State Budget Solutions State Profiles 2011
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StateMax Personal Income Tax Rate (%) (1)Max Corporate Income Tax Rate (%) (2)Economic Outlook Ranking (3)Economic Performance Ranking (4)Debt Per Capita (5)Debt Per Capita RankingOutstanding Debt (In Thousands) (6)Oustanding Debt RankingAEI Pension UAAL (In Thousands)(7)AEI Pension UAAL RankingOPEB UAAL (In Thousands) (8)OPEB UAAL RankingAEI Pension UAAL + OPEB UAAL (In Thousands)AEI Pension UAAL + OPEB UAAL RankingUnemployment Trust Fund Loans as of 9/6/2011 (In Thousands) (9)Unemployment Trust Fund Loans Ranking FY2011 Total Budget Gap (In Thousands) (10)FY 2011 Total Budget Gap RankingTotal Debt 2011 w/ AEI Pension UAAL (In Thousands) (11)Total Debt 2011 w/ AEI Pension UAAL Ranking
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Alabama56.52023$3856$1,810,52510$43,544,88027$14,173,11937$57,717,99930$22,9782$861,00019$60,412,50228
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AlaskaN/A9.4297$2,79238$1,932,96611$14,192,22911$11,837,18236$26,029,41117$01$01$27,962,37716
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Arizona4.546.9681215$1,50727$9,937,26635$45,004,09029$688,05813$45,692,14827$290,82610$3,300,00033$59,220,24027
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Arkansas76.51310$95017$2,768,53017$20,026,31416$1,865,80922$21,892,12315$359,99011$01$25,020,64314
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California10.38.844746$3,06045$117,747,41250$398,490,57350$69,281,94950$467,772,52250$8,635,02128$17,900,00047$612,054,95550
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Colorado4.634.63624$1,06820$5,161,22924$71,387,84241$1,778,20520$73,166,04737$259,0189$1,800,00027$80,386,29434
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Connecticut6.57.53543$5,40250$19,307,23043$48,515,24132$26,018,80042$74,534,04138$809,87615$5,100,00041$99,751,14741
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Delaware6.958.73432$3,02643$2,717,09714$5,688,6633$5,579,64029$11,268,3038$62,5233$377,0009$14,424,9238
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FloridaN/A5.5108$1,63030$30,660,00044$98,505,11043$3,742,84627$102,247,95642$1,549,00020$4,700,00040$139,156,95643
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Georgia661133$1,45923$14,340,93439$58,742,78437$19,473,25241$78,216,03640$721,08012$4,200,00037$97,478,05039
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Hawaii116.44612$4,75549$6,171,70828$18,533,39814$10,791,30034$29,324,69818$01$814,00018$36,310,40619
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Idaho7.87.6517$86816$1,358,3079$10,022,6138$488,8099$10,511,4227$01$84,0002$11,953,7297
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Illinois59.54448$2,23436$28,843,97045$192,458,66049$43,905,77946$236,364,43948$1,887,41922$13,500,00046$280,595,82846
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Indiana3.48.51647$1963$1,269,8097$33,756,65524$524,85910$34,281,51423$1,858,81521$1,300,00024$38,710,13823
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Iowa8.98122328$1,02619$3,085,31519$21,266,22617$538,20011$21,804,42614$01$1,100,00022$25,989,74115
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Kansas6.4542734$2,00934$5,732,48924$21,827,99118$236,9106$22,064,90116$170,8216$570,00012$28,538,21117
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Kentucky664031$1,64131$7,082,05331$47,016,38230$7,441,37231$54,457,75428$948,70016$780,00017$63,268,50730
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Louisiana681527$1,47225$6,674,84230$43,797,89928$11,512,10035$55,309,99929$01$1,100,00023$63,084,84129
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Maine8.58.934820$77912$1,057,1946$13,227,28910$2,468,40523$15,695,69410$01$940,00020$17,692,88810
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Maryland5.58.252121$2,69637$15,366,08940$48,199,25831$15,937,61639$64,136,87435$01$2,000,00029$81,502,96336
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Massachusetts5.38.252445$3,04044$19,901,73844$60,476,27439$14,862,97438$75,339,24839$01$2,700,00031$97,940,98640
