Income, sales, property and gas taxes: Almost every U.S. state cut at least one such broad-based tax as budget surpluses soared over the past three years. One way or another, whether red or blue, all states save Alaska and Nevada joined in. "Next year will likely be a return to normal for state budgets," said Brian Sigritz, director of state fiscal studies for the National Association of State Budget Officers.
Almost every U.S. state has cut taxes in some way in the past three years, but that trend may be slowing as many states head into their 2024 legislative sessions.
State budgets across the U.S. are grappling with challenges as tax revenues decline. After years of tax cuts, many states now face budget deficits and projected shortfalls.