State Tax Hikes are Coming

As more and more states are borrowing money to pay for their budget shortfalls, you can be assured that state tax hikes are just around the corner.  According to to a recent CNNMoney.com article, states are raising taxes:

Speeders doing more than 85 miles per hour in Georgia will soon pay an additional $200 in fines. Racehorse owners in New York now must fork over $10 to enter their steeds in events. And Massachusetts started charging a 5% tax on broadcast satellite service.

State Tax HikesThese measures are part of a record $23.9 billion in tax and fee hikes and $7.7 billion in other revenue increases enacted by states in fiscal 2010, according to a report released this week. This is a massive jump over the $8.1 billion in revenue hikes instituted the previous year.

“These are the highest tax increases ever,” said Scott Pattison, executive director of the National Association of State Budget Officers, which co-produced the semi-annual report with the National Governors Association.

And more taxes increases are likely on the way, experts said.

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