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State and Local Revenues

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Publication Date: April 2008

Publisher(s): Tax Policy Center

Author(s): Kim Rueben; Carol Rosenberg

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Government (Public finance)

Keywords: Economy; State and Local Finance; Tax Policy; State and Local Issues

Type: Report

Abstract:

State and local revenues have been relatively stable over the last 30 years, growing from 13.5 percent of GDP in 1972 to 16.3 percent in 2005. However, as shown in the table, the composition of revenues has changed, with property taxes declining from 25.6 percent of revenues to only 16.6 percent. Much of this decline occurred in the 1970s.