Comparing the Impact of the Tax Cuts by State
We have posted another Fiscal Fact to our website analyzing the latest IRS tax data. This time, we examine IRS tax statistics for 2000 and 2004 by income group and by state.
Which states came out the best in terms of their change from 2000 to 2004, a time period that includes the impact from the tax cuts of 2001 and 2003? The answer is Washington, Colorado, and California. And which states benefited least from those tax cuts? The answer is New Mexico, Hawaii, and North Dakota.
Two more Fiscal Facts comparing how states have fared in terms of their federal income taxes for 2000 compared to 2004 will be released in the coming weeks. Stay tuned.
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