Shock of the Day: Higher Taxes Equal Less Revenue

The Tax Foundation is out with a study showing that despite raising taxes, states are receiving less in revenue. This is axiomatic for those in the center-right movement, still it’s good to see the data laid out so clearly. Here is more from the Tax Foundation:

As the economic recession continued through fiscal year 2009, state tax revenues fell significantly, with only five states collecting more in 2009 than they had in 2008. Among the 45 states that collected less in 2009, many saw declines of more than 10 percent–all this despite the many tax hikes that states enacted. In addition to presenting new Census data for 2009 and comparing it to 2008, we take a look back at the last decade, examining tax revenue by type to identify the sources of tax volatility.

Click here to view the data.

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