Thursday, January 13, 2011

Here They Come For Your Money – Dozens Of States Are Raising Taxes In 2011

You didn't think that state governments would rack up all of this debt without eventually coming after your money, did you? 
In 2011, dozens of U.S. states are either implementing tax increases that have already been passed or are debating new tax increases that have recently been proposed.  In most states, the actual state income tax is not being raised.  State politicians have learned that voters really tend to get angry when that happens.  Rather, our politicians on the state level are looking for taxes and fees that won't be "noticed" that they can raise.  For example, cigarette taxes, alcohol taxes, gas taxes, carbonated beverage taxes and phone taxes get raised a lot because the voters do not pay them directly to the government and typically they do not get noticed as much. (...)
Today, state and local government debt has reached at an all-time high of 22 percent of U.S. GDP.
Just think about that.
Government debt is not just a federal problem.  Most of our state governments are absolutely drowning in red ink.
Have you been watching the headlines lately?

California is broke.

Illinois is broke.

Texas is broke.

New Jersey is broke.

New York is broke.

In fact, there are very few states that are not on the verge of a financial meltdown.

read the whole horror story at The American Dream

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