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Big US cities primed to raise taxes, revenues to balance budgets
Virtually every major municipality in the United States is looking for ways to balance budgets to recover from the effects of the recent economic downturn. Major improvements in employment could go a long way to solving the crisis, but meanwhile, local tax payers may find that tax and fees will be rising.
The latest review of municipal budgets in 13 major cities by The Pew Charitable Trusts’ Philadelphia Research Initiative finds that almost all of the cities are dealing with another year of budget shortfalls, albeit slightly smaller than last year, and four of them intend to raise major taxes or impose broad new fees for fiscal 2011.