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What is 2013 Q4 Personal Income Tax Decline about?

State tax revenue growth softened significantly in the third and fourth quarters of 2013, declining from over 9% growth in the previous quarters to 3.5% growth in Q4 2013. Personal income tax revenues in particular showed weakness, growing just 0.4% in Q4 2013, likely due to taxpayers accelerating income into 2012 to avoid higher federal tax rates in 2013. Preliminary figures for Q1 2014 also indicate possible declines in personal income tax collections. While total tax revenues exceeded pre-recession level

Author

Nick Reisman

Language

EN