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.
States are wrestling with some of the worst budget deficits since the Great Depression. Rising unemployment has wreaked havoc on their vital revenue streams of personal income, corporate profits and sales taxes.
Though governors and lawmakers are reluctant to raise taxes, particularly in bad economic times, the current fiscal situation has left them little choice, Pattison said.
Some 29 states enacted revenue hikes for fiscal 2010, which began on July 1 in nearly all states. Personal income tax hikes accounted for the largest portion, some $10.7 billion. Corporate levies declined by $202.2 million.
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