Report: State Personal Income Tax Cliff Diving

Unemployment, under-employment and salary cuts don’t explain income tax receipt declines this large.

There is an underground tax revolt going on.

http://online.wsj.com/article/SB124527624327024867.html

By ERICA ALINI

State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A. Rockefeller Institute of Government.

The report, conducted by the public-policy research arm of the State University of New York, is one of the most up-to-date measures of how deep the recession is digging into Americans’ wallets and, consequently, state coffers.

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