My Latest Column is online here in the Thursday Nashville City Paper.

An excerpt:

A study by economist Mark Zandi of Economy.com for the National Governors Association discovered a steep drop in corporate tax collections and personal income tax collections are the prime reasons state revenues declined nationally. Zandi's report, “The Outlook for State Tax Revenues,” said at least 40 states are now experiencing budget shortfalls in the current fiscal year, and “The falloff in state tax revenues has been both pronounced and wide-ranging across all major tax revenue sources. States have thus suffered tax revenue shortfalls regardless of the structure of their tax systems,” he said.