State Budget Woes and Small Business

With income taxes due, April is a big revenue month not just for the federal government, but in the states as well. This past week brought assorted media reports, however, that many states came up short on the revenue front relative to expectations, with some experiencing actual declines versus the prior year.

The Wall Street Journal noted that April tax collections fell short of estimates by 26.4% in California, 11.8% in Pennsylvania, and by 10.2% in Kansas.

USA Today added that in 2009, state and local tax collections declined by 5.5%. However, add in revenues from the federal government, and state and local total revenue actually rose by 1.1%.

So, what to do? ...

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