It sounds too good to be true but this article mentions that many states in the US have tremendous surpluses and may reduce taxes on food, business and property in response. New Mexico plans on sending tax refund checks of $140 each to 770,000.
Here are some details from the article:
State and local revenue rose 7.2% in the first nine months of this year, the biggest jump since 1990, according to the U.S. Bureau of Economic Analysis. Spending is up 6%, the most since 2001.
Three years of strong revenue growth have left many states with large surpluses. New Mexico is looking at a $1 billion surplus. Florida expects more than $3 billion.
Even financially troubled California took in $3.4 billion more than it spent in the budget year that ended June 30 – the state’s first surplus since 2000. California‘s deficit was erased by a 13.2% revenue increase.
