NEWS: How States Raise Their Tax Dollars

ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION

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edition: June 5, 2025

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How States Raise Their Tax Dollars: PEW

Tax collections typically make up almost half of state government revenue. In fiscal year 2024, nearly two-thirds of states’ collective total tax dollars came from levies on personal income (32.6%) and general sales of goods and services (31.7%).

Broad-based personal income taxes were the greatest source of tax dollars in 24 of the 41 states that impose them, with the highest share in Oregon (55.3%), and the lowest in North Dakota (6.1%). General sales taxes were the largest tax revenue source in 20 of the 45 states that collect them. Florida was most reliant on these taxes: They made up 63.5% of the state’s tax revenue. Six states collected the largest share of their fiscal 2024 tax revenue from sources other than personal income or general sales taxes: severance taxes in Alaska, New Mexico, and North Dakota; license taxes in Delaware; corporate income taxes in New Hampshire; and property taxes in Vermont.

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Push-to-Debit Tops Consumer Choice for Instant Payouts

Imagine you’re owed a payment, whether it’s a gig paycheck, an insurance claim or a loan disbursement.

Now, imagine two scenarios: one where you get to choose how that money lands in your account; and another where you’re stuck with whatever method the company prefers.

Which version makes you feel more in control?

According to the PYMNTS Intelligence’s report “The State of Digital Disbursements: Why Consumers Prefer Instant Payments,” a collaboration with Ingo Payments, the element of control — consumer choice — isn’t just a user experience perk. It’s a strategic multiplier.

When people are given the power to decide how they get paid, the report found that they’re three times more likely to choose instant payments. This isn’t a theory. It’s backed by data from over 42,000 U.S. consumers collected between 2018 and 2025.

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U.S. Supreme Court clarifies wire fraud liability

Issue: Whether a defendant may be convicted of federal fraud for inducing a victim to enter into a transaction under materially false pretenses, even if the defendant did not intend to cause the victim economic loss.

Case Summary: In a unanimous decision, the U.S. Supreme Court ruled a defendant may be convicted of federal fraud for inducing a victim to enter into a transaction under materially false pretenses, even if the defendant did not intend to cause the victim economic loss.

18 U.S.C. § 1343 is a federal law that prohibits fraud by wire, radio, or television and criminalizes the use of these communication methods to defraud or obtain money or property by means of false pretenses. Under the fraudulent-inducement theory, a defendant commits federal fraud by using a material misstatement to trick a victim into a contract that requires the transfer of money or property, regardless of whether the fraudster, who often provides something in return, seeks to cause the victim a net pecuniary loss.

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Accepting Payments by Card Has Both Benefits and Costs to Agencies, Says GAO

Federal entities that accept payment by credit or debit cards “experience benefits such as enhanced customer satisfaction, improved operational efficiency, and the ability to track customer spending patterns,” but that comes at the cost of paying nearly $800 million in fees, the GAO has said.

GAO found 85 entities that accept cards for goods, services, and other payments totaling some 743 million transactions worth $43 billion in fiscal 2023. Some entities, such as Amtrak and DoD “non-appropriated fund” activities reported that more than 90 percent of their sales.

Officials from those and other entities GAO interviewed “said that consumers expect to be able to use payment cards for purchases or payments” and that other benefits beyond operational efficiency and ability to track spending patterns include combatting fraud and reducing cash handling and the threat of theft.

Read more at ABA Banking Journal

Senator Sanders’ New York Bill to Ban “Cashless” Retail Transactions Passes Both Houses

ALBANY, NY – In a major victory for economic equity and consumer rights, legislation sponsored by Senator James Sanders Jr. (S4153-A) and Assemblymember Catalina Cruz (A7929-A) has officially passed both houses of the New York State Legislature. The bill prohibits food stores and retail establishments from refusing to accept payment in cash, ensuring that all New Yorkers—especially low-income, elderly, and unbanked individuals—can access essential goods and services.

“Cash is still king for many New Yorkers who live paycheck to paycheck or who simply don’t have access to credit or banking services,” said Senator James Sanders Jr. “No one should be denied a sandwich, a bottle of water, or a loaf of bread because they don’t have a debit card. This bill is about fairness and basic dignity.”