01 March 2010

State Taxes Rising, Will Rise More

ABC News: What Taxes Will States Turn to Next?
From 'Sin Taxes' to Complete Tax Overhauls, Cash-Strapped States Are Desperate for More Revenue
States faced record budget shortfalls in 2009, but wholesale changes to the state tax framework remained rare. Instead, states returned to some predictable measures: "sin taxes," tax increases on the wealthy, and corporate tax increases--both direct rate increases and indirect so-called "loophole closers." It's a formula seen in recessions past, and, unfortunately, one that has failed to spare the states painful cuts in services.

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