Despite the fact that the economy is slowly on its way toward recovery, several officials have raised the alarm that many states’ tax revenues are lagging significantly behind where they should be for states to provide essential services to their citizens. Tax revenues have sunk to levels significantly below even the most conservative estimations, a situation that could quickly become an enormous crisis.
Scott Pattison, executive director of the National Association of State Budget Officers, has called the situation “close to unprecedented.” He said that while the majority of states were very pessimistic when forecasting their tax revenues for fiscal 2010, …read more

Of all the states, California is the state most closely associated with running a budget that ends up either always posting a deficit or having various discrepancies in its revenue. However, a special commission has been designed that will recommend a complete overhaul of California’s ancient tax system, a development that should bring plenty of financial relief to everyone involved.
 
Financial experts throughout California have long agreed that the state relies too heavily on taxing the wealthy and on the stock market while neglecting to focus on getting taxes from the service sector. The special commission, which was created by Gov. …read more