Higher taxes on the way

Quote from MSN:

http://articles.moneycentral.msn.com/Taxes/Advice/TheBestAndWorstStatesForTaxes.aspx


If you think you're paying too much in state and local taxes now, just wait. Experts say it's just a matter of time before states start demanding more taxes to make up for huge state budget shortfalls created by the nationwide economic slump.

Even if you live in a state with generally low taxes, such as Alaska or Tennessee, expect legislators to begin burning the midnight oil to figure out ways to balance their budgets. Unlike the federal government, all state governments (except Vermont) are legally bound to balance their budgets without the luxury of simply borrowing more money. They've got to reduce services or increase revenue, or both.