State Revenue Report # 73: The Damage Is Just Beginning: Sales and Property Taxes Weaken; Sharp Drop in Income Taxes Appears Near-Certain
Publication Date: October 2008
Publisher(s): Nelson A. Rockefeller Institute of Government
Keywords: State Tax Revenue; State Budgets
Coverage: United States
"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."