States Begin New Fiscal Year Following Many Tax Changes
As a number of states continue negotiating their 2009-2010 budgets nearly two weeks into the new fiscal year, a Tax Foundation study demonstrates that tax hikes are the minority – not the norm – in state capitols around the country.
Although seven states increased personal income tax rates – with a particular focus on high-income filers – three states reduced their rates. In addition to individual income taxes, sales and excise taxes were popular targets for change in 2009.