States pocket tax revenue increase nationwide. #economy #taxes #teaparty #news
All 50 states saw an increase in total tax revenue in fiscal year 2011, new government figures show.
Overall government tax collections for states increased 8.9 percent to nearly $764 billion, the U.S. Census Bureau reported yesterday (April 12).
That’s a big change from previous years. In the aftermath of the recession, states took in $14 billion less in 2010 and nearly $66 billion less in 2009.
The total state tax take of $764 billion is second highest only to the peak of $781 billion reached in 2008, writes Joseph D. Henchman, vice president of legal and state projects at the Tax Foundation.
“The trends are what you would expect during an economic recovery,” he says.
Mike Leachman, director of state fiscal research for the Center on Budget and Policy Priorities, says despite the gains state revenues are still 7 percent below pre-recession levels after adjusting for inflation. “States,” he says, “are still in a deep hole.”
By Pamela M. Prah, Stateline.
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