Quarterly U.S. State Tax Revenue Change
Chart of the Week for December 23, 2016 - December 29, 2016
On a quarterly basis, the U.S. Census Bureau publishes an estimate of aggregate state tax revenues at the national level. There are four major categories in the data; sales taxes, personal income taxes, corporate income taxes, and taxes on natural resource extraction.
As noted in the chart above, state tax revenue growth has been generally positive, but the rate of growth has been declining since the second quarter of 2015. For the third quarter of 2016, state tax revenues grew a tepid 1.4% year-over-year and fell 1.6% year-over-year in the second quarter of 2016. Both corporate and resource extraction taxes have fallen for four consecutive quarters. Corporate profits dropped largely due to the strong U.S. dollar and rising labor costs. Resource extraction tax revenues dropped to low and volatile commodity prices.
Economists monitor these numbers as spending by state governments is dependent on their tax revenues. While the national economy has generally been strong and expanding, individual state's budgets may have to be prepared for revenue shortfalls if tax revenue growth continues to decline. Those shortfalls could impact areas such as lower state government employment or increased taxes.
Posted by: sarah_oz@yahoo.com
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