State Budget Bunk

You know all the news reports about state budgets being strapped and squeezed. Well, some new information released by the Census Bureau, via the Tax Foundation, leads us to believe that it might not necessarily be true: * State tax revenue is up 1.7 percent in the first quarter of 2008, as compared to the first quarter of 2007. This is the slowest rate since 2003, but still positive. For this fiscal year, revenue is up 3 percent over last year. * State personal income tax revenue increased 4.4 percent over first quarter 2007. * State corporate income tax revenue declined 5.1 percent over first quarter 2007. * State sales tax collections were flat, declining 0.04 percent over first quarter 2007. * In total states collected $155.3 billion in the first quarter 2008, comprised of $64 billion (41%) in income taxes, $55 billion... [read full story]