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State Tax Revenue Surges

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By Douglas A. McIntyre Published
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State tax revenue rose in 2011. It may not be enough to save the jobs of many public sector workers as states and local government continue to austerity drives meant to offset receipts which were low in 2008 and 2009 along with high pension obligations.

The Nelson A. Rockefeller Institute of Government reports that

States’ tax collections grew for the eighth straight quarter at the end of 2011, for the first time topping peak revenue levels seen at the beginning of the Great Recession,

And,

With the exception of the Far West, all regions of the country saw gains in tax revenue during the fourth quarter of 2011, the report shows. The Plains region had the largest gain, at 12.5 percent, followed by the Great Lakes states at 8.9 percent. The Far West showed a decline of 3.9 percent in tax collections — led by an 8.3 percent decline in California alone.

The report does not predict what will happen to receipts if the economy slows again this year, or what the effects of a further drop in the housing market may be.

 

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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