On September 26, 2012, the U.S. Census Bureau reported that state and local governments received about $3.2 trillion in revenue in 2010. The total revenue grew by 51.4 percent since 2009—an increase of about $1.1 trillion in just one year.
The U.S. Census Bureau also reports that expenditures from the state and local government equaled $3.1 trillion in 2010—a 4 percent increase from 2009. Debt increased in state and local governments between 2009 and 2010 by $123.5 billion, totaling about $2.8 trillion in 2010.
The largest expenditure went to education, which totaled $860 billion in 2010. Five states devoted above 33 percent of their state and local funding to education: Arkansas, Texas, Vermont, Virginia, and West Virginia.
New Hampshire received the most state and local property tax revenue (33.6 percent) compared to other states. Connecticut and New Jersey receive over 25 percent of their general revenue from state and local property taxes as well.
Local governments devoted the largest percentage of their expenditures to unemployment compensation. The expenditures for unemployment increased 147.4 percent from 2009 and totaled roughly $458.5 million in 2010.
The U.S. Census Bureau also reported the following highlights:
· unemployment compensation equaled 135.4 billion in 2010
· insurance benefits equaled $359.8 billion in 2010
· social insurance spending increased to $5.2 billion in 2010
· income tax revenue decreased by 3.9 percent in 2010
· corporate tax revenue decreased by 7.4 percent
· insurance trust revenue increased to positive $515.8 billion in 2010
· cash and security holdings equaled $4.8 trillion in 2010
The U.S. Census Bureau admits that some of the data may not show true numbers because of varying samples and errors, but all of the figures have gone through statistical testing.
Source: Census Bureau