Key Findings State tax collections declined 5.5 percent in FY 2020 according to new Census data, though actual losses are likely to be significantly lower after accounting for the shifting of income tax collections into the current fiscal year due to delayed tax filing deadlines. After a sharp initial drop under stay-at-home orders, sales tax […]
On June 1, Massachusetts’ ban on sale of flavored tobacco products, including menthol cigarettes, took effect. Flavored vapor products were already banned. When signing the ban into law, Gov. Charlie Baker (R) argued that the ban, which is the broadest in the country, was enacted to limit youth uptake of nicotine products. While youth uptake […]
Today marked the release of both second-quarter GDP and national accounts data and provides a new glimpse into early changes in state and local revenues and spending. All told, second-quarter (Q2) state and local tax receipts came in about 3.8 percent lower than they did in the same quarter a year ago. Income and sales […]
Wisconsin, like every state, is experiencing a great deal of economic uncertainty amid the COVID-19 pandemic. States will need to use caution as they make revenue and spending decisions amid the ongoing public health crisis, but tax policy can play a valuable role in a state’s economic recovery, and policymakers ought to give careful consideration […]
Key Findings Extrapolating from recently revised state revenue forecasts yields an estimated nationwide $121 billion decline in state tax collections across FYs 2020 and 2021 against a FY 2019 baseline, and $191 billion compared to initial tax revenue projections for those two years. These estimates are consistent with the results of other recent analyses, and, […]
July 9, 2020 Ulrik Boesen Tom VanAntwerp Ulrik Boesen, Tom VanAntwerp Cigarette excise taxes have been a source of state revenue for decades, but in recent years, reliance on these taxes has increased. Using data from Orzechowski and Walker’s annual compendium The Tax Burden on Tobacco, this web tool shows how cigarette tax revenues have changed between 1955 and […]