On July 14th, the IRS held a public hearing for the debt-equity rule (section 385 of the IRS code) that the Treasury Department proposed last April. The hearing, which had as many as 16 speakers from various industries,...
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- State Tax Collections Rise 9 Percent
State Tax Collections Rise 9 Percent
The U.S. Census Bureau today released their data on state tax collections for the year ending June 30, 2011. Compared to the previous year, each state saw tax revenue rise, by amounts varying between 0.4 percent (Hawaii) and 44.5 percent (North Dakota). See the full table below for your state.
Overall state tax collections rose 8.9 percent, with different taxes rising by different amounts: income taxes (9.8 percent), sales taxes (8.3 percent), excise taxes (9.4 percent), and license taxes (2.8 percent). Property taxes dropped 2.3 percent. The total state tax take of $764 billion is second highest only to the bubble peak of $781 billion in 2008. Even accounting for this drop, as the chart above shows, state taxes have grown at a healthy 4 percent annual rate since 1997.
The trends are what you would expect during an economic recovery. Individual income and sales taxes are rising rapidly as income and consumer spending rise, while property tax collections drop as assessments catch up with depressed valuations from the housing crash.
Our review of this data last year is here.
|State||2010 Tax Collections ($000)||2011 Tax Collections ($000)||Change||Rank|
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