As the financial year in the United States of America ended reports that emanated from the states indicated that the revenue of most of the states increased but the problem of gap in budget was an issue in many of the states. The financial position was released on Monday.
The report that was released by Center of Budget and Policy Priorities, about 28 states in the United States of America have positive result on tax collection as they reported that the tax collection was above their expectation within the past financial year. The report also indicated that there is an increase in corporate profit which is as a result of the fact that many individuals, families including wealthy individuals fulfilled their obligations which made it possible for the income to be more than was expected in many of the states.
Most states in the United States of America end their fiscal year in June 30th. The worst of the economy was reported in 2007 to 2009 period when the world witnessed one of the worst economic recessions in history. Most states during that period could not meet their income targets and some failed on their obligations.
However, the increase in revenue to the states could not close the gap that is witnessed in budgeting. Most of the states are expressing interests not hike tax as well as the federal government which means that most of the states have to cut down on some of their expenses.