Today, the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation released its 2009 version of Facts and Figures: How Does Your State Compare?, a pocket-size booklet comparing the 50 states on 38 different measures of taxing and spending, including individual and corporate income taxA corporate income tax (CIT) is levied by federal and state governments on business profits. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax. rates, business tax climates, excise taxAn excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections. es, tax burdens and state spending. The booklet is edited by Tax Foundation Analyst Mark Robyn.
Since 1937, the Tax Foundation has produced and published reliable information on government finances at the federal, state and local levels. As many states are going through fiscal crises because of the current economic downturn, accurate information on state fiscal matters is more important than ever.
“While state lawmakers are looking at various solutions to their fiscal problems, they should be cognizant that each change made to the tax code will affect their state’s competitive position in relation to others states regionally and nationally, for better or worse,” said Scott Hodge, president of the Tax Foundation.Share