News flash: California is not the only state experiencing budget problems. Its expansive economy and furloughed government workers may get it a spot in business headlines, but other states are also struggling with shortfalls. According to The Wall Street Journal and the Center on Budget and Policy Priorities, "at least 47 states are facing significant shortfalls in their 2009 and/or 2010 budgets." Yep, that's pretty much the entire country.
We all know what it means when states struggle to pay their bills — higher taxes. Those states hurting the most are turning to taxpayers to make up the difference, and SmartMoney ran the numbers to determine which residents should prepare to pay more taxes. Here are the states included in the group's projections. Do you live in one of them?
- New York