State Taxes Seen To Increase Sharply
Some U.S. states with huge budget deficits are considering new tax policies that could hurt in the long run. Many states have targeted tax increases on high-income earners, smokers and out-of-state business transactions. Analysts are saying these can make doing business in a state less attractive and cause more economic volatility.
Many states across America are struggling to recover from the recession. State tax revenues have been exhausted in the weak economy and demand for social services continues to climb because unemployment is still high. About two-thirds of states are seeing budget deficits in 2012 and just slightly less than half are projecting gaps in 2013.
States are looking to make sure they have the correct policies to enhance economic growth and have some stability in revenue.
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I’ts scary to think what the government might do to get rid of the huge debt they’ve racked up. I’m keeping my money as far away from them as possible.