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Michigan4.354.952550$75010$7,414,00032$72,187,19742$40,591,20845$112,778,40543$3,137,08027$2,000,00030$125,329,48542
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Minnesota7.859.83741$1,23621$6,088,36327$59,354,33038$1,136,60116$60,490,93134$227,6967$4,000,00035$70,806,99033
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Mississippi551939$1,56228$4,608,88721$32,225,71621$727,71114$32,953,42721$01$716,00014$38,278,31422
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Missouri66.25938$81313$4,870,30822$56,760,14736$3,221,98826$59,982,13533$725,44713$730,00016$66,307,89032
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Montana6.96.75363$3715$359,2463$8,633,3017$540,89412$9,174,1956$01$01$9,533,4416
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Nebraska6.847.813226$211$37,5861$7,438,5896$01$7,438,5895$01$329,0006$7,805,1755
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NevadaN/AN/A1718$1,48526$3,926,17520$33,529,34622$1,855,26521$35,384,61124$773,16114$1,800,00028$41,883,94724
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New HampshireN/A8.52829$96618$1,291,8388$10,233,7969$3,064,80025$13,298,5969$01$365,0008$14,955,4349
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New Jersey8.9794542$4,21748$57,933,95649$144,869,68745$66,792,90049$211,662,58745$1,248,13119$10,700,00045$281,544,67447
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New Mexico4.97.6395$3,14446$6,473,95029$27,875,18019$2,961,07024$30,836,25019$01$492,00011$37,802,20021
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New York8.977.15040$2,82939$55,284,00048$182,350,10447$56,286,00048$238,636,10449$2,888,28626$8,500,00043$305,308,39049
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North Carolina7.756.92622$85315$7,427,29233$48,898,41233$32,800,08044$81,698,49241$2,450,53423$5,800,00042$97,376,31838
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North Dakota4.866.474$3,18147$2,040,36113$4,099,0532$116,1913$4,215,2441$01$01$6,255,6052
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Ohio5.925N/A3849$1,46524$16,912,72341$187,793,48048$29,919,01643$217,712,49646$2,611,38724$3,000,00032$240,236,60645
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Oklahoma5.56149$5958$2,220,21514$33,647,37223$359,8007$34,007,17222$01$725,00015$36,952,38720
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Oregon117.64330$2,96041$11,438,79337$42,203,56526$177,6155$42,381,18025$01$4,200,00038$58,019,97326
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Pennsylvania3.079.994137$84114$10,598,25236$114,144,89744$16,140,58140$130,285,47844$2,804,75125$4,100,00036$147,788,48144
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Rhode Island5.9994235$3,00042$3,068,37018$15,005,84013$788,18915$15,794,02911$240,4258$395,00010$19,497,82411
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South Carolina752225$1,90733$8,820,25734$36,268,91025$9,183,82833$45,452,73826$966,51717$1,300,00025$56,539,51225
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South DakotaN/AN/A211$5337$434,0534$5,982,1034$67,1002$6,049,2033$01$102,0003$6,585,2563
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TennesseeN/A6.5836$3074$1,946,51112$30,546,09920$1,746,87919$32,292,97820$01$1,000,00021$35,239,48918
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TexasN/AN/A182$1,56829$39,586,00047$180,720,64246$53,351,63947$234,072,28147$01$8,900,00044$282,558,28148
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Utah55114$1,77032$5,043,00023$18,626,02415$423,0628$19,049,08612$01$700,00013$24,792,08613
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Vermont8.958.54919$76311$477,6115$3,602,7521$1,547,48717$5,150,2392$77,7324$338,0007$6,043,5821
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Virginia5.75636$7029$5,537,20625$53,783,97335$4,314,20028$58,098,17331$169,6585$1,300,00026$65,105,03731
