State Tax Revenue Gains in May

Resurgent revenue among U.S. states, whether driven by tax receipts, tax increases or stock market activity (read: California). The upshot, as the following excerpt shows, is the best state revenue gains since 2006, and a changing mindset with respect to austerity and further budget cuts.

Evidence of a turnaround in state finances seemed to surface almost daily in May. California, Texas, Ohio, Connecticut, New Jersey, Michigan, and Colorado all reported higher-than-­anticipated tax revenues, setting off a scramble to rejigger budget projections. In nearly every state in the nation, revenue is up, year over year, for the fifth straight quarter, according to reports by Goldman Sachs (GS) and the Nelson A. Rockefeller Institute of Government. The Rockefeller report, released on May 24, pegged the overall increase in the first quarter of 2011 at 9.1 percent, the largest gain since 2006.

via State Budget Cuts, Reconsidered – BusinessWeek.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s