States that have income taxes are experiencing a CRASH in tax revenue which fell 26% in the January through April timeframe this year! The effects of this crash in revenue will be far reaching and is already having a dramatic effect on education, infrastructure projects and maintenance, taxes, retirement plans, bonds, etc.
The effects will be tremendous over time and will not turn around quickly in my judgment, again it’s because of the debt that saturates the people, the corporations, and every layer of government. But here’s what most people fail to understand… corporations and governments are not people, they derive their incomes from the labor of real people who must work for their money. Thus, the same 306 million people in the U.S. are ultimately responsible to pay back all the debt at all levels – and the math does not work! Personal debt is too high! Government is too big! There are too many corporations taking too much money, especially in the financial world! Thus, we are going to experience pain like never before in this country, it’s no longer coming, it’s here!
Nice of the Rockefeller Institute to put together this report. The drop in revenue here is commensurate with the drop in national income tax and the cliff diving in corporate income tax which is far worse in percentage terms.
Look for taxes to zoom, but just remember that those taxes come from the same 306 million Americans who are already in debt (article ht, Comrade wb): 6 States Hitting Residents With Big Tax Hikes