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WashingtonN/AN/A3313$2,85040$19,189,00042$51,807,90234$7,618,37232$59,426,27432$01$4,600,00039$83,215,27437
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West Virginia6.58.53116$1,28022$2,320,78915$14,378,91412$6,108,13430$20,487,04813$01$134,0004$22,941,83712
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Wisconsin7.757.93044$2,14435$12,123,37238$62,691,67540$1,675,32018$64,366,99536$1,164,43318$3,500,00034$81,154,80035
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WyomingN/AN/A41$782$42,7292$6,628,2045$174,1614$6,802,3654$01$147,0005$6,992,0944
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TotalN/AN/AN/AN/AN/AN/A$600,441,546N/A$2,860,967,583N/A$606,837,274N/A$3,467,804,857N/A$37,061,305N/A$132,999,000N/A$4,238,306,708N/A
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Note: A lower ranking indicates better postioning. 1 being the best ranking.Contact: State Budget Solutions may be contacted at Info@StateBudgetSolutions.org
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Sources:
1."State Individual Income Tax Rates.” Federation of Tax Administrators. 1 Jan. 2011. http://www.taxadmin.org/fta/rate/ind_inc.pdf
2. "Range of State Corporate Income Tax Rates.” Federation of Tax Administrators. 1 Jan. 2011. http://www.taxadmin.org/fta/rate/corp_inc.pdf
3. Laffer, Arthur B., Stephen Moore, and Jonathan Williams. “Economic Performance Ranking.” Rich States, Poor States (2011). http://www.alec.org/AM/pdf/tax/11rsps/RSPS_4thEdition1.pdf
4. Laffer, Arthur B., Stephen Moore, and Jonathan Williams. "Economic Outlook Ranking." Rich States, Poor States (2011). http://www.alec.org/AM/pdf/tax/11rsps/RSPS_4thEdition1.pdf
5. Obtained from "Ratio of Outstanding Debt by Type" from each state's CAFR for the most recent available fiscal year.
6. Ibid.
7. Biggs, Andrew, "The Market Value of Public-Sector Pension Deficits," AEI Outlook Series, no. 1 (2010), http://www.aei.org/outlook/100948
8. Urahn, Susan K. “Exhibit 3: States’ Retiree Health Benefits 5% Funded in FY09.” The Widening Gap: The Great Recession’s Impact on State Pension and Retiree Health Care Costs. The PEW Center on the States. April 2011. http://www.pewcenteronthestates.org/uploadedFiles/Pew_pensions_retiree_benefits.pdf
Note: OPEB UAAL = OPEB Total x (1 - Percentage of Liability Funded)
9. "Unemployment Insurance: State Trust Fund Loans." National Council of State Legislators. http://www.ncsl.org/default.aspx?tabid=13294
10. “Table 3: Total FY2011 Budget Gaps.” States Continue to Feel Recession’s Impact. Center on Budget and Policy Priorities. 17 June 2011. http://www.cbpp.org/cms/?fa=view&id=711
11. Total Debt 2011 w/ AEI Pension UAAL is calculated total of “Outstanding Debt,” “AEI Pension UAAL”, “OPEB UAALs,” “Unemployment Trust Fund Loans,” and “FY 2011 Budget Gap.”
12. Urahn, Susan K. “Exhibit 1: States’ Public Sector Pensions 78% Funded in FY09.” The Widening Gap: The Great Recession’s Impact on State Pension and Retiree Health Care Costs. The Pew Center on the States. Apr. 2011. http://www.pewcenteronthestates.org/uploadedFiles/Pew_pensions_retiree_benefits.pdf
Note: Pew 2011 Pension UAAL = Pension Total x (1 - Percentage of Pension Funded)
13. Urahn, Susan K. “Exhibit 1: State Pension Funding Levels.” The Trillion Dollar Gap: Underfunded State Retirement Systems and the Road to Reforms. The Pew Center on the States. Feb. 2010. http://downloads.pewcenteronthestates.org/The_Trillion_Dollar_Gap_final.pdf
14. Total Debt 2011 w/ Pew Pension 2011 UAAL is calculated total of “Outstanding Debt,” “Pew 2011 Pension UAAL”, “OPEB UAALs,” “Unemployment Trust Fund Loans,” and “FY 2011 Budget Gap.”
15. Total Debt 2010 w/ Pew Pension 2010 UAAL is calculated total of “Outstanding Debt,” “Pew 2010 Pension UAAL”, “OPEB UAALs,” “Unemployment Trust Fund Loans,” and “FY 2011 Budget Gap.”
* Editor's Note: This spreadsheet has been corrected to reveal the proper state rankings for outstanding debt. There was a prior sorting error, and State Budget Solutions regrets the error.
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