State’s Still Relying on the Fed for Revenue

Using the most recent data available, the online tax research organization, Tax Foundation finds nearly a third of all state revenue is still provided by the federal government in 2012. That’s about a dollar in ever three in state coffers.

The lowest recipient is Alaska at 20.0 percent, followed by North Dakota (20.5 percent), Virginia (23.5 percent), Hawaii (23.5 percent), and Connecticut (23.6 percent). Mississippi got 45.3 percent of its total state general revenues from the federal government (the largest in the country), followed by Louisiana (44.0 percent), Tennessee (41.0 percent), South Dakota (40.8 percent), and Missouri (39.4 percent).

Meanwhile Nevada placed 44th, accepting nearly 26-percent of its revenue from Washington D.C. The Tax Foundation also ranks the Silver State at 3rd place in their ‘State Business Tax Climate Index,’ based on corporate, individual income, sales, unemployment insurance and property taxes.

Unfortunately, Nevada still has a projected $162 million budget shortfall for this year. Expect Governor Brian Sandoval to propose a tax restructuring plan to boost state spending by hundreds of millions of dollars during his ‘State of the State’ speech, January 15.

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State’s Still Relying on the Fed for Revenue

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