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June 28, 2010

Tax losses

It has been a tough couple of years for state governments around the country. Most have seen their tax revenues drop at the same time that states have tried to help residents cope with the recession. How has North Carolina fared in its revenue situation relative to the other states?

Dr. Mike Walden, North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, responds:

"Let's look at the change in state revenues from 2008 to 2009. We obviously don't have 2010 numbers yet. During that year period, all but five states in the country lost state revenues. Only five gained; 45 lost. Among the 45 state losing revenues, North Carolina's loss in percentage terms was 13th highest, so we were up there.

"In terms of states with the biggest relative losses that is percent of their revenue, Alaska was number one, followed by Arizona, South Carolina, New Mexico and California. And who were those lucky five states that actually gained revenue? They were Wyoming, North Dakota, Oregon, Iowa and South Dakota."

Posted by deeshore at June 28, 2010 08:00 AM