The US Census Bureau reported yesterday that “State government tax collections decreased $14.3 billion to $704.6 billion in fiscal year 2010.” There is part of what will be an enormous amount of information that the 2010 Census will reveal in the coming months. To read the report, click here.
“These new data come from the 2010 Annual Survey of State Government Tax Collections, which contains annual statistics on the fiscal year tax collections of all 50 state governments, including receipts from licenses and compulsory fees. Tax revenues also include related penalty and interest receipts of the governments.
“‘The first response of researchers and analysts, when confronted with a new tax policy question, is to see what the Annual Survey of State Government Tax Collections data tell them about the question,’ said John Mikesell, a Chancellor’s Professor at Indiana University’s School of Public and Environmental Affairs. ‘These data make the public finance world easier to understand and to analyze.’
“According to the survey, corporate net income tax revenue was $38.2 billion, down 6.6 percent, while tax revenue on individual income was $236.4 billion, down 4.4 percent. General sales tax revenue was $224.5 billion, down 1.8 percent. These taxes comprised 70.8 percent of all state government tax collections nationally.”