States are getting pounded by the economy, with tax collection revenues in the third quarter among the worst in years, according to a new report.
The Center on Budget and Policy Priorities noted that state revenue collection has been slowing down for at least a year, but the new figures indicate steep declines in revenue across a variety of taxes in states from all parts of the country. Of the 15 states surveyed in the report, the median state experienced a 5.5 percent decline in total tax revenue after adjusting for inflation. Only Michigan, which enacted a major tax increase, experienced revenue growth. Meanwhile, revenues in all the other states declined.
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