State Tax Revenues Down, Again

State tax revenues were down again in January, with sales taxes declining for the sixth month in a row compared to a year ago. The bleak economy has many Tennesseans tightening their belts.

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The state’s shrinking tax revenues were led by falling sales tax, with many Tennesseans reluctant to open their wallets in the unstable economy.

Betty Fykes says she’s waiting to see what the economy brings later this year.

“I haven’t gone shopping as often as I have in the past – I’m trying to hold onto what cash I do have. I’m repairing my vehicle more often so I can keep it so I don’t have to trade or get a new car.”

Despite working two jobs, Moses Fisher says he knows how to cut back.

“It’s about adjusting. I don’t have to eat at expensive restaurants. I changed my eating habits a few years ago so I can get by eating once a day if push comes to shove.”

Today’s figures put the state, now halfway through its fiscal year, half a billion dollars behind the year’s budget estimates.