(Chicago, IL) — November 30, 2009. State tax revenues nationwide to continue to evaporate.
Tax revenues dropped at least $14.3 billion nationwide in the most recent fiscal quarter, according to a study by the Nelson A. Rockefeller Institute of Government.
The Rockefeller Institute compiled data from states and it shows major tax sources were $119.7 billion in the third quarter of 2009, compared to $134.0 billion in 2008. Overall, tax revenue declined by 10.7%.
Released last week, November 23, 2009, the report reveals that Illinois has been pummelled.
Illinois is one of only ten states that racked-up double-digit drops in all three big tax categories:
- -11.7% personal income tax
- -28.4% drop in corporate income tax
- -13.1% decrease in sales tax
The data is for the period between July and September of 2009.
When Governor Pat Quinn, House Speaker Michael Madigan, Senate President John Cullerton, House Minoirity Leader Tom Cross, and Senate Minority Leader Christine Radogno gather to carve the Illinois budget pie next year, they’ll be staring at something less than a full pie, but more like a–pop tart.