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1 New Data and Research on State Governments on Tax Foundation Website 1 (2009)

handle is hein.taxfoundation/ffbjbxz0001 and id is 1 raw text is: FOUNDATION September 2009 No. 191 FISCAL FACT New Data and Research on State Governments on Tax Foundation Website Introduction Essentially every state government has worked to close budget shortfalls during 2009. States have seen a fall in revenue, particularly sources prone to boom-and-bust cycles like taxes on high-income earners and on corporate profits. While spending ratcheted up with revenue during good times, it has not fallen as sharply as revenue in recent years. The National Association of State Budget Officers (NASBO) estimates that state revenue and spending will drop in 2009 and 2010, the first year-over-year drops since 1983. Because every state adopts a balanced budget, state budget shortfalls must be closed with some combination of revenue increases or spending reductions. In contemplating tax increases, policymakers must keep in mind not only short-term revenue needs but also long-term economic growth. A state's tax system should not put it at a competitive disadvantage to its neighbors or harm its ability to attract investment and capital formation. Since our founding in 1937, the Tax Foundation has been looked to for principled data, research, and analysis of tax issues at all levels of government. Our annual Tax Freedom Day, State-Local Tax Burdens, and State Business Tax Climate Index reports look at the size of tax burdens and evaluate how states raise revenue. Our pocket-sized Facts & Figures booklet has proven to be a popular resource for state-by-state tax rates, rankings, and collections. Our website includes the tables from all of these publications as well as property taxes by county, historical state tax rate information, and a blog with the latest state tax news. We are therefore pleased to be expanding the resources on our website with additional information on state budgets and state government operations, organized in four general categories. We hope that this information will enable both policymakers and the general public to achieve greater understanding of the over 89,000 state and local government entities in the United States.

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