States are facing unprecedented budget deficits, as sales, real estate, and income tax revenue evaporate. From California to New Jersey are raising taxes, cutting benefits, and scrambling to borrow the money they need to pay the bills.
As CNN reports on tax hikes:
Already, 16 states have taken this unpopular step this fiscal year, and another 17 have proposed tax hikes for the coming year, according to the Center on Budget and Policy Priorities, a policy group. In many cases, they are making small increases in specific taxes, rather than imposing a broad rate hike.
