginning: Sales and Property Taxes Weaken; Sharp Drop in Income Taxes Appears Near-Certain

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Publication Date: October 2008

Publisher(s): Nelson A. Rockefeller Institute of Government

Author(s): Lucy Dadayan; Donald J. Boyd

Topic: Banking and finance (Taxation and tax policy)
Government (State or regional government)

Keywords: State Tax Revenue; State Budgets

Type: Report

Coverage: United States

Abstract:

"The damage is just beginning" in state budgets, the Rockefeller Institute's latest State Revenue Report concludes. While overall tax revenues were "superficially strong" in the second quarter of 2008, sales-tax collections are down and declines in income-tax revenue are highly likely in the months ahead. More widespread budget cuts by states "are virtually certain."