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发帖数: 61690 | 1 State tax revenues grew by a startlingly weak 1.2 percent in the last fiscal
year, raising concerns among legislators and economists that states are in
for a new round of painful budget cuts.
States have collected progressively more tax revenue for six consecutive
years since the nadir of the recession, when worsening economic conditions
blew big holes in budgets. But the robust growth of 2015, when revenues
increased by 4.7 percent, has fallen as corporations report fewer profits
and personal income and sales taxes stagnate.
Personal income taxes grew by just 0.2 percent over the last year, when
adjusted for inflation. Sales taxes grew by just 0.9 percent in the same
period.
Together, those two taxes represent about two-thirds of state revenues,
according to the Rockefeller Institute of Government at the State University
of New York. The anemic growth rates pale in comparison to historical norms
, which have been closer to 4 percent annually.
“Tax revenue growth is slow, and states are having a hard time providing
services their citizens want, particularly given rapid growth in some costs
that don’t buy you new services,” like pensions, said Don Boyd, an author
of the new Rockefeller Institute report.
Boyd blamed weak performance in the stock market for the lack of personal
income tax growth. Sales taxes, too, were impacted by economic weakness at
the beginning of last year. More recent shortfalls in personal income tax
returns reported in the last few months may reflect uncertainty about the
Trump administration’s plans to reform and overhaul the federal tax code,
he said. | t**x
发帖数: 20965 | |
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