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Wealthy Americans and corporations rushed to take advantage of expiring tax breaks in the days before the Republican tax overhaul took effect, giving state governments across the country a big influx of cash as the year ended.

Two new reports out this week show state tax collections grew by 9.4 percent in the fourth quarter of 2017 — more than three times the average quarterly growth rate over the last year. Local governments saw tax receipts increase by 8.9 percent in the last three months of the year, almost three times the quarterly average, according to an analysis by the Rockefeller Institute of Government.

Fifteen states saw their revenues grow by more than 10 percent over the fourth quarter of 2016, according to the Pew Charitable Trust’s State Fiscal Health Project.
That’s an indication that taxpayers paid up early to take advantage of two deductions capped under Congress’s tax reform measure.

Taxpayers rushed to take advantage of expiring breaks

Wealthy Americans and corporations rushed to take advantage of expiring tax breaks in the days before the Republican tax overhaul took effect, giving state governments across the country a big influx of cash as the year ended.


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