Friday, April 06, 2012

A whopping 40 states raised taxes between fiscal years 2009 and 2011. Here's a look at the states where tax revenues increased the most.


These are the six states where tax revenues are soaring.

1. Delaware
> Increase in personal income tax: none
> Expenditure per capita (2008): $6,800 (3rd highest)
> 2009 budget shortfall: 12.2% (18th highest)
> Home price decline from peak: 20.3% (16th largest)

In the past three years, the state of Delaware spent $6,800 per person in its annual budget, approximately two-and-a-half times as much as Nevada. The state’s government spent the 10th-most per person in the country on Medicare in 2009, and the 13th-most per person on pensions. In its fiscal year 2011 budget, the state was forced to address an 11.4% budget gap by cutting funds to education and the state workforce.

Despite these cuts, the recession has weighed heavily on the state’s budget. Delaware has experienced among the biggest declines in home values in the country over the past five years. The state raised tax revenues to help address the resulting budget gap. These hikes included at least 5% increases in corporate and cigarette taxes. The state also temporarily raised the cap on the corporate franchise tax from $165,000 to $180,000. As a result of these and other changes, state tax revenue increased by more than 9% between 2009 and 2011.


Read more: http://www.foxbusiness.com/personal-finance/2012/03/21/6-states-where-taxes-are-soaring/?cmpid=cmty_%7BlinkBack%7D_The_Six_States_Where_Taxes_Are_Soaring#ixzz1rCpsRvmq

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