Publication Date: June 2009
Publisher: Nelson A. Rockefeller Institute of Government
Author(s): Donald J. Boyd; Lucy Dadayan
Research Area: Banking and finance
Keywords: Withholding; Tax returns; Personal income
Coverage: United States
As we predicted in a previous report, tax returns on 2008 income that were filed in April show huge declines, likely due to stock market-driven declines in investment income and declines in bonus payments. The April-June quarter is an important quarter for personal income tax revenue collections and can be very volatile.
To gain early information on personal incomes tax revenues, Rockefeller Institute staff collected statistics from 37 of 41 states that have a broad-based personal income tax. The data cover different components of personal income tax including withholding, tax returns, declarations of estimated taxes, and refunds.
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