Revenue Shortage Plagues U.S. States

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