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The 2002 Downturn in State Revenues: A Comparative Review and Analysis

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Figure

Figure฀1.฀ State฀Taxes฀as฀Percentage฀of฀GDP
Figure฀2.฀ Annual฀Changes฀in฀Per฀Capita฀State฀Taxes:฀Nominal฀and฀Real
Table฀1.฀Figure฀3฀provides฀information฀We฀examine฀this฀issue฀in฀Figure฀3฀and฀about฀the฀two–฀and฀four–year฀cumulative฀per฀capita฀tax฀revenue฀increases฀calculated฀on฀a฀rolling฀basis฀from฀1953฀to฀2003.฀฀Fig-ure฀3฀suggests฀that฀the฀years฀just฀before฀the฀2001฀recession฀were฀certainly฀productive฀in฀terms฀of฀state฀revenues,฀but฀not฀out฀of฀character฀with฀previous฀ pre–recession฀expansions.฀The฀cumulative฀two–฀and฀four–year฀revenue฀increase฀was฀actually฀lower฀than฀most฀similar฀previous฀periods.฀This฀is฀presented฀in฀more฀detail฀in฀Table฀1.฀Here฀the฀cumulative฀four–year฀pre–reces-sion฀increase฀in฀real฀per฀capita฀state฀tax฀
TABLE฀2฀
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