During the 1980s Alaska's state and local governments spent two to three times more per capita than governments in other states but taxed individuals and businesses only about half as much. They were able to do this because high petroleum revenues paid most government expenses. Petroleum revenues began declining in the 1980s, and by the year 2000, will leave an estimated $1 billion gap in the state budget. If state and local governments taxed individuals and businesses at national average rates, they could cut this gap in half. This paper analyzes potential revenues for Alaska governments. It examines how much tax Alaska's state and local governments currently collect and estimates how much different tax collections would be if tax rates were at national averages. Taxes paid by individuals and businesses and by resource industries are separately examined. Income tax, property taxes, federal transfers to the state, state transfers to local governments, interest, general sales tax, resource taxes, and resource ownership revenues are discussed with a consideration of the effects of world oil prices and potential economic development. Five arguments against raising taxes are examined. This report contains 11 graphs. (SV)