By Craig Erwin, Ph.D.
From 2019 to 2021 Alaska’s budget swung from a deficit of 6.9% to a surplus of 52.3%. In 2021 no state for which data were available had a deficit. Why? Tax revenues soared. States can offer rebates, pay bonuses, reduce debt and liabilities, and invest in infrastructure. Yippee!
Are you likely to benefit from improved financial conditions in your state? How would you use a tax rebate? Have your income and property taxes risen rapidly?
For more information on the financial health of the federal government and states, windfalls, and personal financial health, click on the following links: