Plunging State Income Tax Revenues

An interesting piece from Mish's Global Economic Trend Analysis (a blog).

The Nelson A. Rockefeller Institute of Government has issued a State Revenue Flash Report discussing an across the board enormous drop in personal income tax revenues.

There are numerous tables in the report worth a look. In fact, the entire 9 page PDF is worth reading in entirety.

States most dependent on Personal Income Taxes

68.5% of Oregon's Tax Revenue from PIT. Collections off 27.0%
57.2% of Massachusetts' Tax Revenue from PIT. Collections off 28.5%
55.9% of New York's Tax Revenue from PIT. Collections off 31.8%
47.5% of California's' Tax Revenue from PIT. Collections off 33.8%
52.4% of Connecticut's Tax Revenue from PIT. Collections off 25.9%
52.7% of Colorado's Tax Revenue from PIT. Collections off 25.4%

Arizona's collections were down a whopping 54.9% depending 25.3% on Personal Income Taxes. South Carolina, Michigan, Vermont, Rhode Island, New Jersey, Idaho, and Ohio are also in deep trouble.

20 states depending on personal incomes taxes for > 25% of total taxes were down 20% or more on collections.

This is a very grim report on state finances.

Here's the original post.