Record Revenues

The federal deficit is shrinking fast and is expected to be just $492 billion or 2.8% of GDP in FY 2014. Similarly, state government finances are also rapidly improving. In FY 2013, state governments collected a record $846 billion — personal income tax receipts rose 10%, corporate taxes jumped 8% and sales taxes climbed 4%. 48 states reported tax revenue growth last year. Only Alaska and Wyoming saw revenue declines.

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