3 ms·
Barring federal help, it's possible, or even likely, that we will see greater taxation in many local jurisdictions (cities, counties, states) in coming months,
by cs702 6y ago
Barring federal help, it's possible, or even likely, that we will see greater taxation in many local jurisdictions (cities, counties, states) in coming months, because they are close to running out of cash as a result of the pandemic's impact on tax collections.
The Wall Street Journal recently published a good summary of the potential cash crisis at https://www.wsj.com/articles/u-s-states-face-biggest-cash-crisis-since-the-great-depression-11603910750 https://www.wsj.com/articles/u-s-states-face-biggest-cash-cr...
Quoting from the article:
"US States Face Biggest Cash Crisis Since the Great Depression: The drop in tax revenue has led to a total shortfall expected in the hundreds of billions of dollars—greater than 2019’s K-12 education budget for every state combined, or more than twice the amount spent that year on state roads and other transportation infrastructure."