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Iowa tax revenue continues to dry up
March 23, 2009
The Iowa Revenue Estimating Conference gave its revenue projections another haircut Friday. They estimate current year revenues to be $130 million short of their last projection; they cut their projection of next year's take by another $270 million.
Look for the politicians to respond reflexively by looking to increase taxes so they don't have to cut spending. We may even see a serious effort to repeal federal tax deductibility on Iowa returns. What we won't see is a serious effort to fix Iowa's broken revenue system.
UPDATE: I should note that the REC has reduced estimated 2010 revenues by about $1 billion for a $6 billion budget.
Link: Revenue estimating conference report.
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Comments
That's pretty awful -- sounds like their current policy is causing a revenue shortfall, and their solution is: more of the same!
Posted by: TaxRascal | March 23, 2009 8:42 AM