Wednesday, September 30, 2009

State, local revenues soared until 2007: census

"Before the U.S. recession delivered a one-two punch to state and local economies, most cities and states experienced five years of rapid revenue and spending growth, according to a U.S. Census Bureau report."

"From 2002 to 2007, state and local government revenue increased 69.6 percent to $3.1 trillion, while expenditures rose 29.5 percent to $2.7 trillion, according to the Census Bureau report released on Wednesday."

"Over a third of 2007 revenue came from taxes, the report found. Property tax revenue totaled $383.14 billion in 2007, up by 37.2 percent from 2002, and equal to 30 percent of overall tax revenue, according to the Census."

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