State FY24 Taxes Update

On October 31, 2024 usgovernmentspending.com updated FY2024 state revenue with quarterly tax data released by the US Census Bureau on September 11, 2024.  Local tax data was updated by assuming that local taxes for 2024 changed by the same percent as state taxes of the same type.

$ billion	FY2024 Estimate	FY2024 Actual
State Income Tax Revenue	$641	$329
Total State Revenue	$3,050	$2,501

State and local spending projections for FY2025 to FY2029 have been reestimated using the "Guesstimate" method.

State and Local Finances for 2022

On June 30, 2024 we updated the state and local spending and revenue for FY 2022 using the new Census Bureau State and Local Government Finances summaries for FY 2022 released on June 28, 2024.  (See also Annual Survey of State and Local Government Finances). The release includes state and local spending for the United States as a whole and the 50 individual states and the District of Columbia.

State and local spending and revenue for FY2022 are now actual historical spending as reported by the Census Bureau. In addition, the Census Bureau published updated tables for 2020 and 2021.

We have updated the "guesstimated" state and local finances for FY2023-29 as indicated in our "guesstimate" blog entries.

We have also updated data for individual local government units with data for 2022. 

Beginning in 2022 the Census Bureau has changed the value for Line 56 Direct Expenditure and Line 7 General Revenue from own sources, as follows:

We have decided to end our publication of non-insurance trust cash and security holdings.

However, to keep the time series at usgovernmentspending.com consistent, we have decided to add insurance-trust values back into Line 56 and Line 7 values. 

CBO Long Term Outlook for 2024

On March 20, 2024 the Congressional Budget Office released its annual Long Term Budget Outlook for 2024, which projects federal spending and revenue out to 20543.  As before, the CBO study shows that federal health-care programs and interest costs will eat the budget, with federal spending exceeding 25 percent GDP by the mid 2030s while federal revenue stays below 19 percent GDP.

UsGovernmentspending.com has updated its chart of the CBO Long Term Budget Outlook here.  You can download the data and also view CBO Long Term Budget Outlooks going back to 1999.