Just a few articles below about state tax collections that came out this morning. I caution that this is not a representative sample, it just happens to be whatever came out this morning.
I wish there was an easy way to collect state information but it is only collated by private firms that charge a lot for the information. I don’t subscribe to any…so I collect the anecdotes as they come.
The reason I spend any time on this at all is that state tax revenues are among the cleanest economic figures we can get our hands on. Besides giving a more accurate picture of "where we are" (which is far lower than the 1% decline the BLS reported in its highly suspect GDP report) I am counting on state tax revenues to provide one of the better indicators that we’ve hit a true bottom.
The overall picture? State tax revenues are down by high double digits year over year.
Tenn. hits historic low with July sales tax growth
August 12, 2009
NASHVILLE, Tenn. (AP) — A continued decline in sales tax revenue in July means Tennessee has experienced a historic full year of negative growth, state Finance Commissioner Dave Goetz said.
Goetz said overall July revenues were $61.8 million less than the state budgeted — the fourth consecutive month of double-digit sales tax losses.
by kenc