Page 15 of the report notes that the proposed legislation would have reduced tax revenue by $ 30 million per year, but that figure only states the impact on revenue. (educationnext.org)
Therefore Conservative efforts to cut public spending would have the effect of reducing tax revenue, without any change to tax rates. (politics.stackexchange.com)
The state also faces the loss of $ 5 billion of federal stimulus aid, and its problems are compounded by reduced tax revenue during the economic downturn. (reuters.com)