In this recession, where collection agencies have little hope of collecting from the unemployed, that business model is suffering.
But the top rate is now half that and, partly because of the recent recession, tax collections have fallen to their lowest level as a share of the economy in 60 years.
While gambling revenue nationwide is above its pre-recession peak, collections are down on the Las Vegas Strip, and the recovery in tourism has been weak, said Ryan T. Kennelly, an analyst with the Center for Business and Economic Research at the University of Nevada in Las Vegas.
CHICAGO — Just in time for a recession, the debt collection industry is working to shed its reputation for remorselessly hounding people.
With a lingering recession, anemic tax collections and dwindling reserve funds limiting options, Gov. George E. Pataki will propose a budget plan Wednesday that includes billions of dollars in spending cuts to core services.
You can check out the entire collection of recession photos in our Capture the Recession Flickr group pool.
For the first time since the Great Recession began, property tax collections fell during the last three months of 2010, according to an analysis of data by the Rockefeller Institute, and many mayors expect the declines to continue.
With a recession driving down tax collections, Gov. George E. Pataki proposed an $88.6 billion budget today that avoids deep cuts to most agencies largely by spending the state's reserve funds and coaxing more money from Washington.
The trend held up during the recession, when state tax collections fell 18% while municipal revenue grew.
