Cutting state taxes can lead to “difficult budget choices” in the future, an analysis found. The report highlights how difficult it may be to roll back tax cuts once they’re implemented:
U.S. states took advantage of “exceptional revenue performance” in 2021 to cut taxes, a step that may lead to “difficult budget choices” in the future, according to an analysis out Tuesday.
The revenue windfall in fiscal 2021 — most states have a July 1–June 30 fiscal year — was thanks to behaviors that shifted during the pandemic. Consumers spent more on goods, which are taxable, than services, which may not be. And more higher-income earners kept their jobs than did lower-wage workers.
Five states raised or enacted new income or sales taxes for fiscal 2022, but all five — Florida, New York, New Jersey, Washington and Missouri — also implemented new tax rebates.
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