The Great Recession has caused the steepest decline in state tax receipts on record. State tax coffers (even adjusting for inflation) are now 12 percent below pre-recession levels (as of third quarter 2010). And, unfortunately for good reason, optimists are nowhere to be found. The economy may be showing signs of life but state incomes, generally, are not A new report by the Center on Budget and Policy Priorities (CBPP), a nonpartisan research and policy institute that digs into state and federal budgeting, makes bleak reading, but it is must reading for people trying to assess the coming year as they make plans.
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