Thursday, July 24, 2008

WSJ - States Slammed by Tax Shortfalls

As I noted last week, Wall Street's woes are going to have a serious impact on NY State's budget. The result will be either reduced services or higher taxes (despite what your favorite candidate will tell you).

Yesterday's Wall Street Journal had a good article on the tax shortfalls around the US.

"Sales-tax collections, for example, have been hurt by the housing slump and high gasoline prices, which are prompting cutbacks in consumer spending."

Click for an interactive map on the budget shortfalls. In particular, note the shortfalls in big states like NY, NJ, and CA.

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