The U.S. Census Bureau recently released their state tax revenue data for Fiscal Year (FY) 2013 (pdf) along with the cool infographic below. The new data does not bring any good news for taxpayers as state tax collections rose by 6.1 percent--the third straight year of increases.
Contrary to popular belief, the income (both personal and corporate) tax raised the second most money for states at $354.7 billion, or 41.9 percent of the total. The largest tax category was sales and gross receipts taxes raising $392.7 billion, or 46.4 percent of the total.
Overall, two states reported lower tax collections including Alaska (-27.2 percent) and Wyoming (-5.1 percent). At the same time, three states had growth in tax collections exceeding 10 percent--North Dakota (27.8 percent), California (15.6 percent), and Hawaii (10.5 percent).
Be sure to visit our unique tax app which shows all state and local tax collections from FY 1950 to FY 2011 by state--you won't find that much information anywhere else! We will be updating to FY 2013 as soon as the local tax collection is released.
J. Scott Moody has over 18 years as a public policy economist with a specialty in tax policy and has over 180 publications. He has worked for numerous national and state-based think tanks such as Federalism In Action, Tax Foundation, Heritage Foundation, and The Maine Heritage Policy Center.