Trying to combat budget deficits made worse by the recession, many states raised income taxes by as much as 5%.
Here’s some bad news for tax haters: in 2010 state taxes soared as never before.
Thanks to the Great Recession, state governments are cash strapped as they haven’t been since World War II. In 2010 a record-breaking 43 states faced budget deficits.
Unlike the federal government, states can’t really borrow their way out of budget deficits so they have to make the hard choices our President and Congressmen routinely put off: cutting government programs and, you guessed it, raising taxes.
2010 witnessed the largest outright increase in state taxes ever, with combined revenues rising by a total of $24 billion.… Read more…