Econ-journal34 - states public revenue from income taxes business taxes sale taxes and business taxes is falling dramatically New York’s

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Duc Hoang – ECON210 Journal Government finances: Local Zeroes The Economist November 15 th – 21 st , 2008 The Economists said “Cities and states are facing big budget deficits”. California’s governor declared there was an $11.2 billion hole in this year’s state budget. Philadelphia’s mayor also announced spending cuts and told citizens to prepare for the worst. It’s clear to see that local governments are struggling with the finance problem: increasing budget deficits. In many
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Unformatted text preview: states, public revenue from income taxes, business taxes, sale taxes and business taxes is falling dramatically. New York’s Rockefeller Institute calculated that real tax revenues in third quarter fell below 2007 levels in 31 out of 42 states that released figures. Great job losses (especially in NY) make income tax revenue decrease. The downturn of housing market (especially in Arizona) also caused a big trouble for government property tax revenue. ....
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This note was uploaded on 03/10/2011 for the course ECON 101 taught by Professor Duc during the Spring '05 term at Linfield.

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