MANY EXECUTIVES BRACE FOR STATE, LOCAL TAX HIKES
Seven out of 10 companies surveyed recently by accountants Coopers & Lybrand in New York expect an increase in their state and local taxes over the next two to three years as a result of the Clinton administration's economic proposals. Companies expected an average rise of 10 percent in these taxes alone, the survey found.
In another survey by the National Governors' Association and the National Association of State Budget Officers, states said they expected to increase their budgets by only 3 percent annually for the 1993 and 1994 fiscal years. That is less than the annual inflation rate and one-third the 8-percent annual increase during the 1980s.