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Revenue boom should pave way for tax cuts.(National Affairs)
Publication: USA Today (Magazine) Publication Date: 01-APR-06 |
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COPYRIGHT 2006 Society for the Advancement of Education
The nation's strong economic growth is creating a revenue boom for state and local governments, as tax revenues soared 8.1% in 2004 and 7.6% in 2005. State taxes increased 8.7% in 2004 and 8.1% in 2005. Local taxes jumped 7.3% in 2004 and 7.1% in 2005.
At the local level, taxes have been rising rapidly for years. As property values soar, cities and counties receive a windfall because they derive about three-quarters of their tax revenues from property tariffs....
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