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State Tax Revenues Tumble

The lights are on in state capitols as legislators invent new entitlements. This, despite the fact that 49 states are struggling with substantially lower revenues. Only one state had increased revenues--any guess which one?

State tax revenues tumbled in the second quarter from year-earlier levels, as the recession pummeled consumers leading to lower income and sales taxes.

Vermont was the only state that managed to eke out a gain from 2008. The state was one of the least affected by the housing bust.

The total level of taxes across the U.S. was 17% lower from a year earlier. Alaska posted the largest decline, but that was due to the state’s substantial drop in taxes related to energy, as Alaska doesn’t collect individual income taxes or sales taxes.

More from The Wall Street Journal  here.

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