Some of the most substantial deductions in the federal tax code are the itemized deductions for state and local income, sales, and real estate taxes. This map shows the variation, by county, in the amounts of...
Top 10 State Tax Trends in Recession and Recovery, 2008 to 2012
The U.S. Census Bureau reported recently that state tax collections in 2011 grew by 9 percent over the previous year, reaching a level second only to the bubble year of 2008. Since 1997, state tax collections have grown an average of 4 percent, but because spending projections exceeded this rate, many states have struggled to balance their budgets while ensuring their tax systems are competitive.
We've identified the top ten key tax trends among the states in recent years. We'll be sharing them with you over the next two weeks, with a short report each weekday with data and analysis on each trend.
We hope this information will help you learn how states responded to the recession, how they're faring now, and how prepared they are for the future. The series kicks off Thursday with an overview of state budgets and state tax changes during 2011, and then we'll share the #10 trend on Monday, June 4.
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