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.
These 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.