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The claim that most American towns are going to go broke is a tricky one. The towns became dependent on federal grants raised via income taxes, the towns are n
by lumost 5y ago
The claim that most American towns are going to go broke is a tricky one. The towns became dependent on federal grants raised via income taxes, the towns are not directly capable of raising income tax dollars today. It's possible that the suburban communities are financially viable with income based taxation policies rather than property tax based policies.
- greenonions 5y agoI think it's safe to assume that federal taxes aren't going anywhere. Likewise, I think it's very unlikely that suburban communities receive income taxing authority. Given those, I think the general prediction of American towns "going broke" in the sense of being unsustainable is true.