More States Look to Raise Taxes - WSJ.com: "A free fall in tax revenue is driving more state lawmakers to turn to broad-based tax increases in a bid to close widening budget gaps.
At least 10 states are considering some kind of major increase in sales or income taxes: Arizona, Connecticut, Delaware, Illinois, Massachusetts, Minnesota, New Jersey, Oregon, Washington and Wisconsin. California and New York lawmakers already have agreed on multibillion-dollar tax increases that went into effect earlier this year.
Fiscal experts say more states are likely to try to raise tax revenue in coming months, especially once they tally the latest shortfalls from April 15 income-tax filings, often the biggest single source of funds for the 43 states that levy them."
------------
Illinois is looking at a budget deficit for the coming year that is equal to over 16% of this year's budget. New York and New Jersey are at about 25% and California is even higher than that. So, if these states were just going to spend next year what they are spending this year, they'd be way short. And of course many costs will have gone up, such as health care, so the gap is even greater than that.
2 comments:
Atlas will shrug, and the exodus from these states will begin. Rush Limbaugh's leaving New York is just the beginning.
I guess he's headed for Texas. Yee haw.
Post a Comment