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

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: Nelson A. Rockefeller Institute of Government

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

Research Area: Banking and finance; 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."